The Wolf Den #214 - How To Be Bigger Than Gold
Bitcoin Thoughts And Analysis
Bitcoin continues to do little, chopping sideways in a tight range. There is not much to analyze at the moment, although we are seeing a bit of a drop as I write this. Not a big deal.
BTC appears to be losing the 50 MA on the 4-hour as support, which rarely lasts for long. There is minimal volume, people seem to be focused on altcoins. A clear break of the blue range to the up or downside may give a bit more information, but honestly nothing is really happening still. Let's see how the next candle closes.
Altcoin Charts
Trades from yesterday - 1INCH and UTK made beautiful moves and TRX appears to be retesting the descending resistance as support. Everyone is a genius in a bull market and alts are moving well. Almost every trade I have shared the past few weeks has moved well or hit it's target - because almost every coin has gone up! DOT, EGLD, SOL, BNB and more. I posted XRP on March 22nd - took a little while to move, but what a beautiful setup it turned out to be.
Pretty easy when the conditions are like this.
That said, we need to keep an eye on Bitcoin. Any sudden move and this could all come to an end quickly. Make sure to lock in some gains and take profits as necessary. Bitcoin moved a few hundred dollars and alts sold off. Reminder just how delicate alts are and how quickly these windows of good trading can come to an end. One Bitcoin move can ruin all altcoin setups at once.
BNB/BTC
I have shared BNB a few times, with the most recent trade on this pair at the break of the descending red line. Beautiful. The USD pair I have shared as well, with a target around $600. Here is a video I made about it.
BNB just made a new all time high on the BTC pair and is now officially in price discovery, generally a very bullish sign. It closed above the range and the highs, so I am watching for a retest as support before it hopefully continues back up.
MATIC/BTC
This had a huge move up over the past few months and appears to finally be breaking out from consolidation. This has monster potential here and is already retesting descending resistance as support on the 4-hour chart. Targets are shown - this should ultimately return to the highs at the beginning of the descending line, but as always I will likely scale out on the way up if it gets there. Now we just need some real volume, but I really like this setup. You can also see that this has held both the 50 and 200 MAs as support.
I would put my stop comfortably below the 200 MA and that horizontal support around 608. Far enough below to avoid a stop hunt.
SOL/BTC
I repeatedly called this my "favorite setup" the last weeks and it hit the target at the all time high. Now it appears to be consolidating under that resistance, which usually leads to expansion above. If you are still looking for an entry, I would watch for a drop to the purple line, or a break of the previous highs and retest as support. The target is still up at around 57348.
This is a bit risky, because it did have such a major move and hit the main target. But I am optimistic this will continue to run.
Yesterday Was Satoshi’s Birthday
April 5th, 1975 is often identified as Satoshi's birthday. This is not random. It was on April 5th of 1933 that Executive Order 6102 was signed, effectively banning the ownership of gold and forcing citizens to turn in most of their gold to the U.S government (they were compensated, so "nationalized" is a more appropriate term). This absurd law was repealed in 1974, effectively freeing the people to once again own gold from 1975 on. Satoshi’s Birthday is a not-so-subtle reminder of why we are all here in the first place. Fiat systems are designed to fail - slowly than all at once. We are witnessing the U.S. dollar collapse as a result of the direct choices of those that print it. Bitcoin was designed to be an opt-out for anyone that fears the actions of their government, monetary policy, and financial future. Happy Birthday Satoshi.
Michael Saylor Has Unlimited Conviction
Timing the market is of no concern to Michael Saylor. He is anxious to buy Bitcoin at any price because his conviction is high and he knows these price levels will eventually be left in the rear view. That is exactly why he just purchased another 253 Bitcoin, to bring MicroStrategy’s holdings to 91,579 total coins. Keep in mind that Michael Saylor, with his status and wealth and endless access, could hire the most elite team of analysts and traders to help him time his purchases. Instead, he just buys when he can and holds 100% of what he acquires. His strategy might not be the quickest or most profitable at first, but given time, the simple nature of being a patient bull will certainly win. And he knows it.
The Bitcoin Branding Wars Continue
Yesterday, the Bitcoin.com domain was mysteriously listed for sale on GoDaddy for $100M before quickly being removed. Bitcoiners were quick to notice, and began discussing a purchase of the domain so that it would no longer be affiliated with Bitcoin Cash. Currently, Bitcoin.com is controlled by Roger Ver, the founder of Bitcoin Cash who intentionally uses the domain name to cause confusion. As of now, it is unclear if the domain listing was an error or a quick peek into a potential offer that GoDaddy is planning to make. It seems strange for this to simply be a technical error.
News Summary
I summarized all of the important news stories in the crypto space in a quick video.
The Wolf Of All Streets Podcast Ft. Evan Shapiro
While other young people were dreaming of fitting into their social circles, Evan Shapiro was dreaming of an entirely new social reality built by cryptography, Bitcoin, and blockchain. Today, he is living that dream through 01 Labs and Mina Protocol as he innovates technology that allows people to regain control of their digital lives and protect their personal data. This episode will take you on a journey, exploring how his pursuit tackles the infamous cryptocurrency trilemma.
In this episode, we discuss a range of topics including:
Utopian digital systems
Regaining control of your digital life
Zero-knowledge proofs and zk-SNARKS
Monetizing data
Ethereum 2.0 and sharding
Crossing the store of value chasm
The mainstream knowledge 4-year lag
The cryptocurrency trilemma
On and off-chain data
A new social reality
Sponsored By:
Voyager
This episode is brought to you by Voyager, your new favorite crypto broker. Trade crypto fast and commission-free the easy way. Earn up to 9.5% interest on top coins with no lockups and no limits. Go to https://www.investvoyager.com/ and download the Voyager app and use code “WOLF25” to get $25 in free Bitcoin when you create your account.
Mina Protocol
Mina is the world's lightest blockchain, powered by participants. Rather than apply brute computing force, Mina uses advanced cryptography and recursive zk-SNARKs to ensure a super-light and constant sized chain, that allows participants to quickly sync and verify the network. The team behind Mina is backed by VCs such as Coinbase Ventures, and Mina's adversarial testnet was the largest public testnet outside of ETH 2.0. To get involved ahead of Mina’s mainnet, visit https://minaprotocol.com/wolf
Matcha 0x
Matcha is the easiest way to trade in DeFi. Matcha enables traders to seamlessly swap tokens using 20+ aggregated liquidity sources that deliver better prices than going to a centralized exchange or Uniswap. Connect your wallet and start today at https://matcha.xyz/wolf
My Recommended Platforms And Tools
This is where I trade with leverage and can also trade spot with no fees.
This is where I spend my days teaching and learning! Our Discord group is a one stop shop for everything you need to learn to trade and control your emotions. Feel free to DM me on Twitter or respond to this email for questions. Code Wolfsden50%off for a 50% discount on the first month.
This is where I invest, commission-free. They now let you earn interest on your Bitcoin held in Voyager, so you can compound while trading. Not only that, you’ll get $25 in free BTC when you download & fund.
Rewards Code: WOLF25
I use RoundlyX to buy small amounts of Bitcoin every single day. They automatically round up my credit card purchases (with 10x multiplier) and invest them in crypto. Absolutely brilliant. Passively invest money you don’t need without a thought. Further, they have integrated with Voyager (see above) to offer commission-free purchases.
Rewards Code: WOLF
The platform I am using for my taxes. My trades were automatically imported after setup and displayed nicely. The tax report was quick and easy to create in the app. I can also track the performance of my assets in the app. With Blockpit, I no longer have to worry about realizing profits or losses in time. 10% discount using the link above!
Binance is finally available in Florida!
Concierge Phone Service for Americans that protects your from SIM Swaps and other phone related hacks. I cannot stress enough how amazing this service is.
Follow me on Twitter at @scottmelker. This is where I am constantly updating my trades and sharing ideas.
On-chain and fundamental analysis, research, predictions and indicators, all in one place. Highly recommend.
The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.