This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!What a week.The past 8 days have been a test of the crypto community's patience, emotional stability and resolve. If the comments on my twitter account are any indication, we failed miserably and will be repeating Kindergarten.While Bitcoin continued to effectively chop sideways between 48 and 51K, emotions were high and fear was palpable. Any remotely bullish tweet was met with criticism, anger and down right threats. People were calling the top, screaming that Bitcoin was done and charts with 9K targets were on display.It is very difficult to remain calm when the herd is in a frenzy, but these are often the most profitable moments for level headed traders and investors. I laid out my case for a likely bottom in a series of tweets, newsletters and videos. I am NOT saying the bottom is in, I am just saying that there was no reason to panic and that everything happening is normal.I posted a tweet last week stating the following: "Everyone seems to want 43-46k which means we likely either get 47k or 30ks. Crowd rarely gets what it wants."The bottom thus far is $47,040. Pretty close.I am not stressing this because I was right - that was not a price prediction or a trade setup. It was merely showing that the opinion of the crowd, especially in a nascent market like crypto, is usually wrong. In fact, it's likely a great indicator of what you should do - the opposite. When lined up with the technical indicators available, it was somewhat clear that the bottom was at least temporarily close.It's very hard to keep your emotions in check, but it is the single most important thing you need to be able to do to be profitable.I will be live streaming today at 2 PM EST, talking market and looking at charts. https://www.youtube.com/watch?v=OexdgJi4KkYIn This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsMy Favorite Financial QuotesJP Morgan Opening Bitcoin FundCrypto Fear & Greed Index UpdateVitalik Discusses What Comes After The MergeMy Recommended Platforms And Tools
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The Wolf Den #228 - What A Week
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This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out - you know that I never endorse a product that I do not use!What a week.The past 8 days have been a test of the crypto community's patience, emotional stability and resolve. If the comments on my twitter account are any indication, we failed miserably and will be repeating Kindergarten.While Bitcoin continued to effectively chop sideways between 48 and 51K, emotions were high and fear was palpable. Any remotely bullish tweet was met with criticism, anger and down right threats. People were calling the top, screaming that Bitcoin was done and charts with 9K targets were on display.It is very difficult to remain calm when the herd is in a frenzy, but these are often the most profitable moments for level headed traders and investors. I laid out my case for a likely bottom in a series of tweets, newsletters and videos. I am NOT saying the bottom is in, I am just saying that there was no reason to panic and that everything happening is normal.I posted a tweet last week stating the following: "Everyone seems to want 43-46k which means we likely either get 47k or 30ks. Crowd rarely gets what it wants."The bottom thus far is $47,040. Pretty close.I am not stressing this because I was right - that was not a price prediction or a trade setup. It was merely showing that the opinion of the crowd, especially in a nascent market like crypto, is usually wrong. In fact, it's likely a great indicator of what you should do - the opposite. When lined up with the technical indicators available, it was somewhat clear that the bottom was at least temporarily close.It's very hard to keep your emotions in check, but it is the single most important thing you need to be able to do to be profitable.I will be live streaming today at 2 PM EST, talking market and looking at charts. https://www.youtube.com/watch?v=OexdgJi4KkYIn This Issue:Bitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsMy Favorite Financial QuotesJP Morgan Opening Bitcoin FundCrypto Fear & Greed Index UpdateVitalik Discusses What Comes After The MergeMy Recommended Platforms And Tools