The Wolf Den #231 - Don't Get "Rekt"
Bitcoin Thoughts And Analysis
DAILY CHART
Nothing has changed. Price hit resistance and is now consolidating. We had the non event of the Facebook news that was not to be yesterday, which spooked BTC temporarily but I think is in the past. If we see further retracement, I would look around the 23.6% fib area ~51K for an entry. I have some bids there.
We have some small low time frame bear divs and also hidden bull divs that are muddling the TA, so I am not sharing them. For now I remain disinterested in Bitcoin until it breaks resistance or drops further. No need to watch or trade it here, in my opinion.
Altcoin Charts
Ethereum looks incredible, Litecoin is heating up which is logically next in line. FTT looks awesome after retracing as discussed. A lot of coins are bouncing nicely after looking questionable yesterday.... and Bitcoin Dominance is dumping.
BITCOIN DOMINANCE
It has been alt season for months, depending what coins you are in, and that looks ready to continue in a big way. Bitcoin Dominance has not held below 50% in years, and if you are into charting it (which is a bit of a meme since it is not a traded asset) it is breaking support with nothing below but thin air.
Remember, Bitcoin Dominance does not predict alt season, it is a result of alt season. It is dropping because alts are performing well - they are not performing well because it is dropping.
Either way, alts should continue to perform well.
BNB/USDT
BNB hit our $600 target from previous setups and videos that I shared, on the breakout of the blue bull pennant. Now we have a similar setup that is targeting $1000. The black bull pennant has a tighter consolidation and less defined flagpole, so the target could be lower depending where you draw it from. Either way, this coin continues to look insanely bullish and is presently pushing against resistance. It is not wise as a trader to buy right at resistance. I am personally waiting to add to my position until we get a break of that descending black line and potential a retest as support.
You can also draw a resistance at $638, the previous all time high. A flip of that would officially put this in price discovery once again.
ETH/BTC
Just a quick reminder that ETH looks incredible and continues to dominate Bitcoin.
LUNA/BTC
I posted this recently when price was at the 50 MA (blue line) and it has followed the path thus far. It is currently retesting support at 30127, which is the second entry that I identified last time I posted this chart. Assuming Bitcoin behaves, this looks ready to continue up to the previous all time high and then hopefully beyond. I would place stops comfortably below the 50 MA at this point, in case of a wick down to test.
Chart Requests
We created a google form for chart requests to streamline the process. Great. What I did not realize is that most people never request charts, and highlighting this process led to a lot more than we could possibly handle. So now I cannot chart every request that comes in - there were HUNDREDS. My team will be selecting the most popular choices each week and we will look at those. I am sorry, but there's literally no way around it and no way to get to all of them. Here is yesterday's stream, but it was a down day for alts and they are looking much better.
Nexon Buys Bitcoin
Nexon, a South Korean–Japanese video game publisher, added $100M worth of Bitcoin to their balance sheet for a total of 1,717 coins. According to the official statement, “this purchase represents less than 2% of Nexon’s total cash.”
Their only official comment read, “Our purchase of Bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” said Owen Mahoney, President, and CEO of Nexon. “In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”
Nexon is further proof that not even the richest and smartest companies can time a bottom to achieve a “perfect entry.” Nexon paid $58,226 per Bitcoin, meaning their purchase has been in the red for at least 13 days. MicroStrategy, Tesla, and Square as well have also seen their purchases in the red at some point. It will only be a matter of time until these companies are considered geniuses for their brave move.
Camping World Accepts Bitcoin
Several cryptocurrencies will be legal tender for buying an RV.
While everyone was hoping the Facebook rumors would come true, CampingWorld came out of left field and announced their acceptance of Bitcoin and other digital currencies for RV purchases. It’s hard to imagine wanting to spend any of my Bitcoin right now, let alone on a camper, but kudos to them for recognizing the trend and furthering adoption.
Also, on the list of strange companies accepting Bitcoin, Bubba Gump Shrimp Company also announced their acceptance of Bitcoin in their 30+ worldwide locations. Landry's, the parent company that owns Bubba Gump Shrimp restaurants also owns a host of other fast-food chain restaurants and plans to have them accept Bitcoin and other cryptocurrencies within 90 days as well.
A slow and steady push towards broader acceptance is healthy. The prize isn't one major tech company adding it to the balance sheet - the prize is global change. Of course, Facebook buying Bitcoin would have been incredible publicity, but this type of news is inevitable anyways and will still be explosive. We are still early.
Facebook Does Not Hold Bitcoin
The rumors were just rumors. Facebook does not have any bitcoin in its Q1 2021 earnings report.
There was a small sell off yesterday on Bitcoin when Facebook earnings were announced.
People were screaming about "selling the news" of Facebook not buying Bitcoin, which rationally means there was no news at all to sell in the first place.
Rumor, didn't happen, no news.
This is a non event, a rumor started on twitter that once again made it to the mainstream.
The Wolf Of All Streets Podcast Ft. Julian Hosp
After a whirlwind experience of building a company in the fire that was the 2017 crypto bull market, Cake DeFi founder Dr. Julian Hosp learned what it truly meant to be both on top of the world and exiled from the very thing you loved. The lessons he learned from one of crypto’s largest ICO’s have directly translated into his successful DeFi project and personal philosophy. Today, Hosp has taken on the personal mission to champion the entire crypto space, rooting for its success while contributing in any manner he can.
Follow Julian Hosp: https://twitter.com/julianhosp
In this episode, Melker and Hosp discuss a range of topics including:
Professional Kite Surfing
An $80 Million ICO
"More money mo’ problems”
The truth about exit scamming
More money, more problems
Cake DeFi
The Asian Blockfi
Tokenizing stocks
Decentralization maximalism
Adopting Bitcoin for the masses
Facebook’s Diem
Elon Musk’s Bitcoin
PODCAST SPONSORS:
Try Nexo’s full-suite, instant crypto banking service, featuring: savings accounts with up to 12% interest on crypto, stablecoins & fiat; flexible crypto-backed credit lines at just 5.9% APR; an exchange with 75+ crypto and fiat pairs and best-price guarantee. All this and more wrapped up in a single Nexo Wallet.
Start banking at https://thewolfofallstreets.link/nexo or download the app on Google Play or the App Store.
ーーー
Now until June 27th Wolf of All Streets listeners will have the chance to WIN 1 of 3 Teslas! A 0.05 mBTC wager gets you in on the action and enters you to win a Tesla Model 3 Performance Vehicle!
Start playing today for your chance to WIN. Be sure to use my personal URL for each upcoming tournament to be entered https://thewolfofallstreets.link/bitcasino
ーーー
Visit https://thewolfofallstreets.link/cosmos to learn about the Cosmos Hub and how the $ATOM can connect every blockchain. Cosmos is the port city connecting chains like Bitcoin and Ethereum to ensure your liquidity on any chain can be used anywhere.
Find new staking opportunities, applications, or build your own parachain at https://thewolfofallstreets.link/cosmos
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
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.