This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COWhat a difference a day makes! Price was pounding support yesterday when the newsletter came out, still making a higher high and maintaining the range lows. As you know, that quickly failed, with price dropping below 28K. As we hoped and discussed at other points that Bitcoin tested the range lows, we saw an epic bounce after sweeping the range lows, and a close back in the range and back above support. I am not calling this "THE" bottom, but it certainly looks like "A" bottom and could signal the resumption of a Bitcoin recovery.As I mentioned just two days ago, for the first time in this correction, I was feeling emotionally drained, annoyed and was starting to question myself and the market. If you have been with me a while, I have always pointed out when this happens, and it has consistently been within a day or two of a major price event. It's incredible how well emotions reflect what is likely to happen in the market. A younger me may have capitulated and sold yesterday when price dropped, because my fears were "confirmed." That's usually when price bounces.I also want to take a quick look at both Bitcoin and Ethereum on this run and the dip.On January first of this year, Bitcoin was at $32,200 and Ethereum $775. At each of their peaks prior to this crash, Bitcoin gained 97% reaching $63,300, and Ethereum gained 438% reaching $4,169. So, from January 1st to their April/May peaks, Ethereum outpaced Bitcoin by more than 4:1. On the way down, Bitcoin so far has hit a low of $28,993 and Ethereum a low of $1,718. In percentage terms, Bitcoin lost about 54% from its peak and Ethereum has lost 58%. None of these numbers should be taken too seriously, because January 1st is just an arbitrary date and any starting point alters the outcomes, but this is a generally fair representation of the general trend of the two assets. I have said for a long time that Ethereum will likely offer more upside than Bitcoin and that the risk of investing in either is roughly similar at this point, with Bitcoin being the safest crypto and Ethereum positioned as a close second. Any asset that outperforms 4:1 on the way up and maintains a similar risk structure on the way down is something you want to consider including in your portfolio. Chart Request Live Stream at 2 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 1 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.I can not guarantee I will do your chart, I will do my best.Chart Request FormStream link: https://www.youtube.com/watch?v=AI7eLCr86fEIf you are a new member, please refer to Issue 236 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-236-think-like-a-whale-592727) for instructions on how to make my charts your own.In This Issue:What A BounceBitcoin Hodlers Bought the Dip - IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsFounder Of Cardano Believes Ethereum Overtakes BitcoinNorth American Miners Are In Good ShapeChinese Miners Are Moving Or CopingFTX Sponsoring Major League BaseballCathie Wood Bought The DipMy Recommended Platforms And Tools
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The Wolf Den #270 - What A Bounce
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This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COWhat a difference a day makes! Price was pounding support yesterday when the newsletter came out, still making a higher high and maintaining the range lows. As you know, that quickly failed, with price dropping below 28K. As we hoped and discussed at other points that Bitcoin tested the range lows, we saw an epic bounce after sweeping the range lows, and a close back in the range and back above support. I am not calling this "THE" bottom, but it certainly looks like "A" bottom and could signal the resumption of a Bitcoin recovery.As I mentioned just two days ago, for the first time in this correction, I was feeling emotionally drained, annoyed and was starting to question myself and the market. If you have been with me a while, I have always pointed out when this happens, and it has consistently been within a day or two of a major price event. It's incredible how well emotions reflect what is likely to happen in the market. A younger me may have capitulated and sold yesterday when price dropped, because my fears were "confirmed." That's usually when price bounces.I also want to take a quick look at both Bitcoin and Ethereum on this run and the dip.On January first of this year, Bitcoin was at $32,200 and Ethereum $775. At each of their peaks prior to this crash, Bitcoin gained 97% reaching $63,300, and Ethereum gained 438% reaching $4,169. So, from January 1st to their April/May peaks, Ethereum outpaced Bitcoin by more than 4:1. On the way down, Bitcoin so far has hit a low of $28,993 and Ethereum a low of $1,718. In percentage terms, Bitcoin lost about 54% from its peak and Ethereum has lost 58%. None of these numbers should be taken too seriously, because January 1st is just an arbitrary date and any starting point alters the outcomes, but this is a generally fair representation of the general trend of the two assets. I have said for a long time that Ethereum will likely offer more upside than Bitcoin and that the risk of investing in either is roughly similar at this point, with Bitcoin being the safest crypto and Ethereum positioned as a close second. Any asset that outperforms 4:1 on the way up and maintains a similar risk structure on the way down is something you want to consider including in your portfolio. Chart Request Live Stream at 2 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 1 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.I can not guarantee I will do your chart, I will do my best.Chart Request FormStream link: https://www.youtube.com/watch?v=AI7eLCr86fEIf you are a new member, please refer to Issue 236 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-236-think-like-a-whale-592727) for instructions on how to make my charts your own.In This Issue:What A BounceBitcoin Hodlers Bought the Dip - IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsFounder Of Cardano Believes Ethereum Overtakes BitcoinNorth American Miners Are In Good ShapeChinese Miners Are Moving Or CopingFTX Sponsoring Major League BaseballCathie Wood Bought The DipMy Recommended Platforms And Tools