The Wolf Den #319 - NFT Bubble
Bitcoin Thoughts And Analysis
4-HOUR CHART
There is nothing new to see on the Bitcoin chart since yesterday. We do have a symmetrical triangle forming, with two alternating touches up and down, so the next move could be dependent upon which direction it breaks. For now, eyes on altcoins.
Altcoin Charts
ATOM/USD
This is playing out just as planned and is finally making a push through supply. We want to see a close above the blue zone and then look for an entry on a retest as support. Many of you are in from further below when I posted this before, but we are currently stalking the next entry.
Volume is significant, so this looks like a real move.
DOT/BTC
DOT has continued to rise on our setups on both the BTC and USD pairs. As you can see, this offered a perfect entry on the support bounce (in the circle) and is now pushing through a very key area of supply and resistance. Like ATOM, we want to see a close above this blue zone and try to catch a retest. This is also seeing a major volume increase today, looks great.
Stop losses would be comfortably below the blue zone.
ETH/BTC
We have been watching this descending wedge for days and are finally seeing a major breakout on increasing volume. This is a good sign for the broader altcoin market. A move this strong should target the top of the blue range.
ETH/USD
This has been ranging sideways below $3330 and the former range highs around $3000. As I said, we needed to see a clear break above $3330 to get interested, and we may have that now. You can see the idea drawn above.
SNX/USDT
The crypto gods have blessed us with a better potential entry. Last week, I shared this chart and said we wanted to see either a break above the red zone and retest as support, or a drop to the blue support line. We have the latter, and now a great potential risk/reward. As you can see, price bounced off of ascending support, so now you can enter and place a stop a bit below and continue to raise that stop with support as time passes. I love that. The upside for this trade has R/R of about 22.
This is what we look for - setups with high upside and low downside. That way if it goes against us, we take a small loss and move on.
Crypto Companies Have Their Eyes On IPOs
There is a growing list of companies that have hinted at potential IPOs in the future, including Kraken and Circle, with the newest being Blockchain.com. Blockchain.com’s CFO hinted in an interview that their IPO could come as early as 2023 and that their most recent valuation had the company worth round $5.2 billion. With more and more companies surpassing billion-dollar market caps and a huge lack of publicly traded crypto companies, I expect we will see a lot of crypto companies go public over the next couple of years. One of the many benefits of going public for these companies is that it allows them to secure a strong footing in the market, especially when it comes to withstanding the volatility. As fast as the space is growing, there is still a lot of volatility and a need for companies to stabilize as they reach for mass adoption.
Coinbase Accidently Panicked 125,000 People
Coinbase said it erroneously told about 125,000 customers that their security settings had changed.
If you are a Coinbase user, you may have received an email yesterday from them stating that your 2FA settings have been changed. This accidental email reached the inbox of 125,00 people, leading people to believe someone was in their account and editing their privacy settings. Luckily, the email was just an accident and no accounts were hacked. The scariest message someone can receive in crypto is an alert that your account is in use when you aren't actually using it, so thankfully this was an error.
The Wolf Of All Streets Podcast Ft. Emin Gün Sirer
YOUTUBE VERSION GOES LIVE AT 11:30 AM EDT!
Emin Gün Sirer is the CEO of Ava Labs, a company that is fixing our fragmented financial system. Emin’s vision is to unlock trillions of illiquid assets that are trapped in broken financial systems and to improve the lives of smaller investors who have never been given a fair chance. According to Emin, financial freedom isn’t around the corner - it is here.
Emin Gün Sirer and I discussed:
FUD news cycle
Blockchain’s killer app
Tokenize everything
The truth behind regulation
Too many coins to succeed
The threat of DeFi
Do we replace global systems?
Scale vs. security
Will Ethereum scale?
Avalanche in 10 years
The legal battles of crypto
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