The Wolf Den #366 - Trading Quotes
Bitcoin Thoughts And Analysis
There is, quite literally, nothing new to share on the Bitcoin chart. Price has been trading in the low 60Ks for what seems like ages, forming no meaningful patterns and offering no real signals. As I have said before, we need to break the recent all time high to really continue the bull run, and most time frames are showing long term bullishness and short term indecision.
DAILY CHART
The only thing that I can find worth sharing is the tightening of the Bollinger Bands. This usually leads to volatility, so watch for them to expand to signal when we may see some fireworks again. Otherwise, sideways chop for a bit.
Altcoin Charts
ETH/USD
ETH made a new all time high a few days ago, albeit a local one, meaning it was the high that was just broken recently. That makes this a bit less compelling. Still, we have 3 candles in a row (today's has not closed) that have retested that level as support, as I said was likely possible and drew above. If we find support here at $4,461, then sky is the limit.
MANA/USDT
MANA has been one of the most bullish assets over the past few weeks, riding the strength of the metaverse hype created by Facebook. Price made a huge move and has since cooled off, offering an opportunity to buy the dip with solid risk/reward. Price is currently retesting the previous all time high at $2.44 as support, an entry pattern that has worked for us over and over again.
Ride it until the wheels fall off. If a strategy is working, you continue using it until it is no longer viable. These are great trades, because a clear break down of support is an easy exit at a small loss. If price does find support, sky is the limit. Investors see these as opportunities to average up, with little concern whether it breaks down short term or not.
Ethereum Has Deflationary Week
track ETH become ultra sound money
For the first time in Ethereum’s history, the asset logged an entire week of negative issuance. This means that in the past 7 days, more Ethereum was burned than issued. Ethereum 2.0 will introduce a fully deflationary model, so it is interesting to see it happening already. Since the London Hard Fork, about 775,000 ETH have been burned, totaling about $3.5B. Throughout this bull market, the number one catalyst has been major protocol upgrades, and Ethereum 2.0 will be the largest and most important in all of crypto history.
JP Morgan Sticks With $146,000 BTC Prediction
JP Morgan's positioning on crypto has been more volatile than a hungry 4 year old, but I agree with their bullish stance on Bitcoin. The crowd is expecting $100,000 which almost always means the crowd won’t get what it wants. Nikolaos Panigirtzoglou, the JP Morgan analyst behind the prediction, said this in defense of his prediction as a note to investors, “Considering how big the financial investment into gold is, any such crowding out of gold as an 'alternative' currency implies big upside for bitcoin over the long term.”
$MEX Tokens Are Coming
The highly anticipated Mex airdrop is finally here. Eligible EGLD holders can claim their $MEX tokens on November 7th, add liquidity on November 16th, and farm on November 19th. I expect the Maiar exchange to be a great fundamental boost to the entire network. Elrond holders should be feeling good about their positions.
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