The Wolf Den #406 - To HODL Or Not To HODL, That Is The Question
Bitcoin Thoughts And Analysis
There are a few classic forms of torture in history - Chinese water torture, the rack, the Judas Cradle, the Iron Maiden, Bitcoin price action and, of course, listening to Alanis Morissette albums on repeat.
There is absolutely no reason to be fixating on Bitcoin at the moment, which has now been the case for about a month. I will continue to share charts and ideas, but we are still chopping sideways, floating in the ocean without an engine or sail. It will change eventually.
Nothing has changed on the monthly, weekly or daily since... yesterday.
6-HOUR CHART
Price confirmed a bullish divergence from oversold RSI a few days ago, and then a hidden bearish divergence. We now have a fresh bullish divergence, but only on this time frame. Still, this should be a signal that price will head up further.
4-HOUR CHART
Price is reading right back at the EQ of the red range, pushing against resistance. Regardless, we are dead in the middle of this range, far from a decisive move to the top or the bottom. I have drawn a local descending blue line that as well as an area of key support in blue. A break of either could signal that we are heading back to the top or bottom of the range.
Altcoin Charts
SUSHI/USDT
SUSHI had a nice run last week and looks ready to potentially continue heading up after some retracement. Price is currently sitting right above support at $8.50, forming a potential hammer candle with hidden bullish divergence. Neither of these things will be confirmed until the daily close, but a hammer on support with a hidden bull div would all be signs of likely continuation.
I am not personally trading this, or much of anything at the moment, but this could be a decent setup if it fits your system.
Legacy Markets
TSLA (TESLA)
I have shared this chart more times than I care to count over the year, recently showing two potential entries. The first was the retest of the former all time high at $900 as support. The second was impossible to catch, as price gapped massively above descending resistance yesterday, on the news that Tesla had a record breaking Q4. This looks destined to head back into price discovery, with the immediate target being the recent all time high. This appears to be a buy the dip asset and long term investment.
I Wrote A Blog On Memes
Memes have become an integral part of the crypto community. But not all jokes are created equally. Doge has established itself as the clear king of dog coins, with Shiba Inu a close second. We have endless spinoffs, like ELON, Floki Inu, Baby Doge, and Mongoose coin, most of which will eventually go to zero. Trying to catch the next 1000x meme pump is a fool's errand, and these coins are better off left alone. I shared some thoughts on how chasing meme pumps can hurt your portfolio.
Here is an excerpt, “comparing your portfolio to the best-performing asset is irrational and guaranteed to leave you rekt or depressed. Something is pumping in some market every day, which has absolutely nothing to do with you. This isn’t Pokémon, you don’t have to catch ‘em all. And what is the most irrational part of regret and FOMO in traders during one of these meme pumps? The assumption is that even if they had bought the best-performing asset, they would have traded it perfectly. Nonsense.”
Bitcoin Had Another Birthday
Bitcoin celebrated the 13th birthday of the genesis block yesterday. Do you feel like you are having deja vu, after recently celebrating a Bitcoin birthday? You're not wrong. Bitcoin’s white paper just dad a birthday in October. You can decide for yourself which one you feel is more relevant, or just celebrate two Birthdays. Whatever floats your boat. Either way, Bitcoin is approximately 13 years old and currently the most talked-about asset on the planet. I can't wait to see what Bitcoin develops into as a teenager.
Melania Trump Loves Bitcoin?
2022 is off to a strange start. I’m just going to leave this Tweet here, because I am not sure what to make of it. We know that Melania is releasing NFT projects, and it's clear that this was a tweet from her team and not her own mind.
The Wolf Of All Streets Podcast Ft. Sam Bankman-Fried
Sam Bankman-Fried is a fan favorite and made his third appearance on the show, offering some bold predictions for 2022. In 2021, Sam tirelessly defended the cryptocurrency sector, going toe to toe with regulatory giants. FTX also led the charge towards mainstream adoption, with endorsement and sponsorship deals across the world. Now he is gearing up to do it all over again. He even revealed some of his plans and predictions in this episode. Without Sam’s guidance and leadership, the cryptocurrency space wouldn't be the same.
In this episode with Sam Bankman-Fried, we discussed:
What Surprised SBF In 2021?
Crypto is The Hottest Topic
What Does Retail Think About?
Where Are We Going Next?
Finding A Way To Scale Crypto
Layer 1s vs. Layer 2s
Decentralized Social Media
The Web 3.0 Debate
Will We Get Regulatory Clarity This Year?
Navigating Securities Laws
FTX’s Marketing Strategy
FTX In The U.S.
This episode is sponsored by: ARCULUS and KAVA
My Recommended Platforms And Tools
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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.