The Wolf Den Crypto #34 - Investing, Venezuela, Long The Dollar, Charts
thewolfden.substack.com
Happy Thursday, everyone! I hope that you are all staying sane and happy in isolation. I've been digging deep into the charts for you guys and have a ton to share. I am still cautiously optimistic with Bitcoin and am still long with a cost basis of $4,850, so things are looking great in my eyes! I am also currently in XTZ (same setup as before) and MATIC (shared in Chart Requests). In case you missed it, the newest episode of The Wolf Of All Streets Podcast came out on Tuesday. You can listen to all 3 episodes here:https://blockworksgroup.io/wolf-of-all-streetsDon't forget to subscribe on either Apple or Spotify. Next week's episode features Messari CEO Ryan Selkis. You do not want to miss it.Please make sure to pay special attention to the Clorox analysis in the chart requests section - this is a trade I took on Tuesday, so I am discussing it more in depth than the others. I already exited most of the position because of the sizable move, but this plays into the idea that common sense is better than charts at the current time. If you insist on attempting to buy stocks, look for companies that should excel in this environment - cleaners (Clorox), Amazon (ramping up staff to increase shipments), Walmart, Procter & Gamble, ZOOM, Alcohol stocks (maybe!?), Verizon (everyone will still have a phone), cell towers (American Tower). No need to get cute, think of obvious companies that will do better than the average in this environment. Ignore index funds, they'll drag down the good stuff with the ship. I have closed almost all of my shorts in the past day or two! I do think that the market has more downside, but also think that a sizable bounce could be coming. Every market needs some relief and I have been greedy enough! I could easily be wrong and it could just continue to drop like a stone. I remain partially short SPY from 325 with partial short positions in cruise lines etc. But I closed UBER (luckily), APPLE and TESLA.Reminder to take ALL CHARTS WITH A GRAIN OF SALT in a potential recession. I chose on most charts to look at the daily and above, with many on the weekly and monthly time frame. Right now is a very important time to look at the big picture and not try to take crazy short term positions.A general note - whenever I draw a line on a chart, it should be viewed as elastic and not static. It is more of a zone. So the areas around those lines are usually more accurate. Further, I try to use multiple techniques and indicators on various charts, so if you are learning TA, you should read through all of these to see how I blindly look at a chart. A lot of these charts look great.If you are a new member, please refer to Issue 10 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-crypto-newsletter-issue-10-219754 and have it sent to you) for instructions on how to make my charts your own.IMPORTANT NOTE - I will only accept requests on Wednesdays, between 8 AM and 1 PM EST. That will make sure that they are your most pressing requests. Please mark it in your calendar and email me by responding to this email!This is a far more involved issue than you have normally seen on Thursdays. I shared a very long piece on general investing strategy, a piece on Bitcoin in Venezuela, some thoughts on what on chain metrics are telling us about the recent Bitcoin dump and why the dollar is strong. I am trying very hard to offer more content that is more valuable for you on a more regular basis. I hope that you can see the effort in the newsletter!What’s in this issue?Bitcoin AnalysisHow To InvestVenezuelan Banks Closes, Bitcoin Volume RisesLong The DollarChart RequestsCrypto Sell Off Was Driven By Short Term HoldersSponsored By Voyager!
The Wolf Den Crypto #34 - Investing, Venezuela, Long The Dollar, Charts
The Wolf Den Crypto #34 - Investing…
The Wolf Den Crypto #34 - Investing, Venezuela, Long The Dollar, Charts
Happy Thursday, everyone! I hope that you are all staying sane and happy in isolation. I've been digging deep into the charts for you guys and have a ton to share. I am still cautiously optimistic with Bitcoin and am still long with a cost basis of $4,850, so things are looking great in my eyes! I am also currently in XTZ (same setup as before) and MATIC (shared in Chart Requests). In case you missed it, the newest episode of The Wolf Of All Streets Podcast came out on Tuesday. You can listen to all 3 episodes here:https://blockworksgroup.io/wolf-of-all-streetsDon't forget to subscribe on either Apple or Spotify. Next week's episode features Messari CEO Ryan Selkis. You do not want to miss it.Please make sure to pay special attention to the Clorox analysis in the chart requests section - this is a trade I took on Tuesday, so I am discussing it more in depth than the others. I already exited most of the position because of the sizable move, but this plays into the idea that common sense is better than charts at the current time. If you insist on attempting to buy stocks, look for companies that should excel in this environment - cleaners (Clorox), Amazon (ramping up staff to increase shipments), Walmart, Procter & Gamble, ZOOM, Alcohol stocks (maybe!?), Verizon (everyone will still have a phone), cell towers (American Tower). No need to get cute, think of obvious companies that will do better than the average in this environment. Ignore index funds, they'll drag down the good stuff with the ship. I have closed almost all of my shorts in the past day or two! I do think that the market has more downside, but also think that a sizable bounce could be coming. Every market needs some relief and I have been greedy enough! I could easily be wrong and it could just continue to drop like a stone. I remain partially short SPY from 325 with partial short positions in cruise lines etc. But I closed UBER (luckily), APPLE and TESLA.Reminder to take ALL CHARTS WITH A GRAIN OF SALT in a potential recession. I chose on most charts to look at the daily and above, with many on the weekly and monthly time frame. Right now is a very important time to look at the big picture and not try to take crazy short term positions.A general note - whenever I draw a line on a chart, it should be viewed as elastic and not static. It is more of a zone. So the areas around those lines are usually more accurate. Further, I try to use multiple techniques and indicators on various charts, so if you are learning TA, you should read through all of these to see how I blindly look at a chart. A lot of these charts look great.If you are a new member, please refer to Issue 10 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-crypto-newsletter-issue-10-219754 and have it sent to you) for instructions on how to make my charts your own.IMPORTANT NOTE - I will only accept requests on Wednesdays, between 8 AM and 1 PM EST. That will make sure that they are your most pressing requests. Please mark it in your calendar and email me by responding to this email!This is a far more involved issue than you have normally seen on Thursdays. I shared a very long piece on general investing strategy, a piece on Bitcoin in Venezuela, some thoughts on what on chain metrics are telling us about the recent Bitcoin dump and why the dollar is strong. I am trying very hard to offer more content that is more valuable for you on a more regular basis. I hope that you can see the effort in the newsletter!What’s in this issue?Bitcoin AnalysisHow To InvestVenezuelan Banks Closes, Bitcoin Volume RisesLong The DollarChart RequestsCrypto Sell Off Was Driven By Short Term HoldersSponsored By Voyager!