BTC new ATH this week?
Market Report #231
Hi everyone welcome back to another newsletter, sorry for the inconsistency I have recently just welcomed my child into the world which has been the most incredible blessing so things have been a little busy to say the least and just enjoying some time away from the charts, on top of that the market has been completely miserable but hopefully things are starting to slowly turn around and market can head to new ATH’s.
In todays newsletter just want to cover some of my macro thoughts on the market, crypto and how generally I see the next few months playing out, this is going to be a wider timeframe style of newsletter with some other alts I am interested in at the moment so keep that in mind.
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anyways thanks for reading as always and let just into todays newsletter
Let us discuss BTC at the moment, from the last time this newsletter went out BTC has since been in a pretty nasty pullback, causing a lot of market participants and traders who can severely wiped out and just frustrated with the market post trump election, it was not really the golden age that was promised to us.
That said, since then things are looking much in the US with market bouncing, it seems that the plan for short-term pain for longterm gain is starting to work, and BTC has shown huge strength in its recovery over the past month. Just take a quick look at the chart that is shown above, the strength on the buyback is insane and bears just cant step int he way, price is back above 100k and struggles to find sellers below 102k to be totally honest, I guess this is the aggressive accumulation stage for institutions.
If BTC prints the candle that is currently showing, and holding candle structure above the previous ATH candle closes then this is going to ATH at any momentum and nothing can really be done about it, cant expect to wait for any pullback and just need to trade momentum, I would be long now and stay long as long as BTC holds.
Predictions? I don’t know but I would expect BTC to reach something like 130/140k pretty quickly next maybe this can be down over the summer, but I also think that with the amount of institutional and government interest in the asset, I would only have to raise my macro targets over the next few years to be close to 500k a coin.
ETH also with a nice bounce back over the past month, look at that previous weeks candle, the amount of buyer power alone is just crazy, as soon as macro risks get reduced and traders and people are more comfortable with being risk-on then we are seeing huge influx is buying capital. Similar to BTC i do not see this stopping anytime soon, especially as i see only positive stuff on the horizon in macro markets and global politics. I actually bought some ETH yesterday with some I was sold a little bit higher, got filled at 1399, think its probably the best we can ask for right now looking at the chart above, but technically would think that 2200 region would be a great place to long ethereum moving forward on a longer term time horizon. Target remains 7k.
So yeah not much to say apart from im bullish on everything as long as BTC remains above 102k, would be watching closely if we break below, I think a retest of 95/97k is possible and wouldn’t be the worst thing in the world but it would really impact how bullish I would be and how I would structure my portfolio.
Some altcoins I am positioned in right now:
$DEAI, most of you have probably heard of it as have been supporting since its launch and like .07 sense, but I did hold all the way up and mostly all the way but it seems price has started to make its recovery trade now and I am happy to be apart of it, hopefully we can see price break this resistance at 0.14 and then swiftly back to 25c.
Next up is a position I have also spoken about recently but I have also acquired more spot holdings at a higher price that it currently is, I think my average entry was close to $3 but I think this is trade that I want to remain long in over the coming few months, one of the strongest AI projects in the space and some much tech behind the scenes. Think near and DEAI are two of the AI plays I want to remain holding HTF.
Last alt that I am interested in right now is something new, this one $CSIX which is the ticker for carbon browser, a browser I have been using on and off for the past few years due to its ease of access for VPN, privacy browsing and AdBlock, but i think PA here is starting to look good, we had this accumulation phase and prices that haven’t been seen before and price found a floor. Started to add to a spot position.
Thank you to everyone for reading, see you next week for another newsletter, if you did enjoy this newsletter please subscribe and give it a share, I write these newsletter for free just to share my thoughts and opinions on what is happening in the market.