Table of Contents
Hey everyone and welcome back to this weekly recap, where we take a look at what has happened last week and try to digest the information in our own way.
What’s the market saying right now? Bullish, lots of euphoria and excitement for new price discovery.
- People got bitten by the Doge, $280m in liquidations during the SNL event. They were expecting a pump, but turned out to be a dump. “Sell the news”
- RariCapital got hacked
- Ethereum reached $4000, BTC stays silent
- Uniswap V3 launched
- Zapper Exchange is now possible on Polygon, powered by Paraswap
Alrighty, technicals, my favorite place to be and just watch the market move.
Man ow man, the 70% drop last year due to Covid is just a tiny spec compared to the whole market.
We could see a correction here back to the previous support at $3500 or we could see more upside based on the metrics we’ll be looking at in the next section.
BTC is still lagging behind, all the attention are shifting into Alts, but it would not surprise me that people are accumulating right now.
ETH is still pushing for new highs! 6 weekly bullish candles, amazing.
Let’s take a look at some metrics, I love to take a step back and zoom out to look at the bigger picture. This is exactly why I don’t use lower timeframes when I do my TA.
Exchange reserves of both Ethereum and Bitcoin are still dropping, although Bitcoin’s reserve is slightly moving upwards.
The minder Index stayed the same, still bullish
We’re still in the Greed territory, but I’m not scared at all. There was too much speculations on Doge last week, but that has dropped to a sustainable level (I hope).
This is the RHODL Ratio. The green area indicates a market bottom. As you can see, we’re 1/4 away from the top so enough room for more upside potential.area indicates a and the
This is the 200 week moving average heatmap. When the orange and dots show up than it has (historically) been a good time to sell as the market overheats (aka Extreme Greed). This indicator is made my PlanB
When almost 100% of the hodlers are in profits, euphoria will kick in and people will get greedy. The market is a very sensitive place and it can cause a lot of volatility.
This indicator is very slow and lags behind the current market situation, good for super long term data.
Lots of bullish data and a bullish price movement. ETH is finally getting the attention it deserves, so now it’s the right time to accumulate some BTC. So many things are happening in the Ethereum’s space and it’s amazing to be part of the movement.
That’s it for the market recap of Week 18 2021, I hope you enjoyed it and as always: Stay AbNormal!
What am I doing right now?
Chillin, watching the market do it’s thing. There’s no reason to open new trades or sell my positions. I am still yield farming to fill my bags, check all of my different income streams here.
I’ll list some reminders for you guys, useful articles to help you understand certain topics better.
Always keep this image in mind, money flows from asset to asset.