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First off, I want to apologize for the late market recap. I was so tired yesterday, but here I a writing it for you guys. I hope you all are doing well, I had a very good night sleep.
Ethereum is super bullish right now, such a crazy candle today! I was watching a really interesting video by Anthony Sassano from The Daily Gwei covering the on-chain metrics of Ethereum.
Alright, let’s look at some technicals. I’m so excited … I just can’t hide it … Sorry about that haha! I have no words for this. Ethereum has had a major FU candle to the upside and it’s so unbelievable to see.
Bitcoin on the other hand, lagging behind, but I won’t be surprised to see money flowing into Bitcoin after Ethereum has it’s run.
Then again, when we look at the ETH/BTC ratio we can see that Ethereum is pushing for new highs
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 and netflows are still bullish. No spikes in deposits nor withdrawals, people are hodling.
The minder Index stayed the same, still bullish
OMG! We jumped from Fear last week into Greed right now. This doesn’t surprise me at all with the markets moving mad.
The RHODL and the 200 Week moving average hasn’t moved yet, because they are lagging indicators. They are still indicating bullish movement, have a look at the last Weekly Recap.
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.
We flipped from fear to greed again and it’s justified. We’ve seen enormous growth in our portfolio. Ethereum is leading the charge, pushing for new highs. Congrats to the HODLers.
I hope you enjoyed this market recap, I know it’s a bit late because I ran into some issues with my laptop :(. Have a wonderful week and see you later. As always: Stay AbNormal.
Always keep this image in mind, money flows from asset to asset.