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?, a lot of fear and uncertainty.
What happened this week?
- Tesla stopped accepting BTC as a payment currency
- CoinDesk: MoneyGram to Allow Bitcoin Buying and Selling Across Retail Network
- Vitalik donated $1b to India Covid relief
- Brave Browser integrates .crypto domains from UnstoppableDomains
- Microstrategy purchased an additional $15m BTC
- Institutions keep accumulating more BTC
Alrighty, technicals, my favorite place to be and just watch the market move. I purchased the Tradingview Pro account so I’ll be able to share 2 timeframes at once. Woohoo.
ETH had a bit of a correction, Elon’s tweet about bitcoin started it all. The whole market corrected. The 3400-3500 range will be an interesting area to watch.
Bitcoin is also sitting at a key area of support. It’s healthy to see these kinds of corrections in a bullmarket.
Let’s take a look at the Bitcoin Dominance. A brutal beating by the Altcoin markets, liquidity has clearly shift from Bitcoin into Altcoins. Wouldn’t surprise me if Bitcoin wakes up and make positive double digit moves.
Ethereum is still holding strong against Bitcoin.
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.
We’re still seeing a downtrend in the exchange reserves, people are accumulating and withdrawing them from the exchange.
Looks like people are depositing into the exchanges, maybe they’re waiting to sell when Bitcoin can’t hold the key support area? We’ll see how this plays out.
Bitcoin miners are still not selling since March 2021
We’re really in a fearful market caused by a lot of events such as Elon FUD tweets, Doge clones, scam tokens, etc.
We’re almost at the same level as the COVID-19 crash in March
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
We’re in the Belief-Denial phase, realized price is around $20k.
Keep in mind that this indicator is very slow and lags behind the current market situation, good for super long term data.
The market is very fearful right now so there’s a lot of buying opportunities. When people are panic selling then it’s generally a good time to buy . #NotFinancialAdvice
That’s it for the market recap of Week 19 2021, I hope you enjoyed it and as always: Stay AbNormal!
What am I doing right now?
Buying dips, shopping cause the markets are at a discount 😁. If you wanna check out what kind of income streams are possible then you should check our overview.
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.
Take control of your emotion, you are the one pulling the trigger. It’s a lot harder than it sounds. This is the reason why you can’t rely on demo account or play accounts, because you’re taking away the biggest hurdle of an investor, EMOTIONS.