Table of Contents
How’s everyone doing? The market has been quiet lately due to the fact that we had a crazy dip 2 weeks ago so we’ve been recovering ever since.
What’s the market saying right now? Recovery? We’re still in a bearish sentiment, a lot of emotions in the market right now.
What happened last week?
- People in Hong Kong Use The Blockchain To Fight Against Media Censorship
- Billionaire Carl Icahn says he may drop up to $1.5B into crypto
- BlackRock says it is ‘studying’ crypto but cites volatility
- Crypto.com today announced an ambitious goal of becoming carbon negative within 18 months
- Bitcoin Retests $40,000 as Biden Announces $6 Trillion Budget
- Goldman Sachs Seems to Think ETH Will Come Out on Top
- Nebraska becomes the second American state to allow banks to hold cryptocurrencies
- American convenience store chain Sheetz now accepts Bitcoin payments
- Paypal Plans to Allow Its Users Transfer Crypto into Third-Party Wallets
- GameStop Will Use Ethereum to Power New NFT Platform
- More than 5 million ETH has been sent to Ethereum 2.0’s deposit contract
Alrighty, technicals, my favorite place to be and just watch the market move.
ETH and BTC are both in a bearish range, but ETH is bouncing into a tiny bull trend. We can’t know for sure, we need a lot more candles to know where this is going. Keep a close eye on the price action of these two.
Bitcoin Dominance is still bleeding heavily
Ethereum is still holding strong against Bitcoin, a little bit of a correction and back up.
Let’s take a look at some metrics, I love to take a step back and zoom out to look at the bigger picture.
I don’t like these spikes in deposits, so I’ll keep a close eye on this
Same goes for BTC, an uptrend in user deposits
We had bigger spikes in exchange inflows in the past that clearly indicates in a selloff so we’re still bullish?
Bitcoin Miner Position Index
Bitcoin miners are still not selling since March 2021 which is really surprising, they HODLed through the whole crash.
Fear and Green Index
The market is extremely fearful and I don’t blame them. This is a perfect opportunity to buy the short term investor’s bags.
We’re now at the same level as the COVID-19 crash in March and we all know how well the markets recovered from it.
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
200 Week Moving Average Heatmap
This is the 200 week moving average heatmap. When the orange and dots show up then it has (historically) been a good time to sell as the market overheats (aka Extreme Greed). This indicator has made my PlanB .
Bitcoin Unrealized P&L
We’re currently in the Optimism-Anxiety, but nowhere near the Capitulation when the Covid crash happened back in March 2020.
Keep in mind that this indicator is very slow and lags behind the current market situation, good for super long term data.
The exchange inflows are tipping to a bearish indication, but it’s still too soon to tell.
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 21 2021, I hope you enjoyed it and as always: Stay AbNormal!
What am I doing right now?
I’m out of bullets to buy dips, so I’m hodling again. I’ve added some Yield Farming strategies in my Cashflow check our overview.
If you appreciate the work I’m doing, consider supporting the website 😊
ETH or ERC20: mitchel.eth
BTC Segwit: bc1qqfnfkrnhv903v9v38n98vvk35hgrp77ay7kwqr
BTC legacy: 1DhGZ1kvEF1wamq3oRb4f7pPz3cMBaxKz
I’ll list some reminders for you guys and 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, and remember that 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.