Home » Market Recap | 2021 #22-24

Market Recap | 2021 #22-24

Dear AbNormals,

How’s everyone doing? I want to apologize for my absence the past couple of weeks. The market hasn’t been favorable to us so I took a break and shifted my focus to other aspects in life. Staring at red charts all day can really take a toll on you 😂

What’s the market saying right now? Hopium
I can feel the fear and FUD coming from Crypto Twitter and you can see it in the price. We’re in a, in my opinion, a bear trap.

What happened last weeks?

Week 22

Week 23

Week 24

Technical Analysis

Alrighty, technicals, my favorite place to be and just watch the market move.

ETH is ranging right now between 2k and 3k. Still looking a bit bearish, but let’s see what happens this week.

ETH

BTC is trading in a box between 33k and 41k, it can go either way right now.

BTC

Rebound? Time will tell. Alts have been bleeding against BTC the last couple of weeks, money flowing to BTC again?

BTC dominance

ETH is still holding strong against BTC

ETHBTC

Metrics

Let’s take a look at some metrics, I love to take a step back and zoom out to look at the bigger picture.

Bullish

Exchange reserves

We’re seeing a downtrend in exchange reserves again, whales are buying and withdrawing

Exchange reserves

Bitcoin Miner Position Index

Bitcoin miners are still not selling since March 2021 which is really surprising, they HODLed through the whole crash.

BTC: Miners’ Position Index (MPI)

Fear and Green Index

What a fearful month for crypto investors, but a lot of buying opportunities.

https://alternative.me/crypto/fear-and-greed-index/

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.

https://alternative.me/crypto/fear-and-greed-index/

RHODL Ratio

This is the RHODL Ratio. The red area indicates a market top and 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.

https://www.lookintobitcoin.com/charts/rhodl-ratio/

200 Week Moving Average Heatmap

This is the 200 week moving average heatmap. We still haven’t seen any orange or red dots. When the orange and red 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 .

https://www.lookintobitcoin.com/charts/200-week-moving-average-heatmap/

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.

https://checkonchain.com/btconchain/unrealisedpnl_pricing_usd/unrealisedpnl_pricing_usd_light.html
Keep in mind that this indicator is very slow and lags behind the current market situation, good for super long term data.

Bearish

No Bearish indicators right now, I strongly believe that this dip is fueled by FUD and panic in the market.

Conclusion

A vert fearful market the last couple of weeks, but a good time to look for buying opportunities.

Getting anxious? Get your eyes away from the charts and focus on doing something productive ❤

What am I doing right now?

HODLinf for dear life, you can check what I’m up to by checkout out my wallet mitchel.eth on Zapper

Tip Jar

If you appreciate the work I’m doing, consider supporting the website 😊

ETH or ERC20: mitchel.eth
BTC Segwit: bc1qqfnfkrnhv903v9v38n98vvk35hgrp77ay7kwqr
BTC legacy: 1DhGZ1kvEF1wamq3oRb4f7pPz3cMBaxKz

Reminders

I’ll list some reminders for you guys and useful articles to help you understand certain topics better.

Crypto money flow

Always keep this image in mind, money flows from asset to asset.

Crypto Money Flow
https://www.rektcapital.co/articles/cryptomoneyflow

Fear is the mind killer

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.

https://link.medium.com/SqECGkeNegb

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