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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?
- Coinbase’s stock rises as crypto platform says U.S. customers can use debit card in Apple, Google wallets
- 5 million ETH is now locked up in the Ethereum 2.0 deposit contract
- Hungary to create a Statue in Honor Of Satoshi Nakamoto
- SpaceX to setup an Ethereum node on the International Space Station!
- Kraken launched their new mobile app
- Even Vitalik Buterin is surprised at just how long Eth2 is taking
- Google Is Rethinking Its Stance Against Crypto Ads
- Google Removes Its 2018 Ban on Cryptocurrency Wallets and Exchange ADs
- 10 global football giants with over 230 million followers will launch their NFT on Zilliqa
- The Wall Street Journal covering Ethereum and DeFi
- Polygon (MATIC) entered the Bitwise 10 Large Cap Crypto Index Fund.
- Bitcoin Stock-to-Flow Model Still Intact — ‘Starting to look like 2013’ S2F Creator Says
- Bitcoin Whales Are Accumulating Behind The Scenes Adding 50,000 BTC to Their Wallets
- Alibaba, Google Among More Than 300 Companies Seeking Singapore Crypto Licenses
- Fidelity is launching a Bitcoin ETF
- Crypto exchange FTX spends $210 million to rename the most valuable pro e-sports team
- ‘Largest Bitcoin event in history’ Bitcoin 2021 kicks off in Miami
- Miami Pharmacy Accepts Bitcoin for COVID Tests
- Mark Cuban Rips SEC For ‘Zero Understanding’ of Cryptocurrency
- Kraken CEO on BTC: ‘People Are Getting Ready To Go on Ramen Diets To Buy Bitcoin’
- El Salvador has become the first country to make Bitcoin legal tender
- Jack Dorsey Joins Effort To Create $5 Million Dollar Bitcoin Mining Facility Powered By Renewable Energy
- MicroStrategy aims to buy more bitcoin with $400 million senior secured offering
- Bitcoin Suffers Steepest Drop in 10 Days as US Monetary Policy Causes Short-Term Jitters
- Warren Buffett’s Berkshire Hathaway Invests $500 Million In Digital Bank That Works with BTC
- Denmark Moves to Modify 100-Year Old Tax Law and Address Cryptocurrencies
- El Salvador Now Offers Permanent Residency for 3 BTC
- Coinbase Teams Up With 401(k) Provider to Offer Crypto
- Polygon Goes Next Level; Trumpets $10.5 Million Fund to Bring 1 Million Users to Polygon and Ethereum
- IMF’s Criticism of El Salvador for Adopting Bitcoin Reveals Its Concern About Becoming Obsolete. The success of Bitcoin in El Salvador could give ideas to other countries.
- Inflation in America rose 5 percent over last year. You know what doesn’t inflate? Cryptocurrency with a max supply.
- MicroStrategy to Sell Up to $1B in Stock, Use Part of Proceeds to Buy Yet More Bitcoin
- El Salvador Considers Paying Workers Salaries in Bitcoin
- MicroStrategy triples down on bitcoin
- Kyber Network Announces Polygon Integration and Liquidity Mining Program
- Mark Cuban Invests in Decentralized Data Marketplace dClimate
- Mark Cuban Calls for DeFi Regulation After Crypto Investment Goes to Zero
- Ethereum’s $1.5B options expiry on June 25 will be a make-or-break moment
- Bitcoin Lightning Adoption Soars: Active Nodes See 100% Growth In Two Months
- Bitcoin Whales Quietly Accumulate $3,380,000,000 in BTC in Less Than One Month
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.
BTC is trading in a box between 33k and 41k, it can go either way right now.
Rebound? Time will tell. Alts have been bleeding against BTC the last couple of weeks, money flowing to BTC again?
ETH is still holding strong against BTC
Let’s take a look at some metrics, I love to take a step back and zoom out to look at the bigger picture.
We’re seeing a downtrend in exchange reserves again, whales are buying and withdrawing
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
What a fearful month for crypto investors, but a lot of buying opportunities.
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. We still haven’t seen any orange or red dots. 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.
No Bearish indicators right now, I strongly believe that this dip is fueled by FUD and panic in the market.
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
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.