Home » Market Recap | 2021 W15

Market Recap | 2021 W15

Dear AbNormals,
What a rollercoaster, right? We’ve hit ATH on BTC and ETH on the 14th and 15th. BTC reached almost $65000, ETH went above $2500. An amazing week, but Bitcoin dropped 21% and pulled the whole market with it because of a combination of these reasons: FUD; Bitcoin Hashrate drop because of the outage that happened in China; and overleveraged traders. A recipe for disaster!

Sources:
https://decrypt.co/66912/crypto-market-plummets-8-in-steep-correction
https://micky.com.au/blackout-spooks-bitcoin-miners-in-northern-china/

Berlin, the Ethereum’s upgrade, is live! Congrats to everyone! 🥳

Coinbase IPO also went live, but the chart looks so ugly 😅

COIN

Technical Analysis

Alright! Let’s look at the technicals and see what happened.

BTC is still holding strong, if you had limit orders at the lower band of the channel then congrats on buying the bottom.

BTCUSD Daily

Same for ETH, but this chart is more bullish than BTC. It’s recovering fairly quickly so keep hodling.

ETHUSD Daily

ETH has been outperforming BTC with 10% over the week.

ETHBTC Daily

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. This is exactly why I don’t use lower timeframes when I do my TA.

Bullish

Exchange reserves and netflows are still bullish. No spikes in deposits nor withdrawals, people are hodling.

https://cryptoquant.com/prochart/fp272opepr

Even the miners are hodling

https://cryptoquant.com/

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/

This is the 200 week moving average heatmap. When the orange and red 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

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

Bearish

Be cautious, the market is still very greedy although we’ve seen a big drop in price last night.

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

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.

https://checkonchain.com/btconchain/unrealisedpnl_pricing_usd/unrealisedpnl_pricing_usd_light.html
https://checkonchain.com/btconchain/mvrv_pricing_usd/mvrv_pricing_usd_light.html

Highlights of the week

Conclusion

What a week, lots of big events that has happened, a rollercoaster indeed. I hope you guys bought the dip, now’s the time to hodl again. Keep a close eye on the sentiment of the markets, people are really sensitive right now.

Well, I hope you enjoyed this weekly recap and till next week. Stay AbNormal ❤️

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.