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Hello AbNormals! What a explosive week we’ve had. Holy moly. I’m writing this on April 4th 2021 and BTC is at 58k, ETH broke ATH and sits at 2080 area! Congrats to the hodlers!
Let’s look at BTC for a bit. The channel looks so clean, no breaks just upsides.
ETH is a different story, we’ve broken ATH, reversed a bit and found support at the previous resistance where the ATH was.
This is the ETH against BTC chart, ETH has outperformed BTC 23% this week
Let’s take a look at some analytics, 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. I have a couple of new metrics to show you guys.
Lots of bullish metrics and a lot of new people flowing into the space. The exchange reserve is still at a all time low, people are buying and removing it from the exchange to hodl.
April is historically a very positive month so I won’t be shocked if the meter goes to the Extreme Greed again, BUT always be careful when the markets are greedy!
The RHODL and the 200 Week Moving Average are indicating that we’re around the 3/4th of the bullmarket. Keep an eye on these indicators, because they’ve been accurate in the past.
NOTE: Past performance doesn't predict future performance
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. Now would be a good place to start swapping parts of your bags to stablecoin like usdc or dai and wait for the dip.
We’re in the Euphoria-Greed area, so I’d be careful
Highlights of the week
I’ve collected some highlights of the week that I’ve come across on Twitter. VISA chose Ethereum as their settlement layer and that’s extremely bullish! I guess this is why the Ether price skyrocketed. More companies will follow.
That’s it for the week, let me know if I missed something or if my data is inaccurate. I’d love to hear some feedback and comments from the community.