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Hey AbNormals! We’ve already seen an explosive run in week 13, but it also continued this week. Ethereum reached $2200 and Bitcoin $61400. Keep hodling guys. April 14th will be the D-Day, Coinbase IPO and Ethereum’s hardfork named Berlin will be taking place. Get ready for some heavy volatility!
Let’s get down to some technicals, some charts to see what’s happening in the markets. Bitcoin is moving slow and steady, sitting at around 60k at the moment chilling.
When it comes to Ethereum, time will tell what it’ll do at this resistance level. Patience my friend, patience.
Now let’s look at Ethereum against Bitcoin. ETH has a nice run up bit it’s chilling at it’s resistance. Again, wait and see what’ll happen in the upcoming days.
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.
A big dump happened in the Exchange reserves as you can see from the image below. People are buying and withdrawing. Very bullish indeed!
Even the miners aren’t selling their Bitcoin. HODL ON!
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
This is the 200 week moving average heatmap. When the orange and 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
Be cautious, the market is very greedy right now cause of the new ATH we’ve been getting. Altcoins are pumpin, shitcoins as well. There’s no telling what can happen.
There’s a decline in the Bitcoin search, but searches for Cryptocurrencies in general is going up. I don’t know if this is bullish or bearish. It’s good for adoption, more people are flow into the space, but bad if these new people are here to make a quick buck.
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.
Highlights of the week
Cobie and Ledger had a live chat with Su Zhu of Three Arrows, Dan of CMS Holdings, Vance Spencer of Framework, Andrew of Mechanism, and Light Crypto 🤯
What an explosive week it has been and more to come! There’s still more room for growth, the bullish indicators overweight the bearish ones. I’d still be cautious, because the market is very greedy right now. Lots of people are making money and that’ll attract a lot more people like these. More speculators are generally not a positive inflow, but time will tell. Be patient and watch the market closely. Try to understand what the market is saying, the market sentiment.
Well, I hope you enjoyed this weekly recap and till next week. Stay AbNormal ❤️!