Dear Traders,
Welcome back to another weekly market update, in this newsletter I just wanted to cover some analysis for both ETH and BTC and just generally the market…
To be completely honestly, even though I think there is a pretty good chance that price of BTC can fall down to the mid $9000’s if the market takes another tough turn over the coming few weeks but currently at the moment BTC is looking pretty healthy with price action holding well above $10,000 and more importantly $10,500.
While the outlook across the market right now may be that a further pullback is coming, the current PA on both BTC and ETH does not seem that bearish in my personal opinion. Of course, this can change in the blink of an eye and this accumulation we are currently seeing could easily flip back into bearish and bullish continuation. (Important to rebalance your portfolio in preparation for both outcomes)
So next I wanted to talk a little bit about my current portfolio and where personally I think should be some allocation as we find some uncertainty in the market over the coming weeks and month. So currently at the time of writing this newsletter, I have over 60% of my portfolio in cash, not because I am overly bearish on the entire market but more just due to the fact we are unsure how traditional markets will impact the space over the coming few weeks. I am very confident that the market will move up massively over the coming 12/24 months so I’m just taking the time to relax, reposition and close out of some old altcoin positions that I think are pretty redundant right now.
Having a large cash position means that I am personally prepared for the fact the market could drop and even if its only 5-10% over the next few weeks/months this would be an area where I could reinvest and position myself again to be long, maintaining profits from the past two months and also saving myself from losses. I currently am also still holding DIA and GTH in my portfolio which pretty decent sizes, pretty happy with the projects as long term holds. Apart from that I still am keeping a good spot position in ETH as I think with phase 0 rollout for ETH 2.0 over the coming few months things are going to get really exciting with both tech and price action.
So I always wanted to share in this newsletter one project I think will have a good move this month, that project being CryptoLocally or $GIV. The project will be listed on Tuesday, with a pretty aggressive bonding curve. I think the project from a fundamental standpoint is looking really strong, seems as though there are currently a lot of big players working on and with the project behind the scenes and if you can get it under a 3m cap then I would be very happy with that entry price. Feel free to try to sign up and get some buys in on the bonding curve or as soon as the token launches on exchanges, this is what I will be doing on Tuesday! Exciting times for another gem!
Also just to cover a little bit about ETH before I sign off, you can see from the chart above we perfectly tapped this level that I have marked with a magnet from around 7 days ago, on the retest it currently seems as though price action is rejecting this level and the market is still currently unclear on where it wants to go next. While buyers are defending $350 and sellers and defending $360, I would be playing more conservative at the moment and just waiting to see which side of the chart breaks first, once broken we can then make a more informed decision on how big of a position to take.
Thanks again for reading this newsletter, I really hope it helps to breakdown my opinions and thoughts in a more detailed way, compared to just twitter. Please feel free to signup with your email address as I produce these newsletters pretty regularly and you don’t want to miss them! Thanks again for the continued support.