Today we have two rather large pieces of news coming into the market, very bullish stuff that I’m seeing. We’re going to go over the overall market where I think it’s going, what I’m personally doing, and of course, all of the news that you need to know to be fully up-to-date.
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First of all, the weekly chart is presented here below. If this isn’t just an obvious uptrend, I don’t really know what is like. I know a lot of people are calling for a 20K Bitcoin and all that sort of stuff. And yes, it’s totally possible, but right now we are in a clear uptrend. We are clearly interacting with this support line over and over again. If we do start to break below on the weekly chart of around 30K and stay there, then this uptrend is over. We’re heading over to that daily chart that we do look at a lot here down below.
We’ll just get rid of this and we can see it. I think this is also clearly an uptrend: higher highs, higher lows, higher highs, higher lows, and potentially we’ve just put in that higher low. Very, very bullish stuff. That’s when I become more and more bullish.
When the market is very euphoric, like in places like that, that’s when I start to be bearish. That’s when I think we’re going to have a significant pullback and that’s why my trading style is taking profit here and loading my bags here. That’s what I attempt to do. Of course, we can’t time the tops and the bottoms perfectly.
Let’s jump over to the good old Crypto Bubbles and as you can see below, the overall market is very green and look at that ApeCoin up 28.6%. Why is ApeCoin absolutely flying today?
Now I did head over to their Twitter and they do now have over 282 000 followers already there, but I can’t see anything specific pointing at the reason why we’re having this pump today. So what I’m going to put this down to is potentially the start of a new more parabolic uptrend for cryptocurrency. Of course, this isn’t guaranteed. Of course, we can go down from here, but remember last time when we started to see Dogecoin pump? When we saw SHIB pump? I would put that in a similar category, not because it has no utility coming or anything like that, but simply because of the huge community, which these coins thrive on, and the hype around the projects. And now we’ve had some news about ApeCoin coming out that they’re going to be partnering with Coinbase and making films.
In my mind, ApeCoin, like we saw with Dogecoin and Shiba Inu in the last ball runs, maybe ApeCoin will be the leader in these ball runs. First, people make money from there, and then they start to move their money into the other coins.
Right now, if we do head over to coin market cap 32% today, that’s a potential. Now at $16.47, that’s a pretty big move. So far, this is higher than when I first covered this coin, and I am very surprised that we’re doing this. I did not think that this coin was worth four billion dollars when I first covered it. So I was wrong about it so far. Now it’s at $4.7 billion. Like I said to you guys, if it came down significantly to the five, six, or seven dollar region, I was potentially going to load up the bag, but right now with this sort of movement behind it, this isn’t a day where I would be buying it. If you were considering buying ApeCoin, just don’t do it directly on emotion, just don’t do it just because the price has gone up. Research the coin and decide whether or not you like it. It is very nice to see and very exciting for the possibility of the market.
Greed & Fear
So heading over to the crypto Fear & Greed index, we’ll give that a little refresh today. Still in fear yesterday, but last week extreme fear, so we may be moving out of that fearful stage, that extremely fearful stage that we were in and that was the period that I talked about to you guys. Extreme fear, according to history, was always a perfect time to be buying. I was loading the bag during this time. I bought a bunch of Bitcoin, Ethereum, EFI tokens, Dogecoin, and a few others because I think they have potential, especially something like Dogecoin. If we do see something happen with ApeCoin, we could see a potential massive parabolic rise back to those all-time highs, giving us huge returns. Nothing is guaranteed, but that’s exactly why in extreme fear I am doing the opposite of the entire market when the market is in extreme fear. I’m bullish when the market is really euphoric. At these points, super euphoria, that’s where I become bearish. But in the short term, I hope that makes sense.
Let’s move on to a little bit of news for today. So we had this come out, and I think this is bigger than what people are thinking. The first Australian spot bitcoin ether ETFs is set to go live next week. Of course, the Australian market is much smaller than the American market, for example. But this is just another step in the right direction.
It’s also been a year since Canada launched its first bitcoin ETF as well, and we have the one in America that is a futures ETF, and I think it’s just like the Grayscale CEO says that it’s a matter of when, not if the SEC approves a Bitcoin spot ETF. The reason why that would be so bullish for the market is that people are actually speculating that trillions of dollars will inflow if this does happen. If there is a spot ETF, trillions of dollars will come into the market because of institutional investors and people who just simply don’t want to invest directly in crypto. They want exposure, but they don’t actually want to download, you know, a centralized exchange or a decentralized exchange and invest directly in the cryptocurrency. So that’s something to take into consideration, just my idea of the situation.
Then the second large piece of news that we had today that I found very interesting and I think will be very good for the market is that Robinhood has revived its plans to launch in the UK with a deal to buy a crypto app called Ziglu. I’ve never heard of that myself, but Robinhood is huge. We saw that when Robinhood started trading SHIB and a few other coins, they had an absolutely massive pump, and that is because there are so many users on Robinhood. As of 2021, they had 22 million Robinhood users.
This is for retail investors who are waiting for coins to be listed on Robinhood. This isn’t what we do here because we get things early, but this is why these coins later on can still have these parabolic rises. If Robinhood comes to the UK, they bring that really easy app into the UK, they onboard a bunch of new users, and they give them access to crypto. I think that could be very bullish for the market. Just one step closer to mass adoption.
It’s just a little bit of data we can look at. Remember, the Bitcoin on exchanges is hitting another low institution and the whales are holding the purple line there. This is the amount of bitcoin on exchanges and that’s the price. I think this will create a supply shock in bitcoin and end up having this huge explosion when the least people expect it, because when the supply goes down and the demand is still going up, which I think it is, that’s what’s going to happen in my opinion.
Just a little bit more information here This is a TAnalyst on Twitter. Here is one of the most accurate bottom detectors. Bitcoin is one of the most accurate bottom detectors he has found when the 2W- Stochastic RSI K-line of the S&P500 leaves the blue zone, a Bitcoin bottom has been reached and a huge bull run has followed.
If that doesn’t make any sense to you, don’t worry about it, but if we do look at this chart below, you can see every time the RSI for the S&P500 has entered this blue zone here, Bitcoin has gone on a parabolic run and that’s what’s happening right now.
So just a little bit of information there, a little bit of opium there. Nothing’s guaranteed, but I’m pretty excited about where the market is going.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/J33U_5dqE-Q ]