𤨠The Point of Maximum Financial Opportunity?
PLUS is Ethereum inversely correlated to Nvidia?
đ Market commentary.
GM, are you scared?
I wonât pretend Iâm not. As of right now, Bitcoin is hovering around a very special place. If we start closing under $60,000, which is a price area weâve been talking about for what seems like ages now, as long as this area holds (itâs also an important production-cost area for Bitcoin), we should see a return to a range high around $70K.Â
Itâs important to note here that this time, weâve got looming warning signs on the TradFi side. For one, the S&P 500 index might print a weekly bearish divergence between the March 25th high and the current high. Key word: might. It isnât there yet, but watch out for it. Second, Second, Nvidia is in a bubble-like parabolic rise and has already printed a weekly bearish divergence.Â
As of this writing, weâve got fresh Mt. Gox newsâBitcoin repayments are starting in July. So far, Mt. Gox FUD has always been just thatâFUD and a sign of a market bottom. Will history repeat?
đ Lukeâs Chart of the Day
BTC/USD Index 1D + Hash Ribbons
Hash Ribbons is a miner capitulation indicator that gives a good medium to long-term $BTC buy signals. Each halving puts stress on miners, and there is almost always a capitulation event that follows. Miners started selling aggressively in line with when the MT Gox coins moved at the end of May. We donât have a buy signal just yet, but the German government selling and Gox coins have triggered a capitulation event that has gathered steam today. Stay safe out there, be careful with leverage. This is a good environment for DCA and spot accumulation.Â
It seems likely weâll get a test of the 200-day moving average (purple line) at some point in the near future. This is down at the $57k area as of today. Also, notice the yellow support shelf in that area. This all lines up with the bottom of the 1D Ichimoku Cloud (discussed in Discord).
Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!
đĽ Degen corner.
Ethereum, Save us, EthereumâŚ
Ethereum could be our only salvation in the coming weeks. Mt. Gox wonât be dumping ETH, and the ETH/BTC bottom is holding strong during this brutal selloff.
Moreover, if markets hold these levels and bounce, the possibly upcoming Ethereum spot ETF approval could boost market sentiment. Letâs see what happens during the next eight days.
Lastly, observe the NVDA/ETH chart. As mentioned above, NVDA is already confirming a weekly bear divergence, which adds an element of fear to the current sentiment. However, the last two downtrends for NVDA happened during 2017 and the second half of 2021. Yes, thatâs right. Both times NVDA was dumping, there was a roaring altseason in the crypto markets.Â
đ DeFi insights.
The important bits.
Mozaic (DeFi) - Expands to Base - read
Arbitrum (L2) - Launched Layer Lear, layer 1 to layer 3 bridge
EigenLayer (LRT) - Phase 2 claims are now live - read
Jupiter (DEX) - Announces proposal to reduce supply - read
Avantis (DeFi) - Hits capacity on its USDC vaults - read
Core DAO (BTC DeFi) - Unveils the overhauled developer documentation - read
đ° DeFi news.
Even more important bits.
Mt. Gox Trustee to initiate Bitcoin, Bitcoin Cash repayments in July - read
Japan: Metaplanet to buy Bitcoin worth 1 billion Yen - read
Sentiment-O-Meter says it's DeFi o'clock - read
Coinbase to be custodian for North America's first Solana ETP - read
Analysis: Is the sell pressure mounting in the Bitcoin market? - read
Indiaâs FIU imposes $2.2 million penalty on Binance - read
Australia: first spot Bitcoin ETF goes live on ASX - read
đŤ ICYMI.
Life gets busy so hereâs what youâve missed.
Meal Deal Subscriptions are Live!
Navigating crypto solo is tough and relentless. Weâve been a trusted voice here since 2017 and have learned the hard way, so you donât have to.
â
The Meal Deal is our premium research product, designed to provide you with the information you need to navigate the markets, learn from our mistakes, and skip the hard part.
đĽ Tweet of the day.
To save you doom scrolling.
Nothing like a great GCR quote at what seems like the end of days. Thanks, Rugshark.
đŚ And finallyâŚ
There's not much to add today except a reminder to keep your cool. Even if you didnât trade this last market episode perfectly, right now, we are reaching a point of maximum fear and, hence, maximum opportunity. If I know one thing, itâs that panic selling never pays, and death by thousand cuts while trading the chop is a very real phenomenon. Patience over panic.
stay safe homies,
Hix0n đŤĄ
If you havenât already⌠hit the subscribe button and get the coolest welcome email in crypto!