Everything has been popping hard! Go all innnnn haha jk. I always wanted to say that. Been gone awhile looking at watch porn. I think i could get a nice Casio G Shock for not much $$, make myself happy and keep the old lady happy too. I never have my phone with me for a clock so it would actually get used. Maybe something more valuable in the next year or so.
The most recent episode of Blockworks Macro was with Michael Howell, the most interesting thing to come out of it out of everything that I could understand (very little) was the correlation between liquidity and the price of gold and crypto. Here's the chart: As global liquidity rises, the price of "credit" hedges ie gold and BTC rise. I posted this and a couple of extras about China's liquidity injections in the general precious Metals Discussion sub-forum.
On the daily Matic is testing a support zone in the 1.26 - 1.33 range. I've also got a breakout price at 1.31 which I missed earlier. This price drop is therefore welcome. Getting ready to drop some funds back into one of the crypto exchanges - something I haven't done for ages. We'll see where this goes.
Playing around with reversal patterns. This is what I think. Unlike BTC it put in its low during June 22, BTC waited until Nov 22. Since then it's been in a steady rising channel (BTC hasn't been), currently it's testing the upper side of that channel. I think it put in a double bottom in Sept and Dec 2022, the high of 1.30 in Nov 2022 when it surged 90% from the previous low (unlike BTC which rose about 15%) is the trigger price which when hit confirms a reversal. It's testing that support/resistance zone (in pink) on the rising channel.
Everything has been trending up the last 7 weeks but seems like some fomoing at the mouth? Are you fomoing on us now? Maybe take an extra one of those gummys and wait and see? Just relax man.
I'm not aware of any FOMOing in the market but that doesn't mean anything. My philosophy is to buy when markets are trending up not down. I'm not buying anything else at the moment. From a TA perspective I'm keeping a watch on AVAX and LINK but they're not doing much to impress me yet. Both may be worth a gamble at this stage with a few $$ but if I did it would carry no great conviction other than that the overall crypto market is trending up so AVAX and LINK should tag along for the ride. ETH is still $200 short of my buy zone. It broke out of it's 16 month long downward trend in the first week of January above the S/R zone I identified but I can't really see any trigger price or whatever that would confirm the breakout. As far as BTC goes i think that when it crossed over $18 200 that was an indication of a price reversal. I've had a couple of buy zones identified depending upon level of risk and it's current price is right on the bottom side of one of them. In my mind it's still not a buy but I think I'm pretty confident it's signalled that it will keep trending higher. From a fundamental perspective the environment is conducive to USD hedge asset appreciation due to rising liquidity across the globe. Gold and BTC are the two assets that are set to benefit from that but I wouldn't be buying gold at its current price either.
