BTC and Crypto Market Update 17/3/21
This report is not meant as financial advice and please do your own research and take responsibility for your own trades. This report is meant to update you regarding the markets so that you can make informed decisions.
NOTE: The following articles is more for advanced crypto traders. If you are a beginner check out my beginner series below.
I do weekly market updates as well as some deep dives into specific topics of interest and publish them for free to help the community as a whole. I believe this information should be public, hope they aid you in your investment journey. Enjoy!
Hi it has been long, was extremely busy keeping up with Defi but its definitely very bubbly now. Especially with the NFT and Defi hype with retail now.
For people who listen and followed me into Alts, you’re doing very well now. Pad yourself on the back for having the courage to ape back then.
However, as happy as I’m with my portfolio All-time high, we need to look forward to protect our gains.
Below is the chart of what I expect to BTC play out for the next few weeks.
Interestingly alts are holding value better than btc now. BTC dominance is edging towards an alts season soon but need clearer confirmation to tell at 62% region.
BTC volumes on last breakout was also lackluster, showing exhaustion of the current impulse buying wave in the short term.
There are sights of early retail BTC buyers taking profits or rotating into alts for more yields. I see this capital to renter the markets once alts start to move heavy and BTC ranging for a few months. However, this doesn’t mean it's the end of the BTC bull market.
BTC reserves on exchanges look stable and still on a downtrend and thus showing it’s not the top of this BTC cycle. Typically you see reserve on exchanges increasing as price goes up during the top of a bull market. This is also coupled with constant coin base premium which shows heavy accumulation by whales for BTC. They are gonna move BTC up after months of ranging and accumulation.
However, do note that the stocks markets, DXY and US10bonds are at key decision points in the market. If they start to plunge, it might drag the entire crypto market down with it. But the retail fud now surrounding the market is why I’m actually bullish, especially with stimulus money coming soon which will directly flood into all asset classes. We might face a short-term dip but a v shape recovery is likely. BTC Exchange reserve downtrend is also slowing down, it might reverse anytime to be in an uptrend so I’ll keep yall posted. Do follow my group for live updates.
This is why I’m sitting on more risk on assets compared to sitting in USD for the next few months. I’m buying up AUTO, ETH, BNB, BNT and RUNE now. But do expect a fast dip and not panic.
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Have a great day and make a killing out there. Knowledge is power my young ones.