🧵MARKET THREAD: Besides all the CEX bs. I advise everyone to keep their head clear. Cathie Wood's ARK ETF pumped about +25% from the bottom. We are at the anger / depression phase and I see signs of disbelief in the stock market.
For crypto we are already in the depression phase. FTX is marked as a late capitulation as most capitulated during LUNA season. You could look at the cheat sheet and argue there's still a lower low to be made, sure. But I find that a rather risky bet.
A normal market structure would be to create a double bottom. ARK could do it and crypto looks like its forming the first leg of its W.
We are -75% from the top for the whole market and even though we can drop lower, there's time to sell and time to buy. For me, its the latter
Sure, we have a LOT of headwind: macro, inflation, energy, FTX, hacks and whatnot. But I came into this market with a plan:
- SELL EUPHORIA - BUY PANIC
Simple as. I did so many times this bull cycle:
SELL - April 14, 2021: BTC 64K (sold alts start of May) BUY - July 2021: BTC 35K SELL - Mid November 2021: BTC 64K BUY DCA 1 - Mid June lows: BTC 18K (bought alts) BUY DCA 2 - NOW
This can all be found on my tradingview:
More importantly is, in my opinion, that you pick up the right projects that have a solid growth perspective for the next 2 - 5 years.
That's why I started 10x Club, a crypto research and analytics newsletter. Yesterday I posted my full portfolio 👇this twitter thread.