Market Analysis

Members Breakdown - 12 May 2021

Updated: Jul 25, 2024

Published: May 13, 2021

ETH has upcoming support at $3,850. The Tesla news about "We'll no longer accept BTC because of its carbon footprint" is indirectly bullish for ETH, why? Because Proof-of-Stake does not consume that much energy and when the migration to ETH2.0 happens, you'll notice the ETH is Green 🍃 narrative everywhere.

BTC

From a pure technical perspective it really does seem like BTC will hit $40,000 When price goes there here is what will happen: Everyone would have turned bearish on BTC, thinking it is over and certainly it no longer can compete in this technological market. This is where the buying opportunity will be in our opinion, buying other people's panic.

ETH

SNX

SNX buyers stepped in hard, of course the Tesla news which pushed BTC down now put a stop to this growth for now but the demand is there - Tesla has artificially (unpurposefully) created an opportunity.

AAVE

AAVE is another one that went ahead to create a brand new ATH just now. Would love to see a daily closure above $530 as that would turn it into support.

Note: Still in this swing trade long which you can see in #swing-trading as usual.

RUNE

A very important point to remember is that this NOT organic price action. This is an overreaction to news (by Tesla). Nonetheless, RUNE has remained in a bullish market structure, $16.50 still stands as support for this one.

FTT

FTT is now at the $56.50 level of support. No changes to our bias.

SOL

Went straight to $49 and showcased large demand. Still stuck in between $40 and $49 though and we must see a breakout either way - we believe it will be to the upside.

SRM

SRM is offering a very large R:R long opportunity, at support and most probably will wick down a bit (maybe towards $7.50). Market structure on the daily timeframe still is bullish with higher highs and higher lows so no changes to our bias right now.

RAY

RAY has closed a daily candle under $12.50 and invalidates our setup. However, we must keep in mind that this is an external effect, not a direct uninterest from RAY holders, especially with what is coming in terms of pre-sales on AcceleRaytor.

Here is how we are playing it ⬇️ A plan is a plan, we said a daily closure under $12.50 is our invalidation but we're also giving RAY a chance. We are cutting our RAY holdings by 50% (i.e. selling half of our RAY). We'd happily buy them back upon.