Has been a while, fellas, so a little market update đŤĄ
What to say about this market?
Weekly still looks pretty good tbh, but all other time frames look absolutely cooked, clearly under my invalidation.
I was mostly AFK the last few weeks; otherwise, I would have cut more of my not-so-high-conviction bags. I still cut a lot of positions this weekend, which I don't fully believe in.
If you want my advice on whether to cut or not, it really depends on how much you are allocated. As mentioned the other day, if you are balls deep, play it safe and cut non-conviction plays.
Otherwise, I think it is already too late to sell now. Yes, there is a chance that this is the start of a year-long bear market or something similar.
But overall, this all feels heavily manipulated. Binance massively dumped this weekend into low liquidity and sentiment at ATL.
Still have massively bullish news every week that would have sent us much higher in any of the last years. Luxemburg sovereign wealth fund buying, institutional players around the world buying, govs building on blockchains and regulating, and tons of other headlines.
Institutions are here now in crypto; we were always rooting for it, and this seems like the old shakeout, everybody and destroy all the remaining sentiment before reverse play.
This is, for me personally, not enough to enter any setups, though. I am starting to buy long-term spot BTC holdings, but aside from that, I just keep my eyes open for narrative and momentum plays.
In the end, to become bullish again, we need to reclaim 100k. Privacy projects like ZEC and XMR are actually doing pretty well, and also a couple of smaller caps.
So there is still money to be made, but TBF I would suggest you take the time to do more dopamine holidays until we have a clearer trend again.
If you are in a shitty situation right now, think thoroughly about what you did wrong and why you didn't listen to my constant reminders to TP and follow a take profit strategy on the way up.
Survive frens, we will be back đ