The Crypto Comms #29

  1. Weekly events
  2. Confluent charts
  3. Latest happenings
  4. Listening material

Bitcoin analysis

Bitcoin reached $21,500 before witnessing a -10% draw-down, seemingly on the back of the latest SBF-CZ public beef. FTX’s native token dropped -21.5% in the same period as rumours comparing the exchange’s position to Luna circled the web. In my view, this is mostly noise.

BTC/USD levels of interest. $20,100 pivotal area for bulls

This week’s events

US mid-term elections today could cause more volatility. Chief Twit, Elon Musk said something that’s not a meme the other day, noting that a balance of power between the two parties is desirable. In theory that sounds great, but in reality the only vote that matters is your wallet. The worst-case scenario for markets is if the election process is sabotaged and/or riots break out.

Confluent charts

The Dollar index (DXY) is forming a top-structure after over 19 months of strength. A weekly close around 108 would confirm the rejection, opening the door for a prolonged rally in risk assets as the Dollar consolidates or breaks down. 113 remains a pivotal level.

Closing thoughts

All in all, the case for ‘volatility’ this week is strong. The real move has not materialised yet. I continue to expect volatility to be resolved as a large upside price-move in Bitcoin, Litecoin and other cryptocurrencies. This doesn’t rule out a downside fake-out.

Latest happenings

Censorship Resistance is Mission Critical to Open Finance

Listening material

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Chris on Crypto

Chris on Crypto

71 Followers

Journalist-turned crypto-writer & analyst; forging the narrative, stacking sats.