Key Takeaways
$900 plus BTC moves are within expectations, avoid shake outs and stick to your guns. Low $29k is a buying opportunity.
Market sentiment remains intact. The fear and greed index (greed) and on-chain data (NUPL) are looking bullish.
Time to buy narrative-driven alts for the mid-term. We mention two selected picks from leading narratives.
External headwinds can come our way. Time to be resilient.
One of the most common mistakes you can make as a trader is to lose conviction halfway through your trade. Do not get spooked by short-term moves, especially if they are within expectations. Bitcoin’s average true range shows us the expected upper and lower boundaries ($28.3k and $30.2k respectively).
Bitcoin and crypto are characterized by high volatility: bitcoin’s 1-week implied volatility is at 42% and the 28-day realized volatility is at 40%.
Today’s retrace to the lower end of $29k is a good opportunity to buy. Our mid-term outlook remains bullish, order books show more liquidity, and the Bitcoin Risk Signal is at 0.
Additionally, sentiment has not turned bearish either. The fear and greed index signals greed in the market (bullish). NUPL also suggests that unrealized profits are outpacing unrealized losses (bullish).
What about alts? It’s a great opportunity to buy selective alts with bullish strictures and narratives behind them -
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