On todays Crypto Banter show Sheldon reminded us that in the as traders in the crypto world we need conviction. He also pointed out the stark difference between crypto and fiat and when compared crypto has been going up and fiat down in value at a tremendous rate. The market is volatile but those with conviction earn money. Watch the Crypto Banter Sniper Show from the 6th January to stay in the loop.
Coins Covered
Bitcoin
BTC is still testing the golden ratio of 0.618. We can still go down to the $40K zone. The whales know where the stop losses are for the retail investors so they are always busy shaking out those without conviction. Once the retailers are shaken out the market volume is reduced and the market starts on a sideways momentum in which time the whales start accumulation.
If BTC is able to stay on the trend line with higher lows and higher highs we can speculate that BTC is still on an upward trajectory this year. Leverage is still super high. Right now on the weekly and monthly chart we can see that BTC is very oversold which is great because soon after that we should see upward momentum.
If BTC goes as low as $35K then Sheldon will not sell yet and instead wait for the next leg up at which point he will start selling. Now is not the time to sell since so much damage is already done. What is happening is not a short term thing, we are talking about the next two to three years. We are also facing an indecision in dominance.
Ethereum
Watching ETH to hold around $3K which will indicate that we are still in ‘n higher low which in turn means we have a good chance of reaching the higher high. ETH dominance is just holding, not making any huge movements. If BTC finally settles and gets a bounce then we can expect a nice bounce from ETH also.
Solana
Watching for SOL to hold $130 to $140 as the low then we are still on the higher high point. If it drops much more then we are looking at reducing the position on the next bounce.
Luna
Luna had a little pullback, making its way back to the $60 to $65 mark.
Avax
Expecting AVAX to test the $75 to $82 region. Waiting for it drop more before loading up again.
Dot
DOT is holding a healthy zone right now. Looking to load up around the $22 area.
Chainlink
LINK is looking healthy especially when compared to BTC.
Cosmos
ATOM is doing well. Waiting for a pullback before loading up. Looking in the $38 to $42 region to buy. Overall very strong on fundamentals with little to no negative effect from BTC dip.
Matic
Matic is still making higher lows. We can expect it to drop to the $1.9 area.
Super
Super in a critical area and Sheldon is loading up.
Rune
RUNE performing well and is known for big moves.
Cardano
Hovering in golden ration right now. They have a good ecosystem and another good coin to be laddering into.
Elrond
EGLD is expected to bottom in the $170 to $180 area, looking to buy in the dip. Another coin with big moves and great fundamentals.
Render
Render down but still hovering on the golden ration zone. Once trend is broken we can expect a uptrend. Render will be a big player in the metaverse which we all know is hot topic right now.
Qredo
Forming a nice cup and handle right now making higher lows. A good coin to watch.