Is everyone going all-in?
There’s a certain optimism in the air. When someone becomes a millionaire by 33 through leverages, it incites everyone to want to take a shot themselves. Adding on the ludicrousness that it was attained through a meme-coin, well, what the heck, let’s throw the fundamentals and the technicals out the window! Or should we?
Elon Musk as an Indicator
Technical analysis posits that past pricing movements and patterns would repeat themselves. Assume we can scrape the web (Reddit, Telegram, Twitter, etc) on an Elon Sentiment, that is an indicator of what the outlook on Elon is at the moment. Which is then pegged to the prices of his stocks & crypto (Tesla, Doge, BTC).
How should we trade going forth?
Get as much data, clean them as well as possible, and model through them.
Technicals
BTC:
All indicators seem to be pointing to bitcoin being a strong buy, except for the short-term oscillators. If you’re looking for a stable investment to hedge your altcoin adventures, bitcoin is your coin today.
ETH:
Eth is hitting the $4k ceiling this week. Every big milestone is a cause for resistance, but it seems people are bullish on Eth in the long run. We’ll see.