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- #070 - Bitcoin. Do nothing. Succeed.
#070 - Bitcoin. Do nothing. Succeed.
A hightimeframe look at the crypto market, onchain perspective and Bitcoin monthly close.
Kierin M
September 14, 2024
Do nothing. Succeed.
While the market is in boring mode I will be switching the newsletter to a monthly version. That means one newsletter each month. When the market picks up I will switch back.
Do nothing.
When the markets are boring, go outside to work on side hustles to earn more money.
Don’t try to trade this chop, as you will most likely regret it and lose money.
I also take this time to work on other projects outside of crypto, as that gives me more energy to return when the markets get interesting again.
I’m working on a real estate mortgage project in my spare time, which gives me something to do during the boring chop phases.
Psycho has a good point.
seeing traders spin their wheels in search of edge during this chop
fun fact: most asymmetric trading edge comes in high volatility conditions, not compressed chop
you can scalp small ranges here, but you're squeezing a rock for water
tldr, touch grass
— Psycho (@AltcoinPsycho)
4:00 PM • Sep 10, 2024
Let’s look at the charts.
High-timeframe only as I’m not interested in the day-to-day noise.
Total marketcap below strong resistance
The total marketcap printed a new lower low on the 8th of September. The next main resistance is at 1.99T
The bullish divergence I shared in the last edition is still there. The only addition is a blue buy diamond.
Maybe the boring phase is soon coming to an end.
Which brings us to the Bitcoin dominance.
BTC dominance approaching major resistance
Bitcoin's dominance is approaching a major resistance at 60%. Now, it is at 57.5%. A break above would be good for Bitcoin but bad for altcoins.
If altcoins were to rally this Bitcoin dominance resistance would be the best opportunity.
Recent Onchain Edge signals from the Telegram bot
If you missed the recent Bitcoin buying opportunities at $53k, that means you are missing out on the daily alerts from the Onchain Edge Index Alerts Bot.
It’s free. You just need to refer a few friends to the newsletter.
Here’s a few screenshots from the Onchain Edge telegram bot.
On September 7th, the Onchain Edge Index dropped below 30, which means we are entering the Bitcoin buying phase again.
Even though it’s only a 0.5 weighted DCA it’s good.
Another example.
Here’s an example of a buy alert for Bitcoin at $54k on the 9th of September.
A few days later (13th September) we get a nice short squeeze.
With just a few seconds a day you can get one of the best outlooks on the market by just checking what the onchain edge index value is.
The onchain edge index allowed me to DCA into bitcoin at 16k.
It will also allow me to take healthy profits at the top.
Don’t miss out and refer a few friends.
Access the Onchain Edge Index Alert Bot By referring 1 subscriber to the newsletter.
Daily timeframe buy and sell alerts for BTC and ETH and other altcoins have been added.
The onchain edge index is now at 30.19 (very close to dropping below 30. Refer someone so you don’t miss it. It’s free)
Onchain Perspective
Puell multiple is still in a bear market zone which is excellent for us.
A lot of upside.
Longterm Bitcoin holders added more to their stack between $53k and $57k and are derisking a bit at $60k
Whale SOPR is a really useful tool that shows us two things. The chart below says everything. You can check it out here.
