#001 – Altcoin Bloodbath

Morning Edge 18.08.2023 – Altcoin Bloodbath

GM! After a bit of hiatus and being burnt out due to the lack of volatility in the markets, I’m back with a relaunch of the Newsletter. I’ve changed the format, the newsletter will be free, and I will be adding gamification elements to the newsletter to make things more fun.

Send me feedback, news, altcoins, anything you want to see in the newsletter.

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Enjoy the morning Edge with a morning brew!

2. Market Spotlight: BTC & ETH

• BTC dropped as low as $24.8k into the accumulation range that has been on my chart since early June. It’s always recommended to place buy orders in the accumulation ranges if you want to catch wicks.

• VMC is oversold (blue flag) on the daily timeframe and is at a similar level as what we had in March.

• ETH dropped as low as $1548, but hasn’t actually reached one of the expected golden pockets (buy zone)

• If you want to buy, then I recommend that you place buy orders between $1450 and $1500 to potentially catch some liquidation wicks.

• During the crash, I accumulated quite a bit of LBR as it dropped into the golden pocket 1 (buy zone).

I also bought some more HMX (a PERP trading platform similar to GMX). I’ve used HMX to trade, and I’m pretty bullish on it.

With the volatile market, I still recommend being careful with altcoin positions. They go up and down fast due to low liquidity.

3. Twitter Takes

• SpaceX sold $373m worth of $BTC. Was that a reason for the crash?

  

• Possible squidrouter airdrop by bridging axlUSDC

  

  Possible squidrouter airdrop by bridging

4. Project Watch

• HMX is a perp trading platform on Arbitrum ($18m mcap) that allows you to trade a substantial amount of coins, forex, and indexes like SPY and QQQ. They also offer a generous staking program where you can earn 200% apy by staking HMX. (not sponsored)

5. Wallet Watch: Who's Buying What?

Smart money is mostly buying wrapped BTC, OX (open exchange token) and wrapped ETH.

This week’s profitable trader wallet is 0×1d_f241. He/she has a pretty good trading track record with a realized PnL over $580k with a win rate of 57%

Their largest holdings are WETH, PEPE, BITCOIN (not the real bitcoin 😂) and LBR.

6. Community Corner

I highly recommend that you follow Kirbs Crypto alerts for daily crypto news alerts on telegram.

7. Conclusion & Looking Ahead

• Volatility came back to the markets, which makes it a lot harder to trade. I recommend that you look for good entries on your long-term holds.

• If you are buying alts, look for alts that recover fast after a dip. It’s possible that those will be part of the next narrative.

8. Morning Edge Misc

• Points & Badges Update: Morning edge readers can earn badges & points by sending in news articles and sharing the Morning Edge. (coming soon)

• Referral system will also be coming soon

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• If you have interesting content you think the Morning Edge readers would like, then feel free to email me at [email protected]