Right! Finally, we have some movement! I genuinely feel like this is the first weekly update on Slice where we have meaningful stuff to discuss. Bitcoin pulled a >25% move in the last week, and many Altcoins have moved significantly as well - which means a lot has changed, and the obvious question arises: now what? To answer that question, we must first figure out: where exactly are we?
There are two seperate branches of answering that question. Long-term wise , I currently believe this is likely to be a relief rally that we will eventually (partially) retrace to complete the bear market bottom formation. That idea will quickly shift if we end up turning the above resistance level into support - but until that happens, I don't see much reason to change my view of the market suddenly. As such, I simply keep DCA-ing weekly, while keeping my eyes on the market for signs that I need to accelerate accumulation, or confirmation of the original idea. The chart above adds to that idea, because this recent move has led Bitcoin right into key resistance, with both weekly horizontal resistance, and both the 100w and 50w ema lining up in the same area. Usually, such areas take a while to crack - just look at what happened in 2022/2023. Zooming in on the shorter-term, this is where it gets properly interesting. If Bitcoin consolidates in this area for a while, we could very well get some more fun with Altcoins. The MORPHO setup I shared last Friday moved significantly over the weekend (I'm up 20% already), but could get even more interesting if the market plays ball. The same goes for HYPE. Strong move behind us, but could give some great continuation entries in the days ahead. Here's what I'm looking for: retests of key areas - after the breakout. Just look at these HYPE and MORPHO charts. Both saw significant moves, and are red today - pulling back into the previous high (HYPE) or a failed breakout from earlier (MORPHO). As it stands, both of these retests appear to be holding. It all hinges on Bitcoin playing along (by not violently selling off from here, and instead just calmly consolidating/slowbleeding) - but setups like these make for excellent continuation setups. HYPE & MORPHO have both been consolidating for a while - just broke out, and people just made a ton of money on BTC. Those profits usually want to rotate somewhere, which is why you tend to see altcoins pop off after a BTC move. Lots of ifs and thens, but long-story short; so long as BTC plays ball, successful bullish retests of key areas will likely result in more upside for the strong altcoins. Your job is to find the best setups, get in, and get out before the music stops. That last bit is important to keep in mind. Short-term trading Altcoins can be very profitable, but it can also turn against you quickly. Manage your stops well if this is something you want to pursue, don't be the guy left holding the bag.
All in all, the market is in an interesting spot. Bitcoin moved significantly, altcoins look ready to keep pushing. Depending on what happens in the next few weeks, we'll either have an early start to the new bull market on our hands, or a month or two of reaccumulation before the real fun begins. Either way, opportunity is becoming less scarce, and the market is more fun for it. Will be sharing more regular updates so long as this keeps up, as theres stuff to talk about now. DCA transactions for the week complete, hoping to get another pop in MORPHO & HYPE to take my first profits for the new cycle, before it even really gets moving ;-) Those profits would flow into BTC, btw. Anyway. Let's make some money this week!