A day late this week, had an all-day event at the golf course with OKX - celebrating the retirement of Pep Guardiola. Not what I expected to be doing when I first got into crypto, but I'll take it! :) It'll be a lighter update than usual as well, given that I'm writing this on my phone, at the airport. We're launching this Slice page tomorrow - expect the coming updates to have more meat around the bone once again.
Big news yesterday, Michael Saylor has sold 32 Bitcoin! It's been a long-time coming, but the market still reacted quite sharply to the news after it hit, pushing prices down 3%. I usually don't really care much about news events like this, but given how big of a holder MSTR is, it's noteworthy. The way forward from here (more selling, or it turning out to be a one-time thing) will likely play an important role in the remainder of the bear market. The chart itself remains mostly unchanged. I say unchanged, in the sense that it is going as planned. Bitcoin is moving lower, after getting rejected from the 200d EMA, as discussed in the previous updates. In other news, the monthly candle closed this past weekend, and it's not looking too hot. Clear rejection from the previous lows, which would usually indicate an intent to move lower.
On the daily timeframe, bulls are running out of time to save the chart. Price sits at key support, and if we lose it - we fall back into the previous range, which generally means we'll revisit those range lows. All in all, Bitcoin looks like it's just about ready for the usual summer behaviour: boring chop / bleeding. It doesn't necessarily have to go a lot lower - but I don't think there'll be much benefit in being bullish BTC over the next weeks.
At the same time though, I keep a close eye on the long-term plan. While many people get sad when they see red candles, I get excited - as it means cheaper entries. And this time, it looks like the thing I've been waiting for for over a year; might start playing out soon. It obviously remains to be seen, but if BTC's weekly RSI is able to form a higher low over the summer - it'll give me high confidence that the bottom will be either in, or at least - close enough for me to start buying again. In other words, it's time for me to start paying closer attention, as opportunity could be coming soon.
Altcoins are still being very nice to me though. INJ & HYPE have both been moving higher. Both have plenty of room to run higher, so I leave them open. HYPE is getting riskier though, with the SpaceX IPO approaching. Could see a pullback in the coming days - but this is a spot position for me, so even if that happens, it's all good. Expecting it to keep doing well over the summer.
That's all for me today. Will likely put out some more updates later this week, after I get back into the office and in front of a proper screen. See you tomorrow for the official launch of this page!