Good morning & happy new week! Bitcoin added further confidence to the 'new bull market' thesis, locking in a monthly breakout at the turn of the month. This means Bitcoin rolls into Q4 with a weekly break in market structure, a confirmed weekly breakout, and a monthly breakout too. A lot of good signs, but at the same time, still very early stages - which means its the season to prepare ourselves for whats to come.
And that's exactly what we've been doing.
Monthly breakoutI've spent the past months detailing my entry strategy, which reached a climax last week - where I deployed a larger chunk of capital in one go after Bitcoin's confirmed weekly market structure break/breakout. From there, my plan is simple; wait for the next higher low to form. I have no idea when and/or where it happens, but I'll be ready.
I've also discussed the accumulation of various altcoin positions, which primarily serve the purpose of eventually ending up with even more precious Bitcoin.
In essence, I've finished up most of my preparatory work for the cycle ahead, which means I'm shifting back to a more passive approach to the market: sitting on my hands.
As you can tell by now, that 'doing nothing' part of my strategy is the part that I spend the absolute majority of my time doing. There are windows of opportunity where I'm either getting in and out of the market, and in between those times, I make as little moves as possible, while slowly designing the plans for the years ahead.
The primary task that is still at hand is in the land of Altcoins. Many of these coins are likely never making new all-time highs again, but there are charts showing great promise. You know my bags already, but this week two of those bags have interesting events on the agenda. Both HYPE & ENA have major unlocks coming as early as today (ENA) and tomorrow (HYPE).
Usually unlocks make for a good dip (to buy) - so that's what I'm watching for this week as well - primarily on ENA. HYPE is a position I'm already in thick profit on, so just letting it ride - but if I get another opportunity to scoop more ENA on the cheap, I'll take it.
The team teased a major announcement yesterday on Twitter (posting the cryptographic hash) as well, so whichever way this goes, I'm expecting volatility. As said, if that means opportunity on ENA, bring it on.
All in all, I'm still looking for some more opportunities to allocate capital to. Keeping a close eye on AR (Arweave) to see if it can't reclaim the white box to form a similar setup to ENA. No position yet - just keeping a close eye on it. If it gives a good setup, I'll take on a position; and if not, I'm happy with my current exposure, ready to get this cycle on the road.
Time for my favourite part of the crypto bull market: doing nothing, watching my net worth climb higher. Hope you guys are feeling just as ready for it as I do.
Will keep you in the loop on any moves I make as always. Eyes on HYPE, ENA & AR primarily - letting the rest do its thing in the background.
See you around!