IncomeSharks

Crypto loves to move in bursts then consolidate for a bit

After one of these wild weeks it's very common especially in crypto for things to chill for a while as the bears start using this as an excuse to call for momentum and bulls get overly excited expecting another vertical $10k Bitcoin candle (still possible but very low chance for now).

This is completely normal for a bullish move up and honestly a lot of people lose a lot of money in the consolidation range after from trying to long at the top or trying to short strength. There is a good chance of likely fakeouts in both directions.

The volatility has happened now we enter a consolidation phase and natural leverage tends to pile up here as people start getting impatient so they up the leverage but often get flushed before the real next move happens.

INJ Position

Still looks good, I'll probably move the stop loss to around entry naturally (I don't want it to wick down and go immediately back up). I'm fine possibly walking away up 5% i

Crypto updates

ETH - One of the longest and tightest channel spreads we've seen in a while. It doesn't look bad but it's done nothing for months. At least it should make a decision at some point.

BTC - It actually looks better than ETH here and it does look to actually be progressing higher without having swept those lows. Not a bad setup if it can break the diagonal and show some follow through.

Total Marketcap - Similar to ETH where it's just flat but it's flat post a breakout and support being held so have to lean slightly more bullish than neutral but it's going to need a catalyst or something like the clarity act to really get price action moving.