Welcome Everyone to the Fourth Chronicles DOSE!! 💸

This is a Weekly newsletter aimed for you to receive comprehensive weekly analysis, research reports, and actionable trade ideas covering traditional and crypto markets.

Every week feels like a year in crypto markets with so much to share and catch up on. I hope you find value in these newsletters and add them to your trading regime to maximise your profits! Enjoy!!

The TLDR; 👀

• BTC flash crashes to $40,350 as buyers attempt to step in and support price. Ether pushed to $2,400 earlier in the week before following BTC. 📉

• Sentiment reached recent highs but Euphoria is yet to enter the crypto space. 🧠

• Early Bitcoin miners are starting to distribute coins as the next halving approaches. ⛏️

• Big profit targets were reached last week as our analysis is playing out as anticipated. 🎯💰

Market Sentiment 🧠

The current market sentiment is sitting in the Greed region above 70 levels now. The continued strength is giving bulls further confidence to continue supporting price at elevated valuations, and is expected to lead to Extreme Greed during the next run in BTC and Altcoins.

Each week we’re getting closer and closer to the Extreme Greed levels, and surprised we haven’t gone into that level for a little after the mini Altcoin surge we also saw this week. Nevertheless, there looks to still be some more gas in Bitcoins tank. Which indicates to me dips are still for buying and only when the sentiment clearly flashes above 80 is it time to take aggressively take profits out of the market.

We have shifted the Market Cycles into a new phase upon the move above $40,000. We’re now in the “Thrill” phase of this new mini Market Cycle that started this year, and in the “Hope” phase of the longer term secular bullish market cycle. During this phase, retail predominantly enters the market, speculative Altcoins make large squeezes higher and institutional investors start to distribute onto the unsuspecting retail traders.

This indicates to me that the “blow off top” / Euphoria phase is about to start/has started where Crypto Assets are shown on local news stations/inexperienced retail enters the market and institutions begin to exit positions. 💰

Bitcoin Weekly Breakdown

BTC started the Week at $41,960 - teasing the $42,000 resistance during the intraday then surging higher to tap $45,000 exactly on Coinbase. We then saw further consolidation and an uneventful weekend as BTC chopped between $44,400 and $43,580.

The major pivot points for this week is the $42,800 level of minor support which can act as an intraday area of influence if price comes down to the bottom of the range. However, price can come down to the D20 which likely continues to act as support before we see a further impulse above $45,000 to the $48,000 region.

The main upside level I’m watching for is for price to rise above $45,000 to ‘teleport’ to $48,000. Similar, to how BTC broke $38,000 and ‘teleported’ to $40,000 almost immediately, I expect a similar move to take place if $45,000 is broken to the upside this week.

Ethereum Weekly Breakdown

Ethereum is the coin I have more interest in trading over BTC due to the support level being held on the ETH/BTC chart.

Ether started the week at $2,242 and surged to hit the $2,400 minor resistance price zone before having minor distribution over the weekend and flushing out over leveraged traders on Monday (as I’m writing this newsletter).

Similar to BTC, Ether is respecting and holding the D20 EMA (grey) and is providing a similar ‘dip buy zone’ below $2,200 where I expect bulls to step in, support price and continue driving the trend higher.

The major pivot points for momentum this week will be determined on how fast Ether recovers the ‘flash crash’ dip based on over leveraged speculators liquidations. The downside pivot point is below $2,150 where more caution has to be taken when trading the trend. However, if there is a fast recovery then Ether can start accelerating with more momentum above $2,400 and can rapidly reach $2,500 and $2,650.

The focus on Ether over BTC is because of the ETH/BTC chart. I expect that during the final Euphoric run, Altcoins take centre stage, we see a decline in BTC Dominance and a rise in the ETH/BTC pair. This means that Ether should outperform BTC as profits are shifted down into the riskier assets.

Early Bitcoin Miners are transferring coins to Trading Desks. Reason for concern? 😱

During the midweek, one of the earliest Bitcoin miners from the ‘Satoshi Era’ transferred 1,000 coins to Trading Desks and Exchanges as the price rose to new Yearly Highs and the coming Halving is fast approaching.

This stirred speculation in the Bitcoin community on the health of the current bull trend and caused people to question the reasoning behind the distribution of BTC from such an old mining wallet.

Upon further investigation, the pattern of transfers from this specific instance is similar to those of the OTC nature, where the coins aren’t directly sold on the open market but instead ‘Over The Counter’ which means there is a pre agreed price paid for the sum of Bitcoins and there isn’t a direct market impact.

This shows that miners are preparing for the upcoming halving event by being well capitalised and agile, while there is still demand from large institutional players to absorb these BTC sales for further accumulation where they can continue to sit dormant for many more years to come.

Trade Of The Week! $OP 📈💰

Optimism (OP) is a layer-two blockchain on top of Ethereum. Optimism benefits from the security of the Ethereum mainnet and helps scale the Ethereum ecosystem by using optimistic rollups. That means transactions are trustlessly recorded on Optimism but ultimately secured on Ethereum.

Optimism is one of the biggest scaling solutions for Ethereum with over $500 million in TVL. It is home to 97 protocols, the biggest being Synthetix (SNX), a derivatives exchange, Uniswap (UNI), a DEX, and Velodrome (VELO), an AMM.

I’ve given and mentioned Optimism many times in previous doses and it was this week where it finally broke out and saw a 23%+ gain in a single day, reaching the first profit target and securing a 6%+ additional gain in the portfolio! 💰💸

I do see further continuation for $OP but it will have to depend on what BTC and ETH do this week.

I hope you all caught this move and secured some nice gains this week. Don’t forget to treat yourself. 📈

What’s on Watch This Week. 👀📈

As I’m writing this newsletter, the market saw some flash liquidation dips so here’s what I have on watch if we see a rapid recovery and continuation higher 📈.

Solana $SOL

Last week, Solana continued its surge and tapped into the $81-75 support now resistance zone and the first major level that SOL can stall at. If we see a rapid recovery from the dip, SOL can quickly make moves to $80+ but caution must be taken.

Render $RNDR

$RNDR has seen consistent buying and support above $3.5. If we see the $3.5 - $3.62 support respected, Render can easily see a continued move above $4 and up to $4.5.

DYDX Token $DYDX

$DYDX was forming an ascending triangle pattern however the most recent dip took out the low however if we see a fast recovery, this can form a wick and act as a spring breakout for price to accelerate higher. Confirmation is needed before any actionable trades can be taken however this may be forming a nice breakout pattern this week.

That’s a Wrap for this Week! 🌯

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