Welcome Everyone to the Fifth 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 and ETH start forming an ABC corrective pattern as the end of December nears! ⏳

• Sentiment falls into slightly greedy territory as BTC consolidates. However, some Altcoins continued to make runs higher. 🧠

• Major Profit Taking took place this week on $RNDR, and we’re eyeing up the next short-term opportunities to capture the correction and prepare for the Euphoric blow-off top. 🎯

Market Sentiment 🧠

The current market sentiment is sitting in the Greed region between 65—73 levels. It fell to 65, it’s most recent level after failing to create a ‘V’ bottom pattern in the market and rolling over into a likely ABC correction.

During the impulsive move from $40,500 to $43,200. BTC saw sentiment levels rise from 63 to 73, however has since returned to 63.

We are currently in the “Thrill” phase of this new mini Market Cycle that started this year, and in the “Disbelief” phase of the longer term secular bullish market cycle. This is a slow moving indicator, and may not change week to week.

This indicates to me that the trend is almost ready to correct and continue the longer term accumulation trend into the halving, however needs to have a final “blow off top” / Euphoria phase where Crypto Assets are shown on local news stations/inexperienced retail enters the market and institutions begin to exit positions. I expect that BTC needs to complete an ABC correction after rolling over from the $43,200 level and give buyers a chance to get positioned for a possible Euphoric final move. 💰

Bitcoin Weekly Breakdown

BTC started the trading Week at $43,824 and saw a sharp decline to $40,200 before rallying mid-week to reach $43,200 (+6.50%) before rolling over and giving back these gains.

The major volatility is due to the liquidation of leveraged positions and corrective moves that ‘reset’ the market and allow professional traders to build positions off the back of overleveraged and overly optimistic retail participants.

There was a chance midweek to form a ‘V’ bottom pattern, where price sees vertical accumulation however we’re in the process now of forming an ‘ABC’ correction where the move higher was simply a pullback before we get one more corrective wave to the downside before the trend continues.

The major pivot points for momentum for BTC are below $40,400 where the price can effectively ‘fill the gap’ at the $40,000 psychological support level and $39,500 key pivot point. I want to see buyers step in if we see a liquidation-fueled move lower for an ‘ABC’ correction to complete itself.

While we saw solid support and buyers stepping in at the 20 EMA (grey), for an ‘ABC’ to complete itself we can see buyers step in at the 50 EMA (red) as it tracks higher to $40,000.

I am ready to buy the dip. 💸

Ethereum Weekly Breakdown

Ethereum saw a similar move to BTC and mostly a flat performance on ETH/BTC last week. It’s likely to continue following BTC and create its own ‘ABC’ corrective pattern however may also form a simple ‘double bottom’ if buyers step in on the ETH/BTC pair as they prepare for an Altcoin impulsive move in the future.

Ether started the week at $2,350 and dipped to $2,150 when BTC fell due to liquidations. It had a similar rally to the $2,300 region and has since given up those gains. ETH is now testing support at $2,150 and may fall below $2,100 to complete the ‘ABC’ corrective pattern.

The major pivot point for momentum is the key $2,150 support level, which if broken can see a fast move down below $2,100 where I expect buyers to step in. It’s important to observe how ETH respects the $2,100 level as this is a major resistance-turned-support zone and indicates whether the breakout to $2,400 was a false breakout or if we have a major impulsive move coming to $3,000+ ETH.

My main goal this week is to be patient and wait to see if ETH puts in a double bottom of the full ‘ABC’ correction. Then I want to be accumulating BTC and ETH once buyers are stepping in to prepare for a Euphoric final run in this market.

Profits Secured on the Biggest Trade this Year! $RNDR 📈💰

RenderToken (RNDR) is a distributed GPU rendering network built on top of the Ethereum blockchain, aiming to connect artists and studios in need of GPU computing power with mining partners willing to rent their GPU capabilities out.

I first recognized and built positions in this project during the late phases of 2022 and continued adding on dips as the AI hype took hold of markets, NVIDIA saw a massive repricing to the upside and RNDR was perfectly positioned to capture the AI Hype opportunity.

My final additional buy was on the dip during November with targets above $3.0 which was met and far exceeded! I started to take profits above $3.5 on half my spot position and completely exited on the 14th of December when we got the massive wick just below $5.0 and locked in approx. 270% of gains.

This was a mammoth trade and contributed to a significant increase in the portfolio’s BTC value alongside USD. I still believe RNDR has massive upside potential and wants to accumulate future dips especially when BTC faces its major correction pre/post halving.

I’ve mentioned RNDR in almost every single DOSE so I hope you all managed to capture some of the move or are at least preparing to accumulate the dip that will come! 📈

You can learn more about the RenderToken and Project here: https://rendernetwork.com/

That’s a Wrap for this Week! 🌯

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