Moonbags Markets

SOL weekly engulfing in <1 day

🇦🇷🇸🇻 Argentina met with El Salvador officials to discuss the adoption of Bitcoin and crypto. @WatcherGuru

Fibs from previous previous cycle breakouts

This would be equilibrium imo BTC 1 fib ETH 0.702 fib SOL 0.500 fib

A good scenario would be ETH 3840 hold, BTC 2021 ATH hold, and SOL 159 hold

Meanwhile rest of market aside from ETH betas are tanking

ETH trying hard to hold 3840

Always remember to fade this larp https://twitter.com/adamscochran/status/1794701039460835431?t=ZpVBNMz-wA2QRDF5PS5fdQ&s=19

Quick breakdown on Fit21 So many coins would be deemed a security

Books are definitely cooked

Felt like this was 10% not too long ago

UK CPI is 2.3%

Missed this 2 days ago wtf

SOL 159 approaches

📊 #BTC Kaiko: Hedge funds are net short across Bitcoin futures products on the CME, according to the latest CFTC COTs report.

Let's zoom out When BTC etf was approved, we dumped for several weeks after running up over 50k during a strong uptrending. After the correction, up only to 73k and since, sideways chop. ETH etf was expected to be denied for months. When the leak happened and odds suddenly spiked, market was in a downtrend. Upon the leak, market shot up especially ETH. Now the approval is here and basically no reaction, leading us to believe it was priced in on those 2 days. However, ethe still trading at a 25.5% discount despite having grayscale eth etf approval. I find it hard to believe the market won't bring that ethe discount to par thus I find it hard to believe that eth would suddenly dump now like how btc did after the etf approval. It would be extremely strange to see ethe rising and eth not rising with it. That is unless there is something else I am not seeing. Will check my bases to see if I am missing anything.