Walking up the mountain gets you farther than running
Aug 25, 2021
• 10
Min Read
Key Takeaways
- Bitcoin continues to march higher, eclipsing another key milestone and trading above the 200-day SMA. Ethereum is also higher on the week but has met resistance at $3,300. Attention turns to the 50-day SMA.
- Bitcoin’s recent price run has not been as “hot” as its gains would suggest.
- Price action has been largely supply-driven and recent movement of coins onto exchanges could present short-term risk.
- Crypto and meme stocks are on the move this week, presenting an early sign of a risk-on macro environment.
- Our team has observed an interesting weekly trading pattern that has appeared over the past three weekly trading cycles, that features mid-week selling and price increases into the weekend.
- Bottom Line: The market fundamentals remain consistent, and we continue to buy $BTC and $ETH into any near-term weakness.
- Emerging Trends: The Metaverse is gaining widespread adoption with corporates like Visa purchasing NFT avatars. We expect future NFT avatars to do an increasingly better job expressing their owners in the Metaverse.
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