11th November 2024 > > Another ATH & some techie stuff.

tl;dr

Does another new ATH suggest an imminent Banana Zone? Resident techie Larry provides his insights for the CC community.

Market Snap

Market Wrap

That breach of $80k yesterday to the upside has got both the naysayers and the bystanders a little worried. An ATH this morning of $81,800 caps off a fine week for crypto prices with BTC up by $12k, or nearly 20%.

All eyes are on the ETF flows this week, as a gauge of institutional interest. Will we have more $1bn+ daily inflows? Oh, let’s hope so. The bit that is seemingly missing is retail, but perhaps that is about to change too. According to Lookonchain, $2.54bn of USDT has been minted and sent to the exchanges since Wednesday last:

When retail FOMO kicks in, that is the real party time.

Occasional Series – The Manxman

Of course he was going to do it.

Having just announced his retirement, Sir Mark Cavendish has won his last professional race, the Tour de France Criterium in Singapore. At 39, with 35 real Tour de France stage wins eclipsing Eddy Merckx, and 166 professional wins in total, it would be hard to argue that he isn’t the greatest cyclist ever.

What a sportsman. What a man. He is extraordinary. Mark, we all love you.

Curious Cryptos’ Commentary – Technical analysis

Resident techie Larry has been hard at work with five lessons for us this chilly Monday morning.

1: FYI this is the 4h bull flag I mentioned (in yesterday’s CCC). It's actually more of a rising wedge which is bearish. But I'm calling it a bull flag because I want it to go up (Editor note - that’s honest).

2: TOTAL3 has broken its long-term downtrend. Very early signal that is yet to be confirmed but worth watching.

3: BTC dominance reaches over 60% and then starts to decline sharply. If it falls below the bottom of the rising wedge, it will likely keep falling. This means alts will grow their overall market share against BTC. The hard part is knowing which alts …

4: Blockchain Centre's Alt Season Index showing a nascent breakout of its long-term trend (and yes, you can do TA on any chart, not just price). Editor note – that last comment is a forlorn attempt to persuade me to put store in squiggly lines on a graph.

5: CONTRA INDICATOR: ETH BTC has not yet reversed its long-term downtrend. Prior to this cycle, Alt Season couldn't get going until ETH outperformed BTC. I think the ETH killers have killed ETH. That's why TOTAL3 is breaking out while this chart is lagging.

There's more, but that's enough for now.

I'm on the verge of deciding that we are in a secular bull phase (Editor note - about time, mate).