There are a few super interesting trade opportunities presenting themselves this week.
Here's what I'm watching.👇
#Bitcoin : With another weekly close below the 200wma, BTC maintains its bearish momentum. Despite exhibiting some upside intraweek, it failed to hold and continues to flirt around key horizontal support ~$25k. The BTC trade seems (and has seemed for the past few weeks) stale, with the spot ETF narrative seemingly exhausted until there is a material update. Treading cautiously here.
$LINK: Recently started moving up quite aggressively, whilst the rest of the market has been stalling. This is most likely due to SmartCon on October 2nd. Funnily enough, surrounding the last 2 SmartCons, LINK has pumped pre-conference, and proceeded to dump in the days/weeks succeeding the conference. They also have their Testnet v3 migration tomorrow as an immediate catalyst, but I'm looking to short this one if it moves towards its range high on the daily timeframe.
$OX: There have been aggressive unlocks over the past couple of weeks, and it has done an absolute job on the token. However, fundamentally I remain bullish on the exchange, and wouldn't be so quick to fade Kyle and Zhu. Might be a decent zone to add some spot and stake to take advantage of their RWA rewards program.
$ARB: There's a fair bit of positive news coming out of the Arbitrum ecosystem this week. Ranging from Post Tech, to the Arbitrum Odyssey event returning, and of course - the Arbitrum incentive program approval (which could act as a form of ecosystem stimulus). Still eyeing a broader EIP-4844 trade into late Q4/early Q1, so using any major dips as a chance to position myself accordingly.
$OP: Although OP also falls into this category, there is a major token unlock this week, which will see ~3% of the supply ($31M) unlocked. All of it goes to core contributors & investors. The foundation are also selling ~$150m of OP to 7 separate buyers with a 2 year lock up. I'm more interested in this one as a short hedge in the immediate short term, and will wait until post-unlock to reconsider spot long positioning.
$FXS: I recorded a video recently on FRAX, and it reminded me how bullish I am on the ecosystem they're building. With their upcoming V3 (RWA exposure), Fraxchain, Fraxlend, frxETH etc. there is a lot to be excited about. In the immediate term, their V3 audit is set to be completed, which indicates that a deployment is on the horizon.
$WLD: AI is still a popular topic, and there is still a need for an AI coin that captures this narrative. WLD is one of those coins that can be considered to be in the ‘hated coin’ category, but we all know that these are subject to the most aggressive pumps. FDV is still very high, but circulating cap is reasonable. Definitely one for the watchlist.