It makes sense to me đ€Ș (Attached Chart)
*Total Crypto market cap, daily candles.*
Trade plan update,
Im still shorting AltLayer, either later today or tomorrow.
Low Leverage, Low Margin, i explained why in my VC Cartel post.(Pinned)
Will short for the next 7-10 days.
The week ahead,
For Crypto,
All focus will be on the ETH final approval and the hype that brings.
I am fairly certain ETH will be very volatile in the days to follow (see my previous ETH post if you want more details)
How the possible sell pressure effects the wider market or ETH related tokens is hard to call, large holders know about the Grayscale Trust sell pressure.
Im sure manipulation will happen, trade safely.
Larger macro,
No major high impact readings that will effect crypto until Thursday.
Thursday 25th,12:30pm UTC+0
High Impact Unemployment and Advance GDP q/q
Both of these are important for Interest rate cuts and to signal a recession risk.
Advance GDP is the first and most important reading.
Unemployment keeps showing weakness in the labour market, any further deterioration must sound alarm bells.
The ETH final approval could push crypto market cap to 2.6T-2.8T.
Also Trump speaks at the BTC convention(July 27th), Bullish for sure.
If the market cap is around that point(2.6T+) and the Fed keeps interest rates at 5.5% on July 31st i will take profits on most of my holdings.
There is no interest rate decision in August.
Many readings or outside factors could effect the economic view and Crypto between July 31st and September 18th(next interest rate decision)
All the warning signs from my recession risk post(Pinned) are still valid, some worse.
This is just my opinion, Euphoria can last longer than expected.
I am happy to take profits(2.6T-2.8T) and enter lower cap ALTs again at a later stage.
I have a list of projects and a plan if we do see another large correction for Crypto, i will share the list and give my reasoning if/when that happensđ€
Hope you are all having a great weekend.
Peace
