Shitcoin Casino Ep. 04 – Building Momentum

Finally some good news, dear readers.

After months, years of downward price action, we’ve finally seen an uptick in Bitcoin and Ethereum.

In the world of cryptocurrency, Bitcoin leads, accompanied by Ethereum, and later the spotlight moves to altcoins.

I expect we will see a buoyant next few months until the global economy hits the buffers in 2024, after which crypto like will get smashed like all other risk on plays.

Crypto has never been through a recession. It was created after the 2008 financial crisis, so has never been battle tested, and as the best form of liquidity, it will be liquidated in large quantities.

Here’s the scoreboard (remember we stated with an imaginary £10k investment with £1000 in each of the following:

So we’re up on our Bitcoin position 17%, and down in the rest, but as I say we’re entering alt season and expect to see multiples of Bitcoin in the altcoins. Tezos really took a hammering in the bear market, and has yet to run, still down an eye watering 65%. Eek!

The Fed has indicated a pause in rate rises and the BoE will follow suit. This means risk on is back. Stock markets are heading towards all time highs, and people are looking to pile back in ahead of the Fed put. But 2024 will be different. The Fed isn’t coming to save private equity, they’re going to get hung out up dry.

If you have a position, even a small one, remember, don’t be a bagholder. Set yourself some targets, and execute on those. There’s no shame to have cash in the bank. If the price is below the 30 week moving average, and the 30WMA is declining, you should be out of the position. Also remember that the market usually signals when it has topped out, and you’ll have an opportunity, at least with sufficiently liquid markets, to exit your position. If you’re selling £1m worth of obscuracoin you might want to consider selling into strength instead of waiting for a top.

Hold onto your hats folks, this is going to be vomit inducing, and the Fomometer is going to be off the scale!

Merry Christmas and a happy and prosperous 2024 to you all!