Monday Market Recap (MMR:11 2/15/21)

Yesterday's "sell-off" got absorbed quite quickly, leaving a ~5% wick on BTC. Buyers promptly stepped up and defended key areas of support during the liquidation event, maintaining my overall bullish market outlook.

MMR 10 Recap: ETH/BTC

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Last week I took a look at this ETH/BTC chart to getter a better idea of where ETH stands, denominated in BTC. Who doesn't want to make more BTC in a bull market?

With that being said, ETH/BTC is still testing a crucial weekly level of support at .027. ETH has outperformed BTC by a few 100% in past stages of previous bull cycles, so I wouldn't be surprised if this outcome was mirrored. Overall, ETH/BTC looks strong, making me confident holding a large amount of spot ETH. This thinking is coupled with ETH's current lagging conditions, which we will see alongside some of my technical analysis, which I will get into.

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King BTC

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Last night, the markets had a very large liquidation event, but BTC is now trading relatively unchanged above its daily support level. Currently, BTC remains in its bullish posture as it has recovered from the 8% sell-off in the Asia session. Overall, I am not looking for any entries on BTC, but BTC holds its bullish posture as long as it holds the previous ATH's set in place at 40,000. Instead of trading on BTC, I am just holding a spot position; currently, I am trading ETH!

The King of DeFi: ETH

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As previously mentioned, I have taken an entry around 1710 in last night's Asia session. Eth continues to respect its primary uptrend, grinding higher towards the sought-after 2000 level. I have chosen ETH as my current focus as I am expecting it to get a nice rally as ETH is only 25% above 2017 ATH's as oppose to BTC being nearly 150% above 2017 ATH's. Looking at the ETH/BTC chart, the current ETH technicals, and the fact that ETH has "lagging" BTC, I think ETH is due for a nice rally in the next week or so.

I was able to get a lovely R:R entry, where I will take ½ profits at 2000, for a 2.41R return. Overall, ETH remains more bullish than BTC in this scenario, but both looked primed for a leg higher.

The Binance Smart Chain: BNB

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BNB Continues its consolidation after its ~100% + rally in the past month. This chart displays the overall bullish market fundamentals at work. BNB has seen tremendous gains as BInance, and the BSC continues to grow and innovate.

Technically, BNB is consolidating in a range between 120-140, maintaining its bullish structure. As for an entry, a retest of the bottom of the range at 120 could warrant an excellent R:R setup for traders. In short, as BNB continues to consolidate after its parabolic advance, I am watching the D level at 115; a breakdown of this level could send BNB back towards $100. Overall, my base case for BNB is that it continues to move higher with the rest of the market.

Binance Smart Chain Leading AMM: CAKE

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CAKE's chart resembles that of BNB's after drawing some quick support and resistance lines. The same rules apply to CAKE here; it maintains its bullish posture above the D level around 5.5. As CAKE continues to consolidate the same idea of thought remains, my base case is that CAKE goes higher. For those who play both BNB and CAKE, and are looking for another leg higher, it is always important to note that 30-40% drawdowns on ALT-Coins are more likely to be seen in bull market conditions. While I am not defaulting to this sort of correction, a breakdown below 5.5 would be a place where I would exit CAKE.


This MMR would not be complete without touching on one of the most exciting aspects of the current crypto market, Ethereum based DeFi "Blue-Chips." This chart has been able to keep its bullish structure 100% intact. After a quick ~20% DEFIPERP was able to recover its W level of support just above 10,000. If DeFi perp can close above these levels, I would be reasonably optimistic about seeing De-Fi continue to push higher. My only reservations are that BTC may also be ready for a leg higher, so I’m honestly not sure what sector outperforms. This week, I am focusing on my ETH trade, despite keeping a close eye on many tokens.

The Pulse of The Market:

Yesterday's "sell-off" got absorbed quite quickly, leaving a ~5% wick on BTC. Buyers promptly stepped up and defended key areas of support during the liquidation event, maintaining my overall bullish posture. BTC and ETH are both respectively targeting breakouts at 50,000 and 2,000; if and when broken, I believe BTC and ETH will place in another leg higher, moving 8-20% on the breakout. I am not too sure how the rotation of capital looks, so I continue to hold plenty of spot BTC, ETH, and ALT-Coins, as I use a small bit of leverage to speculate on the recent price action.

Be sure to check out the next release of this weekly series on 2/15/21. I would greatly appreciate all and any feedback to continue improving this content and my trading abilities.

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It is still crucial that individuals make financial decisions based on their behalf or consult a professional financial advisor at the end of the day. None of this content is financial advice.

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