Monday Market Recap With GoonTrades (MMR:10 2/8/21)

I found myself deleting a CAKE chart in this article. It was so bullish that no technical analysis would benefit outside of the fundamental backdrop driving the success of CAKE.

By
Goon Trades
on
February 7, 2021
Category:
MMR

MMR #9 Recap

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I was diligently watching the ATH W Close and 1500 levels on Ethereum last week. Shortly after posting last week’s article, ETH was able to break the ATH W close and give me a bullish retest of the level, 1370. My entry was upon the retest, and this trade worked exactly as planned as ETH is now testing 1750.

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The trade is outlined by the R:R tool, which granted me a 2.76R move, about 15%. Overall, ETH maintains its extremely bullish posture, resuming off its bullish retest of 1500 and challenging that ever sought after 2000 mark. It will be a support level sooner or later.

So what’s on the menu for this week?

For those looking to get started trading, use these links to receive a fee kickback and support me!~(You will also get a 5% discount on trading fees):

FTX

Binance

P.S: Its a win-win and I greatly appreciate the support!

King BTC

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I’m pretty confident I’ve made a smark remark in one of these 10 MMR’s that went along the lines of, If you see all these people buying BTC try to imagine who bought it “secretly”, well Elon Musk is one of those. Either way, BTC now looks primed for its next leg higher, breaking out of its consolidation. The ideal BTC entry would be granted in the orange box at previous ATHs, ~41K.

This price action continues to strengthen the crypto markets’ insanely bullish posture. As we see BTC readying for its next leg higher into the 60-80k range, there are a couple of right questions to ask.

How is Ethereum going to perform against BTC?

How are my alts going to perform against BTC?

I wish I had these answers, but we will go through some charts that may give us some hints!


Future of Finance vs. Digital Gold (ETH:BTC)

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I’ve decided to throw a bit of a curveball here, we are looking at the Weekly ETH:BTC chart. The idea here is that if we chart ETH against BTC, we can try to figure out the opportunity cost of holding ETH vs holding BTC through technical analysis. I mean, who wouldn’t mind outperforming BTC by a couple of hundred percent?

ETH has been outperforming BTC for the past month, or so; currently, ETH is retesting its breakout from the bullish side -typically a buy signal. This looks extremely promising for ETH as BTC is priming its next leg higher. Looking at the BTC:ETH chart, I see no reason not to hold a substantial portion of a portfolio in ETH.


BSC’s Gone Parabolic

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Binance has continued to flex its strength as the crypto market continues its advance. After a small consolidation above the funnel @ 50, confirming the breakout, BNB has gone parabolic. This breakout is one that is typical in crypto, one that blows off the ceiling. You can notice that BNB had the same consolidation funnel as ETH pre-breakout.

BNB remains in its extremely bullish posture, but there is not much structure for me to trade-off. This is a move I missed on leverage, but as mentioned in numerous MMR’s and podcasts, BNB is a fundamentally tangible token to hold. It is just the first leg up for BNB; I’m excited to see what this name can do in its first bull-market cycle!

As BNB and the Binance Smart Chain continue to see exponential growth, it is a basic assumption that the well-known projects on the BSC will follow this exponential growth. I know that what all of us BSC investors like to hear!


The Bull of All Bulls: DeFi

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There isn’t much to state about the state of decentralized-finance, except that it remains exceptionally bullish. This rising market sector seems to be the fastest horse in the race. The names that make up this index, such as AAVE, YFI, SNX, SUSHI, UNI, ALPHA, and RUNE, among many other De-Fi “bluechips” remain one of my top picks in this bull market cycle.

Looking at the technicals, the sector as a whole is up close to 300% YTD; this should scream bullish. This strong trending market has displayed large buyers with very little to sell-side pressure even through the inflationary liquidity incentive period. Currently, the index is trying to break back up into price discovery; the level to watch is 10,000, and ideally, your entry is a bullish retest of the level. As for De-Fi, we continually see the sector’s continued exponential growth on both the BSC and Ethereum.


The Pulse of The Market

Looking at the market, it has been inarguable that we are at the heart of this bull-cycle. As we see the sector pump in continued growth, I expect the same results on the BSC. Seeing yield optimizers such as Fuel, Auto, Bifi and Acs go parabolic is only the first of new money coming into space and there plenty more of that. I found myself deleting a CAKE chart in this article. It was so bullish that no technical analysis would benefit outside of the fundamental backdrop driving the success of CAKE. Looking at the BSC’s analytics, the growth is only becoming more exponential; If I had any tips for new crypto users, hold tight, and be patient!

Be sure to check out the next release of this weekly series on 2/8/21. I would greatly appreciate all and any feedback to continue improving this content and my trading abilities.

Feel free to reach out on Twitter!

For those looking to get started trading, here are my referral links to exchanges I prefer (You will also get a 5% discount on trading fees):

FTX

Binance

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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Goon Trades

Greg (GoonTrades) is BSC News' Chief Editor and is also a writer for the team. Currently enrolled as an economics major, he finds himself as a cryptocurrency researcher, writer, and technical trader.