market update
model continue to be long BTC and SOL.
from last update
sept seasonally has been one of the weaker months so wont be surprising to see some pullback then.
that would be the best time to get into those alts on those dips.
also by then we will get a very clear idea on the winners.
we got the pullback much steeper and deeper than expected.
that now again has caused most participants to believe the cycle is over and we have topped.
first time in a long time there are some really strong arguments from very smart folks from both sides.
from big picture perspective my stance stance broadly remain the same since what I have been writing in last few updates.
I will change this stance if we see any material change in data.
while a full reversal on LTF seems scary its not out of the ordinary for crypto
2024 price action is mimicking 2023 price action to the T.
even the breakdown and current fake out that we got happened aug 2023 (marked in circle).
so how to play this?
currently there are no other HTF setups and theres really no need to force trades till we get a HTF breakout.
even folks who are interested in big picture it would make sense to
wait for the breakout to get into alts. as currently the risk of failure is very high.
just being in high conviction core plays that you are willing to hold long term through the volatility makes sense.
MEMES
major meme index is also holding up well on HTF.
PEPE WIF & POPCAT continues to stand out among majors.
smaller memes FWOG continues to be a standout winner.
up over 900% and a potential major in the making.
heres the LTF view on other memes.
most of them are attempting another breakout for those who want to trade in and out of them.
FWOG
PEPE
WIF
POPCAT
BILLY
SELFIE
WDOG
see you in the next one