It's that time of the year everyone. First targets are half off. This was a low risk trade at the .618 retrace. If stopped out, will look for shorts at .786 / .887 of the move.
Technical Analysis : As the market giveth, it will also taketh
Fundamentals Analysis : #elon2021
My expectation is that Defi is going to run hard for 2-3 more months until the EOY.
As you can see from the previous cycles, this one again seems to go parabolic, albeit long term as Defi hype dies down and gets replaced by the new flavour of the year, cycles will become longer and weaker until no longer relevant.
Don't marry your bags.
PS: This is not financial advice.
Looking at FTX's DEFI index that tracks some of the large names in defi.
The recent price action has been interesting, forming a cup and handle-like pattern. In my opinion this still needs some time to simmer before it is ready to set a higher high and take off. The RSI is showing promise and the momentum indicator is hinting at crossing over BUT some of the...
What is this chart? Essentially, it shows the performance of SNX vs an index of 25 Defi coins, such as LINK, SOL, CRV, etc.
We're looking at a few things:
First off, it's clear that SNX has massively underperformed the DEFIPERP index as a whole. With some rare, short-lived exceptions, it's been in a downtrend since Jan 2021. Second, notice the rounded bottom....
As we can see the DEFI index on FTX has shown a breakout and s/r flip. DEFI is popping right now and based on the chart, we can enter long on the DeFi Index w a stop in ~10500 and a take profit around 15k. High R:R, diversified through the index.
It seems that after a long fall from the dominance of Defi to Altcoins, we are starting to take a strong move to the north. The chart looks very promising and a strong upward structure has formed in the W1 chart, which is confirmed by the crossing on the MACD chart. The RSI was cooled down, hit the bottom and now it's going.
Everything looks very promising and if...
Ethereum’s decentralized finance is ready to grow beyond its sandbox: with a dense network of financial primitives, it’s now easier than ever to harness DeFi for other ends, such as to replace a predatory relic of our past like the lottery, still insanely popular and detrimental.
With this story, I’d like to take a step back and adopt a macro perspective on...