Altcoin Trading Plan #92
Market Meditations | February 5, 2021
Our plan on bitcoin, ethereum and a few more altcoin picks.
We like to get the weekend started on the right note for our Market Meditators.
In today’s letter, we share our plan on bitcoin, ethereum and a few more altcoin picks.
Read, learn, enjoy and if you want your network to have a good weekend too, you can use the link below to share this letter with them ?
Protego Becomes Second Crypto Firm to Win Charter From OCC ?
Seattle-based Protego Trust Bank has received conditional approval for a trust charter from the Office of the Comptroller of the Currency (OCC) to custody digital assets. Protego is the second applicant to receive conditional approval from the OCC, following Anchorage. It follows several other digital asset companies that have received bank charters, including crypto exchange Kraken and de novo bank Avanti, which both received state charters in Wyoming. The newly chartered trust bank will also offer a trading platform for clients, a service for issuing new digital assets and a peer-to-peer lending platform for its clients, according to a press release. Read more.
Ether Price Breakout to $1,750 Sees Ethereum Network Fees Hit All-Time High ?
The move came on the back of intense trading interest in DeFi coins, many of which use the Ethereum network as their basis. DeFi produced many of the best movers on weekly timeframes. Ether meanwhile had already seen brisk upside as anticipation built over the launch of dedicated futures from CME Group, one of the pioneering Bitcoin futures operators. Asset management giant Grayscale began buying ETH for its Ether Trust again this week after a near two-month break. Read more.
0x Labs Raises $15 million Series A ?
0x Labs, the startup behind the eponymous decentralized exchange (DEX) protocol and a provider of DEX infrastructure, has raised $15 million in a Series A funding round. The round was led by Pantera Capital, a prolific investor in the industry, with participation from Jump Capital, Coinbase Ventures. Blockchain.com Ventures, Nima Capital, IOSG, the DeFi Alliance. 0x Labs said in a statement that a range of “operators, market makers, and builders across DeFi” also took part. Read more.
Twitter CEO Is Now Running a Full Bitcoin Node on a Mac M1 ?
Jack Dorsey, the billionaire CEO of social media platform Twitter, brought wider awareness to Bitcoin today following a brief announcement on Twitter about running a node. He shared a screenshot of his computer as the Bitcoin node was synchronizing with the caption “Running Bitcoin.” ‘Running Bitcoin’ phrase was first used by cryptographer Hal Finney who tweeted it in Jan 2009 when he set up a full Bitcoin node. Read more.
3 Lesser Known 2021 Altcoins I’m Holding
A strategy that has served me well in trading and business is aligning myself with the right people more so than the right projects. This is a topic that features in our angel investments letter ?
The best projects constantly pivot and iterate. The end results are often nothing like the starting idea.
In a previous edition we shared FTT. It is up ~50% since and I believe it has a long way to go…
We shared our Ethereum entry at $1250, this is also up a similar amount.
✅ Today I’m going to share my plan and analysis on bitcoin, ethereum and a few more altcoin picks.
1) BITCOIN / DOLLAR
$40,000 – Resistance / Psychological Level
$36,000 – Structural Level / Resistance / Psychological Level
$30,000 – Support / Psychological Level
$26,000 – Structural Level / Support
Now that we’ve claimed $36,000 my bias shifts to neutral-bullish on BTC. I still expect to see sideways consolidation while altcoins outperform.
A break of $30,000 should drag altcoins down with it. $26,000 is a danger zone, I would avoid long positions across the market if we lose it.
? $40,000 level is on my radar for a breakout opportunity. This level being claimed would also likely slow down the altcoin market.
2) ETHEREUM / DOLLAR
$2000 – First Take Profit
$1560 – Structural Level / Support
$1400 – Structural Level / Support / Psychological Level
? I don’t plan on selling till we get to $2000.
$1400 is my invalidation and $1560 is where I’d look to add more to my position.
3) FTT / DOLLAR
$13 – Aggressive Entry
$11 – Conservative Entry
2 options for gaining exposure.
1️⃣ Trade your desired retracement, my levels are shared above
2️⃣Passively average into to a position over the next 6 months with weekly buys
This is a high risk investment, I will only allocate a small percentage of my portfolio for now to account for this.
4) SOLANA / DOLLAR
$6 – Aggressive Entry
$4 – Conservative Entry
A monstrous uptrend on a lesser known project. I expect this to continue to perform in 2021.
I’ve shared the levels I’m watching, for most passively average into a position over the next 6 months with weekly buys will outperform trading.
Newsletter subscribers can expect to see comprehensive reports from us on this project in the future.
5) SERUM / DOLLAR
$3-$2.5 – Entry Range
? One of the most ambitious projects in the world.
Riskiest of the 3 I’ve shared but with that comes the highest upside potential.
We’ll be covering this in detail in the future also. Like the others I’ve shared my preferred levels to inform members of my plan, but the majority would benefit most from passive exposure.
Jimie: Master Trading Psychology with Neuro-Linguistic Programming
Jimie (@Your_NLP_Coach) is a certified Neuro-Linguistic Programming coach that specializes in developing traders. Listen along to our conversation and enjoy.
✅ Things I learned:
Neuro-linguistic programming (NLP) is a powerful tool to build habits that reinforce positive behaviour. Not only can this be applied to trading but to everyday life.
Historically psychologists have focussed on studying the mentally ill and trying to improve their mindset. The creators of NLP took a different approach, they studied extremely successful people so they help not just the mentally ill but everyone.
The practice focuses your mind on positive actions you should be doing, not negative actions you shouldn’t be doing.
Willpower management is the key to long term sustainability. By forming positive habits we can reduce the required willpower for actions/traits we want to reinforce.
Know your purpose and trade with intention. Understanding why you trade and aligning this with your core values creates an unbreakable internal discipline when trading.
Focusing only on the outcome of your trades will lead to destructive trading behaviour. It is essential to detach yourself from the result and focus on the process that leads to the result.
Reward yourself for following the right process (e.g using a stop loss, taking profit at the right level) rather than your profit or loss which is out of your control.
Build a positive psychological framework for trading. For example, choose to “steadily build wealth” rather than “make back losses”.
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Disclaimer: The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. I am not a financial advisor. Every investment and trading move involves risk. Do your own research when making a decision.