Patience is required in a Flat market

Hi everyone, a quick market update. First things first, though, if you’re not in our Bitcoin and cryptocurrency investing group, make sure you are. We have a free chat there as well. But today we have a really special event. Joe and myself are doing a live webinar where you can ask questions towards the end.

We’ll get to them. We’ll be covering our full picture of the market, a little bit of forecasting. What we’re seeing that’s really big in 2024. It’s going to be really, really exciting if you are interested in joining today. Make sure to get on here real quick and go support at cryptoconsultinginstitute.com and send us that email and then we can send you a Zoom invite to join the session. Cannot wait. All right, let’s crack into just a quick look at the markets. Can’t even speak today, guys. We’re just seeing a market that is boring and flat. Black February, I’m looking at, at that right now.

And I think we’re just going to see this a little bit more until this play really moves through the motions. A real, if this, then that strategy, I close about 44, 000. I’m getting really excited and aggressive on the bull side of things. But right now we seem to be compressing into this inverse head and shoulders pattern.

That’s still very speculative, but what I’m really looking for is just this neckline. If we close beneath this yellow line here, and I think we’re going down, then we could probably see these lows on the, on the table, 38, 000. Down to our region we’re really excited for, which is that 38, 000, 35, 000 region. 

RSI, I want to see a break for the bulls to the upside, retest and then a blast off, not seeing that yet, but the downtrend is starting to wane a little bit there. Stock RSI looks like it wants to go to the bottom as well. As long as Bitcoin is doing this, crabbing and going lower, altcoins are going to continue to bleed out.

Ethereum  doesn’t look too great either, it’s almost in the opposite sort of mode where it’s in a head and shoulders pattern and it kind of wants to have one last puke, I think towards that two.  Now Ethereum is interesting because it is shaping up towards its ETF. Something to keep in mind, you can watch the Ethereum premium discount to NAV through the block.

You can’t get an indicator on TradingView that I’ve found yet like Bitcoin, but we find that the discount to NAB will close. So the discount will close towards zero the closer we get to an ETF approval. Because once that approval goes through there are no premiums and discounts anymore. It is convertible one to one.

So we’re looking here at an 11, 11. 6 percent discount to NAV currently. So we’re still a little bit of a ways off towards zero, but if this starts to shake up into the single digits, then we know we’re going to get closer to that ETF approval, which is likely in May. So hopefully we do get some action with Ethereum soon.

It is boring. Sentiment is in the dumps. That is when I get really, really excited and interested in crypto and everyone’s talking about Solana being the new thing and just powering higher. Versus Ethereum that just is sitting there, second largest crypto by market cap, ETF coming, FBTC trying to reverse.

So I think it’s a really interesting play to look at. Guys, have a wonderful day. Bye.