Chain Reactions: Bitcoin needs a direction, Pepe wants a bottom
Link copied to
It’s 4.34pm on a Friday, and 4.35pm can’t come fast enough. Hang on, there it is, and yep, that’s about how fast we can type here at Coinhead using our old-school-journo double-digits method. Meanwhile, what’s doing in the crypto market?
Actually, before we dig into our headline acts as well as some price action to round out the day and the working week, let’s “get a vibe check, real quick“. Courtesy of the crypto market’s leading sentiment tracker…
Hmm, nope, not sure why we bothered. That said, the fact the needle has been pretty much sitting around the apex of “Meh” for the past few weeks is probably a pretty telling sign of where investors are currently at when it comes to risk assets.
It’s the bull goose crypto still, and quite probably always will be (sorry Ethereum ‘flippening’ fans), and with a dominance factor of 44.3% in the market, it’s the crypto asset that traders and analysts look to first to try to ascertain just where the hell things might be heading extremely soon for the entire market.
BTC is currently changing hands for US$26,371. Roughly where it was sitting a handful of hours ago when we last checked in.
And while that’s okay, it doesn’t carry through too well on the movement “Rekt Capital” has been hoping for, which is a reclaim of the US$26,600 and $26,800 resistance levels in order to find some bullish momentum once again.
Prepare for more chop and or downside in the short term, then, perhaps.
One might argue #BTC is still inside a Falling Wedge
However, the absolute key level is $27600$BTC needs to reclaim it for bullish momentum
— Rekt Capital (@rektcapital) May 25, 2023
Another popular Twittering analyst, meanwhile, by the name of CrediBULL Crypto (sounds like a good source of un-biased balanced views, right?) is pointing to the latest mega surge in the Nividia tech stock as a possible precursor for a liquidity pump in Bitcoin.
The entire marketcap of the crypto space as a WHOLE is 1.1T.
Global equities? 100T.
Where will the liquidity come from?
Probs the same place it came from for $NVDA 😂
Reality is, this… https://t.co/0gaXOQIvBG
— CrediBULL Crypto (@CredibleCrypto) May 25, 2023
Those crazy enough to HODL on to $PEPE certainly care. Are they still doing that in the vague hopium that the cartoon frog-themed memecoin could become the next $DOGE, the next $SHIB?
Let’s chat with one of these fools and find out, shall we? Here’s one now, by the name of Bob Radman, who says:
“Yep, that’s exactly it – the idea it could be the next SHIB success story. It’s a degen/gambling play that I’m just not quite prepared to let go of yet. The initial ‘thesis’ on it was to ride it to 100x gainz or bust. I likely got in way too late for the former, and wouldn’t be at all surprised if the latter plays out.
“That said, crazier things have happened in crypto and I only threw about $50 at it in the first instance.”
Hmm… okay. You didn’t also “throw $50” at any other ridiculous memeage did you, such as $MONG, $BOB, $LAMBO or $WOJAK? Hmm… he’s gone.
In any case, how’s PEPE travelling right now? Remarkably, it’s still in the top 100 by market cap (#76 on CoinGecko) with a market cap just shy of US$600 million. It’s currently changing hands for US$0.00000141 per coin and is up 0.3% over the past 24 hours, but down 8% over the past seven days.
As for the headline… is it forming a bottom?
The popular pseudonymous crypto trader Altcoin Sherpa has been suggesting PEPE might well be…
$PEPE: Nothing has changed from my original idea of this chopping from here and the .786 fib.
I think that this is forming a bottom though in the mid term and this is going to go to at least the .50 fib.
*I still have PEPE and am just sitting on that position for now. pic.twitter.com/CwC73a5gYU
— Altcoin Sherpa (@AltcoinSherpa) May 23, 2023
— naiive (@naiivememe) May 25, 2023
At the time of writing, the author of this piece holds some Bitcoin and Ethereum, and, sheepishly several altcoins of dubious quality, including some $PEPE.