Cryptocurrency Market Overview

BTC and ETH are updating their yearly highs and remain in the region of the achieved highs. I mistakenly thought that $2140 for ETH would not be reached over the weekend. But after such a move, it’s likely that we won’t see a pullback by noon on Monday, since the rise occurred without the Americans. Releasing so many people stuck in shorts would be too generous now. In the futures, shorts are still dominating in most exchanges across all major coins, so there was no capitulation from the bears.

Next week will be much more vibrant in terms of macroeconomic events: the U.S. services inflation report and the Nonfarm Payroll labor market report. The quiet period before the Federal Reserve meeting is beginning.

News:

Nayib Bukele, the president of El Salvador, who introduced BTC as a means of payment and made a dramatic bet on cryptocurrency for the development of El Salvador’s economy, seems to be following the favorite scenario of authoritarian politicians by cutting corners. He is resigning more than 6 months before the end of his presidential term to run in extraordinary elections again.

In El Salvador, consecutive presidential terms are prohibited, i.e., one cannot be elected president twice in a row, unless the president resigned from the previous post more than 6 months earlier. All this sounds painfully familiar, doesn’t it?

Base Scenario:

Some correction in BTC can be expected, but likely only after $40,000, although the market movement from 15:30 to 17:30 will be interesting to watch, as US traders react to this growth.

Long Today

PEPE is likely heading to take autumn highs.

Long on MATIC is profitable, holding it, but moving the stop to breakeven. Short on HFT closed at a stop. Closing Long OP manually at $1.712. Long COMP closed at a stop moved to breakeven.

Today’s Idea:

short BIGTIME 50% at the current price, and 50% upon reaching $0.4548

Move the stop to breakeven upon reaching $0.4

Stop: $0.4846

Take-profit: $0.3391 - 50% and upon reaching $0.3716 secure 50% profit

This is not a trading recommendation