Obligatory: this is not financial advice and I am not a financial advisor.
Luna crushed to 0%
What a week it’s been. The S&P bled out and we watched a top 10 coin go to -100% in 5 days which exacerbated the Bitcoin drop which in turn sent altcoins down to levels no one could have guessed. Luna literally dropped 100% sending it’s owners into incredible levels of losses. Many won’t recover, the few that did will think twice before investing again.
S&P anchored VWAP
The S&P dumped throughout the week and fell through the bands of the VWAP anchored to the start of the Russian invasion of Ukraine. Incidentally it seemed to have found support at the VWAP anchored to the bottom set in of the pandemic capitulation.
Bitcoin - horizontal support
Bitcoin wicked to 27k but at the time of this article it looks like it will hold horizontal support at around 29k.
Bitcoin - RSI and BB %
A very interesting observation at the monthly RSI and BB% is that we’ve just about reached historic levels of support of previous bottoms.
Decred - Mayer Multiple
I’ve mapped Checkmate’s Decred Mayer Multiple onto TradingView’s setting. Decred fell all the way down to tap the bottom mayer multiple band at ~$29. This has historically shown to be a safe area to buy in especially if you’re a long term investor.
Decred - Fib support
Decred smashed right through the 50% retracement line but held the 0.618 fib support perfectly. I’m honestly sort of astonished at how perfectly it touched it. In bull runs the
What’s just as interesting is the support we landed on, at the time of this article, is the 0.236 fib support of the original bull run from $0.50 in 2017.
Everyone is down hard this week. Many underwater, many liquidated or on the verge. If you can survive this (and you will) you’ll come back stronger. I believe crypto has a future and Decred will be part of it. Enjoy your new staking rewards, Bisons!