Monday Market Recap (MMR:12 2/21/21)

This can be expected when viewing the TOTAL2 altcoin market cap chart, as we have just begun the "10,000% + breakout." -- @GoonTrades latest Monday Market Recap calls for insane Altcoin moves.

MMR 11 Recap: ETH

I have had my eye on ETH for the past couple of weeks, and I have made the most of the muted moves and high funding rates. I continue to maintain my extremely bullish posture on ETH as it sets higher highs while in price discovery.

This trade setup which I entered last week, was able to go to its first profit target, where I closed 70% of the position. I was able to size into a reasonably large position on this trade as it gave me lots of time to pyramid. I maintained an average price of 1840 once fully-sized in, which can be seen below:

Graphical user interface, chart, histogramDescription automatically generated with medium confidence

Overall this trade went to my target, and I was able to add size very methodically, giving me an excellent R:R when fully-sized in. This trade hit the target and has been my most extensive trade since beginning in crypto, and I think there will be more to come. Enough about last week, let's jump into what's on the table now!

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King BTC:

ChartDescription automatically generated

BTC continues its onslaught higher after breaking out of its consolidation a couple of weeks ago at 40,000. As I've continued to stress in my weekly recaps, my BTC base thesis is still to grind higher. There is no solid entry on BTC, but a nice retest of 55,000 in confluence with the two uptrends could warrant a nice R:R entry. I still believe the best access for spot BTC was in the consolidation period as now BTC is more likely to witness a 20-30% drawdown before going much higher. While this is the case, I believe BTC can still quickly test levels up to 70-80k, so I would not be selling here, just not an ideal spot to be a buyer, at least for me. 

As BTC continues to grind higher, BTC can continue to outperform altcoins for the remainder of this leg higher. Overall my base case is that BTC continues to grind higher, and I'm always ready for a 30% pullback to add to my positions 😊.

The Peoples De-FI: BNB:

Last week, I stated that if BNB was able to break out of its consolidation range at 135, it would be able to test 200 quickly, well I wasn't wrong, but I set my target waaay too low. BNB has continued its parabolic accent as the BSC, and Binance rapidly expands. Currently, BNB looks like it will consolidate between the two D levels, 340 and 250, until it breaks either to the upside or downside.

My base case here is that BNB breaks yet again to the upside considering its past legs and the current market conditions. A lovely R:R trade would be granted off 250, the D level noted on my chart with a stop just below the 8hr candlewick. Overall I maintain my bullish posture on BNB as the BSC continues to expand its ecosystem, becoming one of the most prominent De-Fi hubs.

ALT SZN! : TOTAL 2 Altcoin Market Cap:

The following chart is the total crypto market cap, excluding BTC. This accounts for the entire altcoin market, giving us a good idea of comparing 2017 to the present bull cycle. I have selected a log scale for this chart to display the moves percentage-wise accurately. Starting in February of 2017, altcoins began heating up in the last bull cycle (green circle); after this, the market cap grew 100,000%. These extreme gains keep me optimistic for the rest of this bull cycle.

Looking at where we are presently, again in February, it seems we are breaking out of previous all-time highs (ATH). This looks very similar to 2017, as it seems we are entering the phase of rapid acceleration in the orange box. Overall this chart helps confirm my extreme bullish bias and alts and crypto markets. Looking at past data, the altcoin market cap can easily gain 10,000-100,000% in this cycle as more users begin to adopt DeFi and crypto as a whole.

BSC Yield Optimizer: FUEL/WBNB:

I have figured out a way to get some better BSC charts, but these charts will be charted against BNB as BNB pairs have the most liquidity on AMM DEX's. When I see this chart, it is extremely bullish to me as there is a nice pullback into some support area around 2.0. FUEL looks exceptionally healthy when compared to BNB, meaning it seems strong against USDT. Knowing that FUEL can easily outperform BNB due to it being a much smaller market, I really like this pick.

On top of this, users who LP tokens in FUEL/BNB will earn yields upwards of 1% daily.

The Pulse of the Market:

The bull market continues its trend higher and doesn't seem to be looking back. With BTC well over 50,000, this bull market is in full effect, and It would take a huge black swan event to slow it down. As BTC continues to push higher, it attracts more money to space, eventually flowing through to altcoins. Once BTC can consolidate again, we will see another immense leg higher on small-mid cap altcoins. This can be expected when viewing the TOTAL2 altcoin market cap chart, as we have just begun the "10,000% + breakout."

Overall, crypto markets are just getting heated up as more institutions begin adopting BTC. As this market continues higher, we will see a large influx of interest in altcoins, specifically DeFi protocols. Don’t think this market is over, it is just getting started! Be sure to check out the next release of this weekly series on 2/28

I would greatly appreciate all and any feedback to continue improving this content and my trading abilities.

Feel free to reach out on Twitter!

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It is still crucial that individuals make financial decisions based on their behalf or consult a professional financial advisor at the end of the day. None of this content is financial advice.

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