IN THIS ISSUE
- Coinbase reports explosive Q1 numbers!
- Total Altcoin Marketcap breaks higher again
- Ethereum hits $2,151 USD
- $BTC ranging continues
- BTC dominance plunges to 55.77%
- Heatmap: $B21, $YOP, $ALGO, $REN
Coinbase stole the headlines this week after posting absolutely explosive growth numbers in their Q1 report! Generating a total revenue of $1,800,000,000 and estimating a total of $335,000,000,000 in trading volume, this is a huge win for the crypto industry that as recently as 3 years ago was written off as a “fad” and a “ponzi scheme” by some well-known finance magnates.
Their incredible growth over the last quarter couldn’t have come at a better time as Coinbase prepares to go public with a direct listing on the NASDAQ scheduled for April 14th. They plan to spend upwards of $1b in 2021 with a major focus on sales and marketing. This can only mean good things for crypto as a whole, as the biggest on-ramp in the US takes it to the next level!
BTC/USD 4 HOUR
My analysis on Bitcoin was spot on last week (for better or worse) with price dropping back into the previous daily range, now parked in the local Pump Chaser Zone. The VPVR is slowly filling in at each level, and my guess is we’ll continue trading in this range until the single distribution is formed on the VPVR. That means we could end up trading right back down to the range EQ ($50,743 USD) while still remaining HTF bullish.
I’ll be hunting for long setups this week in the local Reload Zone around the .702 sweet spot ($53,424 USD).
The Weekly chart is in no rush to service the needs of late bulls who are levering up at the highs trying to catch the next expansion move. Markets have a way of driving you mad with impatience and poorly timed decisions before making THE move that everyone has been waiting for.
Consolidation continues from this view, which bodes well for the intensity of the next leg up if we do in fact break to new highs. At this point, it seems highly probable that we’re not witnessing a “top” in the market, but it’s important to understand that we COULD be. And so, as always, I manage risk accordingly and accept the potential losses that I would endure if my analysis doesn’t pan out the way I expect it to.
ETH/USD WEEKLY + DAILY
The bears didn’t show up last week on the volume indicator, while the bulls managed to put in a potential reversal as they pushed price up to a new ATH that peaked at $2,151 USD! The weekly close on Ethereum was very bullish which has me focused on buying dips in altcoins and hunting for potential leveraged long setups on majors as well.
The daily view of Ethereum shows a bullish retest taking place today with a few overflow levels where I’d ideally like to be setting bids for continuation. The HTF on ETH hasn’t been in a rush to go anywhere this year, so I don’t think it’s out of the question to get fills even as low as the local .702 sweet spot around $1,730 in the coming week.
ETH/BTC took the first steps to resume the uptrend last week. Stamping the potential higher low with a strong bounce off of the lower trendline of the ascending broadening wedge I’ve been tracking. It was stopped short of the weekly candle body resistance this week but is now trading above the 20-week SMA and looks ready for more in Q2.
ALTCOIN & DEFI PERP
Interestingly, we saw a big breakout on the altcoin perp but a much more docile move on the DeFi perp. For now, it appears as though the large DeFi names have some catching up to do. The perp did break and close above the previous ATH candle close so there is still plenty to be excited about.
I’m seeing a critical drop-off in volume on this pair, which again, isn’t entirely valid because it could simply mean that more are interested in actual DeFi and the spot pairs and less interested in trading the perp. But it’s worth keeping an eye on for signs of continuation.
TOTAL ALTCOIN MARKETCAP
The Altcoin total marketcap continues to push higher each week, peaking recently at $880,987,000!
Based on the previous cycle, this is exactly what I expected we’d get, but it makes it no less sweet to see it happen. There is so much room for growth based on what I’m seeing in the VC space. With new and exciting projects in the pipeline each month, each one building on the strengths of the last while improving on the weaknesses. The potential for growth & development seems truly endless right now.
Last week I included BLANK in the heatmap section and was truly amazed to see it explode for over 250% within 48 hours of publication. I expected it to do well, but had no idea just how well timed it would be! BEL is doing okay too, so far. They won’t always smack like this, but it’s nice to have a few names to chew on each week.
The heatmap section is designed to put new and exciting projects on your radar and provide some altcoin trade ideas that look ripe. The heatmaps will sometimes feature projects that I’ve invested in or am advising, simply because they are front of mind for me, I watch them closely, and I have insight into what they’ve got planned.
The $B21 token is built into the B21 Invest app and is my favourite “gem” play for 2021. Having raised in early 2018, this team has been building quietly throughout the bear market and only recently launched their token on Bitfinex/Hotbit/PancakeSwap and as of yesterday, Uniswap.
Reasons why I’m bullish:
- Strong team – Founders own a Bank in PR, launched the first BTC crypto card in 2014 and scaled to 1m cards + 2b USD of annual tx volume. BIG numbers for 2014! They know what they’re doing.
- Primary focus is on ease of use + security. Combining the two key ingredients that have prevented millions of users from dabbling in Crypto & DeFi to this point.
- Only crypto card serving users in Asia and South America (SWIPE & Crypto.com do not).
- B21 is working with one of the few banks in the world that have both custody and banking licenses (FVBank.us)
- Custody provided and insured by PrimeTrust
- A recent partnership with Celsius who will power their 1-click DeFi offering for users who want to collect a yield on their holdings within the app.
- The team is in the process of re-working the tokenomics to a more favourable model that will include new staking & farming opportunities + an aggressive token burning mechanism, later this year.
- The team is currently in discussion with Polygon (MATIC) and others for future partnership and card use agreements. I spotted the B21 logo on the Polygon website this morning.
- With a 7.8m MC and soon to be competing with major crypto cards like CRO (5b+) and SXP (356m+), I think the B21 is one to take a serious look at this quarter!
Yield Optimization Platform (YOP) is another one of my favourite coins for this year. The chart looks primed right now and their V0 app launch news is coming very soon. The YOP vault, staking for rewards with 30/60/90 lockups is now full again and has leftover 50% of the circulating supply locked as of right now.
The founder Atif Yaqub is also co-founder of Pluto digital Assets who just raked in $50m+ in management assets after three successful funding rounds.
Having been on weekly calls with the YOP team since Nov. I must say, I’ve been consistently impressed with their ability to grow and develop their network and I expect that to continue through Q2 and into the rest of the year and decade. All my tokens are currently staked in the 90-day vault, to be locked until early June.
ALGO is a coin that I’ve been building a position in over the last couple of weeks. After publishing the Chaos PRZ video on our YT, I couldn’t resist trading what I’d found. The chart seems to be following a very reliable pattern so this RLZ is one that I have to take a shot in. I’m positioned such that I can add if we end up visiting the lower levels, but with the look of BTC dominance right now, I’m not prepared to wait for those levels to come in. I added more this morning!
REN is another coin I’ve been waiting to re-enter after a really nice Q1 trade vs. USDT that was covered on the @realhxrolabs twitter feed. Price is resting just below the VPVR point of control, right on two separate .702 sweet spots depending on what range I use to draw the Fib.
I spotted some nice buy volume coming in yesterday, and despite price getting knocked back down before the daily close, it tells me that whales are lurking down here, and I’m comfortable taking some risk right along beside them as we heat up into Q2.
I’ll continue to keep you updated on all the hottest opportunities I can find in the space, until next time, have a great week, and whatever you do, always play from a position of strength!
If you’d like to get The Weekly delivered straight to your email (FREE), you can sign up here.
The following commentary is provided for informational purposes only and may not represent the views of Hxro Games Ltd. or its affiliates, and should not be viewed as legal, tax, investment, financial or other advice. Digital asset transactions are inherently risky, and you are fully and solely responsible for evaluating your purchasing decisions at your own risk. Past performance is not indicative of future results.
©2021 by Hxro Labs