✍ Inflation Data Good = Market Dump?

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GM, macro larping is back on the menu. 

CPI data just dropped, and once again, it seems the Fed has kept inflation on a short leash, clocking in at 2.9% year-on-year compared to the 3% expected.

Now, this data is obviously good but a bit more irrelevant than it used to be. When it comes to macro, the real focus now is on employment data (as we saw a few weeks ago), which could keep pointing to a looming recession risk—and a hard landing. 

In the long term, though, everything leads back to stimulus, which means the start of the next phase of the bull run. 

Looking at global liquidity, we’re still on the uptick. As long as global liquidity continues to rise, our markets will follow. We will continue monitoring this for you, so stay tuned.

Price and short term wise, we just hit an area of resistance around 62,000 Biden dollars. As long as this isn’t flipped, we cannot expect BTC to go for another 70K break-through attempt. 

So, once again, the riskiest thing right now is getting chopped up to bits trying to trade the schizo summer price action. Don’t try this at home, kids.

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BILLY/SOL 1D Log Chart

Good defense of the $40m market cap level on Billy. The MACD and Stoch are turning up, double bottom on the RSI, with the price going lower for a nice bull div in the making.

Both Grant and Dan have been clipping in, and I bought myself a little bag this morning - almost a 4x back to the highs for this feisty pup.

Watch more TA and charting on Luke’s daily stream!

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

👌 A quick word from today’s sponsors.

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How to Snipe the Bull Market Top 

Let’s quickly jot down a few cycle top indicators that’ll help us gauge when to take profits.

• Global liquidity cycle top - we will monitor this up until the end of the bull run

• Altcoins showing a TOTAL 3 chart parabola over previous all-time high

• Time cycle: altcoins topped exactly 547 days post-Bitcoin halving 

• The Pi Cycle Top indicator - watch here

• Post-rate-cuts era - once rate cuts are well behind us, it’s the final phase of the bull

Let’s get back to this later, and please let us know which ones you’re watching! 

The important bits.

• Perennial (DeFi) - MOG is now listed on Kwenta, powered by Perennial - read

• Optimism (L2) - Unveils the Superchain Interoperability plans - read

• Canto (L1) - Chain halted due to consensus issues - read

• Inverse Finance (DeFi) - Releases “Revenue Multipliers & INV” - read

• Infrared Finance (Berachain LST) - iBGT now listed on Zeru Finance - read

• Vertex (DEX) - Introduces social indicators - read

• Persistence One (DeFi) - XPRT is now live on Velodrome - read

• EOS (L1) - Explains the “Ram Ecosystem Fund” - read

• DeFi Saver (DeFi) - Introduces “TX Saver” for your transactions - read

• Avantis (RWA) - Now top 4 protocol on Base - read

• Io.net (AI, DePIN) - Partners with NetMindAI - read

Even more important bits.

• Coinbase teases their own wrapped Bitcoin, cbBTC - read

• dYdX Chain’s biggest upgrade to unlock 'virtually unlimited’ market listings - read

• Crypto.com seals UEFA Champions League sponsorship deal - read

• Goldman Sachs unveils $419 million Bitcoin ETF exposure - read

• SEC probes VC giants over involvement with Uniswap - read

Life gets busy so here’s what you’ve missed.

Irys: Redefining Blockchain Data Storage Like Never Before

Podcast

This week, we brought Josh Benaron of Irys on Founder Series to give Jedi (and all of us) a proper education on programmable data.

Tune in on Spotify | YouTube →

To save you doom scrolling.

Recommended watch for all our bros, choosing this as their career path.

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Thank you everyone!

stay safe homies,

Hix0n 🫡