👀 Be Careful Here! (If You`re a Bear)

PLUS it`s full on Runes Season!

October 21, 2024

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GM crypto bullievers.

As Trump waved to the crypto bros from a McDonald's drive-thru window today, bulls are waving goodbye to all the sidelined bears as marching into what could be the most bullish months for crypto yet.

BTC is now undeniably in a bullish motion. Can we have a few thousand-dollar dip soon, heading back to around $66,000? Sure, it would make sense (as a matter of fact it might be happening today). Nevertheless, it would be tough for bears to successfully invalidate the current bullish structure. 

The lesson here: in a bull market, dips are shallow and short-lived, making it hard for shorters to hold their ground (beware). Personally, I’m not getting swayed into a bearish mindset anytime soon.

On top of that, we’re finally seeing real bottoming signs on ETH, which is currently outperforming BTC today. As we mentioned last week, it won’t take much for ETH/BTC to stage a strong technical bounce here.

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ETHUSD 1D Coinbase Log Chart

Two possible paths for Eth here. It needs to hold the $2,600 level for more upside. Lovely bullish weekly close, which suggests we likely hold here, but it’s Eth, so you can’t discount the chance of a retrace down to the $2,450 area. RSI on the 1D has been channeling upwards - a very similar structure on the BTC 1D. 

In both cases, BTC & ETH, we need to break up out of this channel or we get that bigger retrace ($63k for $BTC). Check out the Coinglass 6-month heatmap to see the juicy liquidity at $3,400 and $3,900.

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!

Smart-money movements of the day:

Source: Chainedge

Mindshare leaders of the day:

Source: Kaito

Runes Season

Quick brag: Ever since we mentioned Ordinals and Runes around a month ago, the Bitcoin ecosystem has gone on an absolute tear. So, it`s time for a little update and highlight the new contenders. 

This season is definitely largely Runes-dominated, while the NFT side shows absolutely dominating strength of Bitcoin Puppets and also newly emerging Based Angels, perhaps boosted by recent bullishness for Remilia (Milady) by Murad.

Before we jump into the picks, read this statistical explanation closely: not much is needed to send the whole ecosystem another 10x upwards.

Let`s get into it (none of this is financial advice). 

Most interesting current Runes picks: 

Gizmo the imaginary cat is the current main contender for a cat of Bitcoin. Considering that it`s a meme closely tied to the Puppets community and the fact that it`s still only around $30m market cap, this has ways to go as long as the bull run continues.

It is currently pretty pumped, so diving in during the next dip might be wiser than blasting a green candle.

Kika the bunny plus is a meme made exactly in the Gizmo style, currently seen as kind of a beta play. Very low market cap and solid market mind share as of now.

Based Angles runes are running simply because of the aforementioned Based Angels strength. As long as the NFTs stay strong, so does the runes.

PUPS is an interesting one currently. It`s one one of the top runes since the first run earlier this year, still ways of the all-time-high, and also on a nice entry point considering that it dippers as liquidity flew away into Gizmo.

RSIC runes could become a nice underdog bet. It used to be one of the main runes contenders and is currently creating a bottom. Might require patience, but a chance for a run is solid here.

Good luck out there and have fun!

The important bits.

  • Sophon (Entertainment layer) - Partners with OPEN, the leader in onchain ticketing

  • Core DAO (Bitcoin DeFi) - Core`s TVL is up over 1,000%

  • Peapods Finance (DeFi) - explains the innovation of Zero Emission Money Markets

  • SKALE (L2) - Partners with Pixel

  • GammaSwap (DeFi) - Implements automated yield tokens

  • Entangle (Interoperability) - Now supports bridge to Avalanche

  • Tokemak (DeFi) - Launches Tokemak Autopilot

  • Pumpfun (Token launcher) - Introduces “pump advanced”

  • World Coin (L1) - Rebrands to World Network

Even more important bits.

Statistics and charts of the day.

New launches and projects for your daily research.

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

Solana Seeker Exclusive Rewards, Features & Genesis Token

Podcast

Grant hosts Emmet on the blocmates podcast as they discuss Seeker, a new Solana-powered mobile device that aims to bring Crypto hardware and software together and be even smarter.

Tune in on YouTube →

To save you doom scrolling.

We really live in the funniest timeline.


Anyone who wasn`t in the Meal Deal Discord this weekend (including me being out shitfaced at the worst time ever) missed an absolutely epic weekend full of onchain cooks, capturing the AI memecoin meta big time and nailing the largest gainers.

Next time, I`m not missing a weekend of blocmates craziness.

stay safe homies,

Hix0n 🫡

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