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📏 Week Size = Massive. What Lies Ahead?

📏 Week Size = Massive. What Lies Ahead?

PLUS is Berachain only weeks away?

August 19, 2024

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GM, I’m tired, boss…

But, we cannot afford to lose focus. This week is packed with macro events, with a special focus being put on Friday’s Jackson Hole Symposium. Why? Well, back in 2022, Jerome Powell’s speech at this very event coincided with a bloody week, during which a solid $1.25 trillion market-wide wipeout.

Expect the market to swing back and forth this week, with US economic indicators dropping today, the FOMC on Wednesday, and PMI on Thursday. Buckle up.

Alright, what exactly does that mean for the price, though? Last week, we drew a warning line at $62,000 per BTC, saying a rejection from here will keep the market in a downside pressure zone. The same applies today, obviously, and as long as we’re hovering at these levels, macro-induced volatility might cause further derisking.

What we want to see during this and upcoming weeks of August, is a solid bounce from lower levels. For ETH, this is around $2,400 at most. If we don’t see a bit of a green dildo action there, we simply know we’re staying on the defense.

Finally, this is simply a lengthy way to explain a summer chop. Long-term, we’re still in a very early post-halving era. Bitcoin tends to top 500+ days after its halvings. Plus, global liquidity is still rising in the background.

This all smells like a painful mid-cycle correction, doesn’t it?

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BNB/USDT 1D Binance

There was significant volume on the 5th as liquidity was taken at the lows. Trading is primarily a liquidity hunt, and the path of least resistance for $BNB should now be up.

We have reclaimed the old range low support at $524, where a 10/20 MA cross was just triggered. I think we can challenge the midrange here and continue to take liquidity at $607, $645, and eventually the $720 highs.

Join Luke’s TA stream to learn more or ask questions!

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!

Berachain coming in weeks?!

Now, this is juicy. I think I’ll need to start quietly stacking up on Berachain NFTs, whether it’s Bit Bears, Band Bears, you name it.

There are some much cheaper options to prepare for the eventual rumored airdrop, along with plenty of ecosystem airdrops. One option like that is Honey Combs from The Honey Jar, a community-based gateway into the Berachain ecosystem.

I will also be brushing up and getting my notifications ready on Infrared Finance and Kodiak; these are looking to be absolutely essential parts of the eco.

Also, when it comes to DeFi on Berachain, Dinero will be all over the place.

Berachain will be a whole lot of fun.