Contributors: SourMilk and Capybara
Editor’s Note from @yourboymilt: As I lounged on vacation for Labor Day weekend, one thing became clear—Crypto don’t take no vacation! Contributors SourMilk and Capybara have been absolutely killing it on their crypto plays, throwing out some banger picks each week since our Crypto coverage began. The people asked for it, and the people got it…here’s a special edition of The YEET—their weekly Crypto round-up. Enjoy!
Hello everyone! Capybara and Sourmilk are here, once again, to serve your gambling needs. We had a nice choppy week in Crypto land and Bitcoin did what we anticipated it would do. It fell to 47k area then bounced from there and here we are! Ethereum went nuts, so we will talk about that as well. Like always, we will provide you with some Crypto plays we like going forward. But first, let’s review the big boys: Ethereum and Bitcoin.
Why were we able to predict that Bitcoin would fall back down to 47k last Sunday? One word: Channels. Bitcoin and Ethereum love channels. We all enjoy seeing them rip endlessly but it doesn’t really work like that. Instead, they prefer to play in channels for days-weeks in either a bearish or bullish trajectory. Once it has had enough of the channel it will eventually make a big break up or down to form a new channel. Let’s review:
Ethereum
Bitcoin
Channels, bro. We can see Ethereum and Bitcoin like to do their thing in these channels, and this is where the volatility (remember from last week?) occurs. They have no problem staying in these channels for days to weeks. We can also see that these channels can span from 5% swings to roughly 20%. Remember, Altcoins generally follow these big boys. If you’re a buy and hodl type of trader then these channels don’t mean much to you. But if you like trading a few days a week then you can use these channels to your advantage since you can get better entries and exits by using this strategy.
When they are done having fun in their channels, they usually make a big move up or down. Recent price action has shown us Bitcoin may be done with this channel and is ready for a move up.
Now, let’s get to some Altcoin plays!
GRT (The Graph)
Shout out to a Yeet subscriber for suggesting this play! What is GRT? Nicknamed “The Google” of blockchains by some decentralized finance enthusiasts, GRT is an index for organizing and providing blockchain data. Etherscan is an example of a service that gives users the ability to search blockchain activity for specific transactions that have occurred. Private Crypto companies that don’t want a shared search engine need to build their own and this is where GRT comes in. It aims at becoming one of the main core infrastructure projects necessary for building fully decentralized network applications by decentralizing the quarry and API layer.
Does your head hurt? Yeah, mine too. But let’s look at the chart!
Entries: 1.00, 0.98, 0.95, 0.93 0.90
Targets: 1.07, 1.18, 1.25, 1.32, 1.40, 1.55, 1.68
AVAX (Avalanche)
Here’s an uncomfortable truth: Ethereum is kind of a bitch. Amidst ordinary FOMO, NFT minting and the occasional Shitcoin craze (we’re looking at you CumRocket), gas fees soar to levels that would make any OPEC fat-cat yowl at the moon. AVAX is showing a lot of promise in its ability to offer ETH-like functionality, smart contracts and DAPP capabilities - but in a faster, cheaper, and more capable package. To put it in perspective, ETH has a transactional throughput (number of transactions that can be committed to the Blockchain) of 14 transactions per second. AVAX boasts slightly higher at 4,500 per second. It takes ETH 6 minutes to “finalize” a transaction. AVAX takes only 2 seconds. But here’s what really matters: its latest trading channel can make you money!
Entries: 38.65, 41.20, 44.35
Targets: 48.35, 49.90, 51.50, 53.35
VELO (Just...Velo)
Once upon a time, before we had the DAPPS, FAPS, and whatever else you kids Yeet on nowadays, Crypto was solely focused on improving the system of financial exchange. VELO says it best themselves, “collateral backed digital credits that can be used for frictionless value transfer”, and hot damn do we love some frictionless transfer.
What’s more interesting here is who’s involved in the project. Jed McCaleb is the creator of the Stellar (XLM) crypto. Interstellar, a company he co-founded, merged with VELO in early 2020. Now, what's interesting about Jed, you ask? Well, Mr. McCaleb founded another company back in 2010 called Mt. Gox. A Magic the Gathering exchange that went on to host about 80% of all Crypto trading volume in the early 2010s until it was hacked for over 850,000 Bitcoin. It’s a fascinating story worth digging into, and surely this must give you unwavering trust in VELO.
Entries: 0.8455, 0.863, 0,90
Targets: 0.96, 0.995, 1.045, interstellar!
VELO really moves on volume, we like playing this with entry during a prolonged flat spot, and a stop-loss just slightly beneath it. If you get stopped out you’ll probably be presented with a better entry point in the next few candles.
Alright, folks! That’s all we got for you for this week. We maintain our bullish outlook on the market (wow big shocker) and think BTC could make a big move this week. We have ventured out into the Twitter world as well so give us a follow in case we find any more plays we like during the week.
Good luck!