Obligatory: this is not financial advice and I am not a financial advisor.
This past week we saw anchored VWAP support hold the line through the pre-holiday dump on Thursday. The market has Friday off for Easter so it’s three days of pause.
Not surprisingly Bitcoin still isn’t moving while the S&P is on it’s holiday pause. I’m breathing some hopium that we might try and front run a pump since stonks sold off hard before the market holiday and Monday is tax day. I speculate that the sellers who needed liquidity would have already sold on or before Thursday so if that’s true then VWAP support has held which means there’s a chance for a relief rally next week and people love to front run when the market is open 24/7.
Decred patiently treading water
DCR/BTC is looking pretty settled but as we’ve seen in the last bear market things can always get worse. Bitcoin needs to decouple first but as I said before that scenario becomes less likely with each day it stays leashed. If you’re a long term bison the best thing you can do right now is average in a comfortable position but still hold enough dry powder to take advantage if a second wave of blood runs through the streets. I’ve personally accumulated a solid position that I’m content with here but if we drop down again then I’ll be happy to use my reserves.
I’ve seen two very successful and pragmatic traders post that they’re beginning to deploy capital back into crypto at these level so that gives me a small sign of hope that the rest of the smart money is building the bottom across crypto right now. The broader market will ultimately decide up or down though. Remember to keep a healthy amount that you can use if this isn’t the bottom. You’ll feel like a genius when you have that dry powder just when you need it.