As early as May, we spotted an opportunity to start accumulating Bitcoin and Ethereum, after a sharp selldown.
This was a good chance to add more positions for the long-term crypto bull trend.
My Trading Positions
Instead of buying directly, I decided to buy the grayscale trust of Bitcoin and Ethereum instead, since they were priced at a discount.
Here are my positions taken straight from my brokerage account. It shows the average price which I have accumulated each position.
For Ethereum, we made about 59% profits from our entry price.
For Bitcoin, we made 33% from our entry price.
Ethereum Analysis
Here are some snippets taken from our public Telegram channel and private chatgroup.
Bitcoin Analysis
Join our Trading Community
If you would like to start making consistent profits from your trading and investing, check out our various mentoring programs: https://synapsetrading.com/mentoring/
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
Recently, there has been a lot of volatility in the Crypto market, with many bullish and bearish factors moving the market, which resulted in a big crash.
In this post, I’m going to do an overview of the crypto and forex market, review some of our recent trades, and discuss the current trading opportunities.
If you want to get all the analysis and charts mentioned in this post ahead of time, don’t forget to join our free telegram channel! https://t.me/synapsetrading
Covid updates
Before we go into the markets, let’s take a quick look at the Covid situation, with a focus on vaccination.
As you can see from this chart, the developed countries have surged ahead with vaccinations, with 50-60% of their population getting at least one dose.
For many of these places, life has almost gone back to normal, and the economic recovery has started.
Unfortunately, this recovery is going to be another K-shape recovery, because if you look at the overall numbers, only 10-15% of the global population has had at least one dose.
My guess is that by Q3 or Q4 this year, travel will resume in some developed countries.
Bitcoin: Shorting the Big Crash!
In early May this year, I started calling for a short on Bitcoin, after seeing the rising wedge pattern which evolved into a head and shoulders pattern.
Bitcoin (BTC/USD) is starting to form a potential reversal pattern. We need to watch out in case this price movement develops. Trade according to the trend! ??
Following up from our Bitcoin (BTC/USD) analysis just a few days ago, we accurately predicted the sharp drop of Bitcoin before it happened!
Congrats to those who followed and shorted! ???
Bitcoin: Buying Opportunity Now?
More recently, I noticed that Bitcoin has bottomed out for the medium-term, so I issued a buy call, which is still valid now.
Following up on our series of uncanny accurate predictions on Bitcoin (BTC/USD), it has now formed a mini double bottom (tweezer bottom), and we could well see a medium-term swing upwards, after the huge sell-down that went into oversold territory.
Though the major trend might still be bearish, this looks like a good low-risk counter-trend buying opportunity to capture a swing up.
Following up on Bitcoin (BTC/USD), this is the 3rd test of support (and it held), which is a sign of bullishness.
Looks like a good time to start accumulating some. ??
Ethereum: Profits from the Crash
Looks like Ethereum (ETH/USD) is in for some correction as well, with the first major support at 3000. Will reevaluate when prices get there.
Following up on Ethereum (ETH/USD), our prediction was also spot-on, and the crash exceeded our expectations and went all the way to TP3 in just one day!
Congrats to those who followed and shorted! ???
Recent Forex Trades: AUD/CHF & EUR/JPY
Looking at the chart of AUD/CHF, it has tried 3 times to break the resistance to new highs, but failed 3 times.
This suggests that there may be more downside, especially if it breaks the bullish trendline.
Following up from AUD/CHF, it has broken to new lows as predicted, and is now trending downwards.
Congrats to those who followed! ???
EUR/JPY remains on a strong uptrend, clearing the recent resistance, and formed a bull flag after pulling back to the 10&20-EMAs.
Following up on EUR/JPY, it has gone up by +276 pips since our last analysis.
Congrats to those who followed! ???
I have come to the end of this market analysis.
Now that I have shared my views on the various markets, do you think it is a good time to start buying cryptocurrencies?
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2021/06/thumbnail-how-much-profits-did-you-make-from-the-crypto-crash.png7201280Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2021-06-11 19:05:032022-03-07 18:10:53How Much Profits Did You Make from the Crypto Crash?
With the Wuhan Coronavirus scare in the past 1-2 months, the stock markets have been cautiously bullish, but it somehow feels that the market is still in risk-off mode.
Currencies like the EUR have been weakening, whereas “safe haven” assets like USD, Gold and Bitcoin have been very bullish.
Based on the currency strength meter, we can see that Gold and Bitcoin are the strongest, whereas EUR is the weakest.
Hence shorting EUR against the USD and against the CHF were very profitable trades for us.
Strength in the US Dollar (USD)
We managed to identify early the breakout of USD against the Singapore dollar (SGD), giving us a very good early entry and the ability to hold (or even add!) onto the trade and ride profits confidently.
This lead to a windfall trade of 400+ profits just from this one trade!
The Rise of Bitcoin (BTC/USD)
At the start of the year we identified the emerging strength of Bitcoin, and advised everyone to get in early before the real price movement starts.
At that time, price was only $8,000+, and since then, price has surged up to $10,000+, giving a minimal 20% ROI for this trade, and it’s just the start of the year!
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2020/02/daily-trading-signals-1400220-2.png362442Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2020-02-14 23:37:172022-03-04 19:18:38Update on Recent Trades – Bitcoin Surge and Euro Crash!
The interesting thing is that if you look carefully you will see both a symmetrical triangle (neutral) and a descending triangle (bearish), so overall the odds of it breaking down was higher than the odds of it breaking up.
The next support level is around the $6800-$7000 level, so we might see a small pullback, followed by more bearish movement downwards.
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
