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INTERVIEW: THECRYPTODOG
The Crypto Dog discusses being a permabull, cognitive dissonance, and the importance of cutting losers.
He also shares how the worlds of business, trading and gaming have influenced his decision-making process over the years.
JIM TALBOT: REPETITION, REPETITION, REPETITION
Bear markets are a good opportunity to look for repeatable setups. If you can make your money on an actionable setup every week, then you can save yourself a lot of wasted time when the market becomes less actionable.
My window of trading recently has been between Sunday and Wednesday. I have been trading almost the same setup for several weeks now and it looks to have set up again this week.
I have been trading almost the same setup for several weeks now and it looks to have set up again this week.
The Setup:
For multiple weeks now, and consistently throughout the year, we start the week with a move from one side of the weekend’s range to the other. Usually resolved by Wednesday.
Trigger:
Ideally, I’m looking to short ETH between $1312-$1318. Currently, it’s flirting with that level, if I get invalidated on this initial entry I will try again higher around $1330, with targets around $1278-$1265.
Now it will be sod’s law that it doesn’t play out this week, however, it’s still hopefully a good lesson to you all on how I approach certain conditions and make consistent, high-probability bets in an extremely discombobulated market.
-Jim
CBS: NFT DOUBLE PUNISHMENT
The NFT market is an unusual beast. Perhaps one of the markets most reliant on euphoria, retail participation and an overabundance of capital. And, as it would seem in the past three months, a ghost town during bear market conditions.
I’ve been through a number of “bear markets” in NFTs. We’ve had regular intervals during the last couple of years that resembled bearish conditions, but nothing compared to what we’re experiencing currently. Which is odd, when you start to think about it in more detail.
One of the questions that was always posed, and never truly answered until now, was “what happens to the NFT market when the price of ETH goes down?”
In theory, cheaper ETH should support the NFT market in terms of demand. It’s counterintuitive that soaring ETH prices and higher $ value of NFT assets would drive the frenzied buying, but we now know it to be true.
It’s counterintuitive that soaring ETH prices and higher $ value of NFT assets would drive the frenzied buying, but we now know it to be true.
When ETH was $3500, the NFT bull market was in full effect, with thousands upon thousands of jpegs exchanging hands per day. But when ETH prices are sitting at $1200, volume is non-existent and floor prices are crumbling.
Sellers currently experience a double-punishment scenario. Floor sellers are continually undercutting, the price of ETH is falling and the USD value takes an enormous hit. People will try and cope by claiming that they care about ETH more than $, but the reality is that it’s the path taken to deal with the scenario at hand.
I’ve always believed that NFT pricing should be primarily in $, if not by the marketplace, then by participants. There’s a strange attachment to ETH within the market, one that tends to cloud the judgment and decision-making of the participants. When the price of ETH reduces, floor prices should increase to accommodate that fact. Sellers have to try and avoid the double-punishment scenario described. The reality of the situation is quite different. Euphoria and herd mindset are the primary drivers for the market and there’s no positive relationship between tumbling ETH prices and the assets produced on it.
Euphoria and herd mindset are the primary drivers for the market
Perhaps this time should be looked at as the ultimate accumulation period for the blue-chip collections and unlike the bear market reality we’re faced with, this one is definitely a wait-and-see scenario.
-CBS