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INTERVIEW: ALTCOINSHERPA
Sherpa shares his experiences taking heavy losses as a beginner trader, his shift towards narrative-based swing trading and how to be a successful trader is to beat the odds.
JIM TALBOT: THOUGHTS FOR THE YEAR AHEAD
A new yearly open presents nice trading opportunities.
In the short term, I will be looking to fade an initial move back into 17300/17500 on BTC, but what do I expect further out?
Initially, I think a move up to start the year looks more likely.
However, I'm holding out for better opportunities to position for a more sustained rally later on in the year following some blood.
Indexes are what I'm looking at to form this thesis. It's quite possible crypto trades in a more muted fashion than indexes if we get a larger deleveraging move, as a lot of blood has already been spilt in our little microcosm.
People are quite optimistic currently, but it's worth noting the monthly closes across the board were pretty ugly. NQ is a prime example.
If NQ gets down into the $9,300 region within the first quarter, I think that's a good HTF level to look for some mid-year relief positions.
Metals overall look fantastic.
I think we are witnessing a delayed rotation out of risk into metals.
Due to the type of participants that entered the markets over the past couple of years, this rotation to safety has been delayed due to people being stuck in the mindset of fading downtrends all year. This is what I think breaks in the short to mid-term.
It's unsustainable to keep fading weakness, and eventually, something will break.
The dream scenario for 2023 is a big deleveraging long opportunity going into Q2/Q3. Metals continued strength and volatility more like 2019 than 2018.
Hopefully, this doesn't turn out to be wishful thinking!
All the best for the year ahead.
-Jim
CBS: THE HUDDLE IS GETTING COSIER
You cannot doubt the power of Pudgy Penguins. An infamous backstory, under the charge of new leadership and a community that has never waivered and should count itself among the strongest to ever exist in the NFT space. Not to mention the fact that it was this project that onboarded so many to the NFT space back in July 2021.
And the memes, oh my goodness, the memes.
Recently we’ve seen a fresh wave of Penguin purchasing, shooting the project into the 6ETH zone. This is a significant achievement for a project that is no longer “new” and has seen many cycles, stories, and events unfold in its lifespan.
With @lucanetz at the helm since April 2022, the project has been revitalized. Expansion into the physical world and a new direction with actual progression being achieved.
It’s hard for me to speak without bias on Pudgy Penguins, given the project is one of my favourites in this space, and I only have intentions to continue adding to my portfolio in this department.
So I’ll save you the neutrality and instead just plough on with why I feel so positive about the project.
I believe that what we’re seeing now is the beginning of a catchup period for Pengs where the market is finally reacting to the advancements being made by the project and elevating it to a price point more fitting of the project's success and legacy.
Do I believe Pengs have even more upside? Absolutely yes. If you simply look at the history of Pengs and the fact that one of the oldest and most famous collections is still growing in value that in itself is a huge reason to be optimistic about future pricing.
Then when you begin to think about the new direction for Pengs, bringing themselves into the physical world while also remaining true to their Web3 roots, the possibilities become very exciting. Originally featured in the NYT during the NFT boom,Pengs have also made an impression outside of the native NFT audience.
I intend to welcome more Pengs to my personal huddle.
I think the future is very bright indeed, a very strong increase in price has already taken place. Still, if you’re looking for solid blue-chip PFPs for your portfolio or longer-term investments, I know a special place you’ll be welcomed with open flippers.
You can find a full write-up of all of the Pudgy Penguin 2022 action here: https://media.pudgypenguins.com/post/2022recap
@chain_domains also gives a nice overview of the history of Pudgy Penguins:
-CBS