In the video, Nicholas Merten discusses the current sentiment in the cryptocurrency market, particularly focusing on Bitcoin. He explores the possibility of shorting the market, given the current conditions. Here are some key points from the video:
- He starts by discussing the weekly time frame and notes that there has been stagnation and resistance in the market. Despite some resilience in holding up at the current range, he sees a lack of follow-through as a warning sign.
- He talks about recent optimism surrounding XRP news and positive developments for Coinbase. However, he suggests that these developments are not enough to drive the price up due to an imbalance between sellers and buyers.
- He mentions that if the price drops towards the upper $28,000 range, it could provide a good opportunity for shorting. He also discusses a momentum indicator and other information that can be accessed for further analysis.
- He discusses the potential for multiple returns and euphoria in the equity markets over the next couple of years. He recommends checking out the Dash Report for access to a momentum indicator that can be used in various markets.
- He discusses the possibility of a market downturn and suggests that there may be signs of a new bull market. He mentions previous deviations in indicators and the occurrence of a flu blue flip in April 2020. He believes that if they start to see a certain indicator by the end of the month, it could signal the start of a new bull market.
- He discusses targeting Bitcoin and Ethereum for shorting and mentions a different avenue for those in the US who don’t have access to derivatives.
- He also mentions a sponsored update on Radix DLT.