Hello everyone!

Welcome to edition #36 of The Summit Post, my free newsletter focusing on crypto market updates and investments.

Today we’ll have a look at:

• BTC

• BONK

• Memecoins

• Portfolio

Let’s dive into it!

BTC

Even though the uptrend in Bitcoin has slowed down a bit, I am still very bullish for Christmas and the coming weeks.

There are incredibly many bullish catalysts, and even when you look at stocks or the dollar - everything is bullish for Bitcoin!

The ideal bullish scenario would be a close of the CME gap and a bullish retest of the 38.5k resistance with a wick into the daily order block.

What speaks for a local top is the current hype around memecoins. Typically, this occurs at the end of a period - Bitcoin pumps, altcoins pump, and finally, memecoins pump.

After that, there is usually a flush down. But as I said, as long as we don't close below 38.5k on the higher time frame, it remains bullish. That is the crucial level.

BONK

Bonk Coin had an epic run lately, retracing about a third. This level gets extra confluence from the 0.5 Fib level of the last swing low.

Due to the current weakness in the crypto market, Bonk has not been able to hold onto this level and will likely continue to decline to the next fib levels.

But with crypto potentially pumping into Christmas, BONK's ascent may not be over. Yet, with a current market cap of around 1.4 billion, don't expect many Xs!

For comparison, SHIBA had a market cap around 40 billion at ATH. However, the first pump in May 2021 hit 11 billion.

If Bonk pulls off something similar, when we see a huge crypto pump in the upcoming weeks, there's an 8x potential. 

But let's be clear, especially with a modest budget, there are far smarter investments than Memecoins out there!

And typically, a memecoin chart looks more like this - and this one is still alive! Most of them indeed tend to approach zero.

After this success of BONK you can read headline like this on Twitter:

I made $40 million from $100 with $BONK

These are either thought experiments or the pure exception. Don't fall for this nonsense.

In May, I did a 400x with $MONG. But since you have took profits aggressively with these coins, I ended up with a 20x. That’s the realitiy nobody tells you.

So even if you bought the right memecoin, you won’t end with a 100x.

And the overwhelmingly vast majority of memecoins are either rugs or duds that fade away.

It's fun along the way, but call it by its name - it's gambling, not investing.

If you have a limited budget, you should definitely stay away from it! Don't. Get. Greedy.

What to buy instead? Undervalued high-quality coins.

The theory is that good projects will always prevail in the long run, and your investment will, in any case, come with a good profit.

And if you discover good projects early in the right narratives, you can achieve similar gains without the significant risk of memecoins.

Memecoin tips

Here are some tips if you really want to try out the memecoin game.

You have to be very early

BONK was already several months old and still experienced an incredible pump. However, this is more of an exception.

If a coin has a market cap over 100k, is older than an hour, or is trending on Twitter, chances are it's too late. Searching for coins on Twitter and relying on memecoin shillers poses a significant risk (pump and dump).

Monitor Dexscreener for hours a day, scan every new token with a contract scanner and make your decision (sounds like fun, doesn’t it?).

If the coin doesn't have many transactions, you can check the order book to see if the same address is buying and selling repeatedly just to increase the volume.

It's a common practice at the beginning, but if the volume is only 30k and most of it is from the same address, it suggests that there isn't much interest in the coin.

The name is also crucial. It may seem trivial, but the real hype around coins always starts on Twitter. It's essential that the name is tweetable. Make sure, the name is attractive at first glance.

Use a contract scanner

Don't touch a coin if these requirements aren't met:

• contract is verified

• ownership is renounced

• no high buy / sell taxes

This is so easy. Just copy the contract address from dexscreener into a scanner - for example isrug.app. Check the contract.

Portfolio

The example portfolio is pretty red this week. However, for those who have been dollar-cost averaging into the coins, they likely have a better average price and may not be in as much of a loss.

The biggest loser is KAS, which lost the current range. The expectation was to see such fluctuations, and they will occur repeatedly because altcoins naturally reflect the market in its most pronounced form.

When Bitcoin pumps again, this portfolio could double within a few hours.

However, all of this is not important. Nagato mentioned in our space yesterday: when euphoria is present, you stand up, and while you're doing your morning shit, your portfolio has doubled. Then you have a coffee, and your portfolio has doubled again. That's the time we're waiting for, and that's what this portfolio is for, not for low-time-frame fuckery.

Thank you for reading and have a great day!

Marco

P.S.

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