The crypto market bottom is ‘almost in’ — Market Talks chats with trader Korean Jew Crypto
On this week’s episode of Market Talks, Cointelegraph welcomed Jake, or “KJ” — also known as “Korean Jew Crypto” on Twitter — the founder of The Trading Dojo, a platform that provides coaching and education to help traders identify profitable trades on their own.
The wide-reaching interview covered KJ’s take on how to trade the Federal Open Markets Committee and Consumer Price Index events, along with his views on how Federal Reserve policy is impacting crypto prices.
According to KJ:
“In regards to what Powell said, and the way the news cycle has been, a few weeks ago I was adamant that something has changed. I was quite bearish and expecting a support break for BTC, ETH and everything else. We got the dip on Friday that swept everyone out of the tight range, but it was immediately bought back. […] Bullard from the Fed had some bullish things to say, and we reclaimed the support and held on with nice volume, as well as in stocks. I said to my friends and the Dojo, ‘Something is different.’ That was supposed to break down, but there were buyers there. The market just feels very different.”
When asked about whether or not Dogecoin’s (DOGE) recent 100-plus percent pump is a one-off or a sign of a wider trend change, KJ said:
“I feel there’s something bigger behind it, personally. When you’re comparing structure, even thorough price rejected at a certain level, it’s actually starting to look quite bullish to me. I wouldn’t be surprised to see a reflation trade where price goes up to like $0.55, comes down, and then marks up again.”
On Tesla CEO Elon Musk’s new ownership of Twitter, “People are speculating that there is going to be some sort of DOGE integration involved. I think it’s a reasonable speculation, actually,” said KJ.
Is the market bottom in?
In regard to a wider turnaround in sentiment, investors’ appetite for risk and the crypto market carving out a bottom, KJ explained that DOGE’s recent bullish price action is:
“Showing that there’s a greed element that is there again. In the past, the DOGE move would have gotten sold off, somewhat immediately, not the numbers that it did. We might have got a 20% move that was sold off by the end of the day. Litecoin, as well, also shows greed in the market and risk-taking behavior, and this risk, in my opinion, is not being taken by ‘normies’ yet. These are more powerful players that are willing to do so.”
To hear more alpha from KJ, tune in to Market Talks on YouTube, and come back every Thursday at 12:00 pm ET to hear featured interviews with some of the most influential, inspiring people from the crypto and blockchain industry.
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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.