Good Morning, So obviously the Nvidia conference start on Monday and that’s gonna be a big, a big event for AI. Typically when you have these big conferences after a sector is super hype and the underlying asset has gone crazy, right?
Which Nvidia obviously has since it’s lows. In October, 2022, from tough to peak, it went up 9x, which for a stock is crazy. And even now, currently it’s sitting back at 700%, about 8x returns from the lows. Uh, just this year alone, just 2024 can see it’s up about basically doubled this year. And so a lot of people are like, uh, is this sell the news?
In the conference gonna be the top? I think there’s a couple of things. One, that might have been the opportunity(Red Arrow) that insiders took to dump before the conference. It was quite a while ago though, right? That’s full week before. So, I’m not sure. The thing I, I said this yesterday in trading analysis and I think it’s pretty valid, the, stock market’s not open on the weekends, right?
The conference start on Monday, So I would’ve expected that if Nvidia, if insiders were gonna try and, you know, racing doe the exits to dump the event because I think it’s sell the news. We would’ve seen a weak Friday, but we didn’t actually had slightly Green Friday.
But just really a consolidation after the sell off, still holding up the bands and overall not looking bad too bad. So excuse me, I see that as a slight positive, Uh, it tells that insiders were not rushing to exit before Monday. Whether that means we’re gonna have a bullish rally around the AI event or not, I don’t know, it’s certainly better than it dumping on Friday.
So then we look at coins RENDER really nice, like really nice reversal on RENDER, swept out the lows, right? We go to lower timeframes So. I’m obviously, I’m long Render and I’m long Fetch AI. Um, go long on both of them in this shakeout yesterday, as it was coming back up. It was probably, when did it actually get long? It got long around, it was somewhere in here.
Yeah, it was after the shakeout, It was after it. It was about 12:00 PM UTC, because it was after that reversal on the hourly when we saw some consolidation back inside. And I saw Bitcoin strength started to get long RENDER and Fetch Ai. I can find the exact entries, I mean open up Bybit just to be fully clear with it. But I posted in trading analysis whenever I did it.
So Render, I’m long from 10.57, whereas 10.57, and it’s basically on that line. So I’m long RENDER from there. Uh, let’s just put a green line on it.
Fetch, I’m long from fetch. Doesn’t have like anyone speaking at the conference RENDER does, but so does NEAR, I’m gonna talk about NEAR in a second. Fetch long from 2.64. So Fetch is actually slightly in the red and RENDER is looking stronger. So regardless the weekend offers, you know, setups or offers a bit of choppy price action I guess.
I don’t know if it’s gonna rip today on Saturday, maybe it will if people are really trying to front run it, but I would expect to see on the lower timeframes some kind of messy and choppy Saturday Sunday action, right? And then maybe it takes off from there. I wouldn’t ne surprised if there’s a bit of volatility both ways.
it’s just, my invalidation on both trades is obviously here. I don’t think fetch is gonna take those lows, although it’s obviously more likely to take those loads than RENDER is. I do think that RENDER is pretty strong here and solid.
You can see, uh, traders are stepping into bid it. The four hour bands are about to turn green again after being green, then red, then green, then red. That’s a good setup. You saw that on the Alt Btc chart, uh, on a daily. But it works on all timeframes. When I say it works, you know, everything is just probabilities.
And then the other one I had in mind was NEAR, so NEAR actually had a really nice reversal there after showing some consolidation below the 5,200. So it was below the 100 EMA. I’ll take off the bands for now. It had a little trap below the 100 EMA and has popped back up above it, which uh, I quite like, right? It was looking bearish, bearish, bearish. But there’s clearly support here.
Three taps of those lows has popped back up. SO I think NEAR is probably, I might. I haven’t decided yet, If if do it, I’ll tell you I might swap my Fetch with NEAR because NEAR and RENDER are the two that have speakers, right? So if we look at the GTC, you can see here that at the conference you’ve got, mm. I mean it’s gonna take f*****g forever. There’s too many, there’s too many different things. But I think if you put in here, you’ll see it.
Keynote, what’s next in general Transforming AI here. So it’s on Wednesday, Ilea the co-founder of NEAR speaks, right? So that’s the first one where there’s a crypto founder directly speaking at it. They’ve got RENDER, which is gonna be here, Ju Ebra, that’s on Wednesday as well. So Ju Ebra is the CEO of OTOY. But he is also, which is, I think it’s the parent company of RENDER-RENDER blockchain.
So RENDER network, they’re the two. I’m longing Fetch, RENDER, but I might swap Fetch for NEAR, uh, depends price action develops. I’m not gonna do much for the next hours. I’ gonna let most of Saturday just just play out and see what happens. And then I’ll decide to size up if, uh, if I think it’s appropriate.
You know, if too many people start getting long over the weekend expecting the AI conference to be bullish, it might end up being a damp squib. But for now RENDER seems to be in good shape. And where would I say it going from here?
Well. if it has a really bi move, had a really nice reversal swept all that out, I could just see a new high. And for me trading the conference, if I saw RENDER just making a high, making it even $13 or just above $13, I’d just take profit there.
I’m long from 10.50. I’ll try compound it and I’ll just exit there at $13. I don’t care if it goes to f*****g to $20 or whatever. This is just short term trade around the actual AI event. Last thing, a crash, haven’t looked at it this morning, but a really nice, I mean just a mega f*****g daily candle. What a nice reversal that is from a KT and that’s to me a really strong sign that this doesn’t wanna go lower yet.
But what this is setting up nicely, especially if it makes a new high, if AKT(Akash Networks) is able to make a new high, I think that yesterday’s low becomes the first area you’re looking at for support on a dump, right? Because that level has shown to be strong support. If we do go higher, I’ll be looking at that level first.
So that’s great. That’s really, really promising. Talked about it yesterday or two days ago, whenever it was, I think it was yesterday about how when I was on stream it was down here and it was red and it looked bad and I was like, but that’s how things look before they pump, right? And git a nice reversal.
So we’ll see the AKT guys are gonna be at the conference. They’re just sponsoring a booth, right? No speakers or nothing, but they’re gonna be there. So I’m sure there’ll be plenty of content and yeah, if you’re holding AI coins, you know where to look next week. Watch the conference, watch the reactions to coins with context of the conference, right?
Um, Bittensor (TAO) had a nice potentially reversal candle there. World Coin, everyone’s gonna have their eyes on World coin, because it’s like, you know, the Sam Altman affiliated coin, but looks like s**t to me right now. The Akash(AKT) looks good. OCEAN is okay dokay. Fetch, AGIX is also okay. Clore AI looks pretty nice, GPT, not great.
Uh, Filecoin not great, RENDER obviously strong, Theta, which is sort of semi related to Ai, Yeah there we go. So I think, Fetch or I think sorry, RENDER is the best. It’s the strongest in terms of ones, I’m trading. AKT obviously looks great, but I’m not trading that. I’m just holding it. Fetch looks potentially nice. And they’re the two with speaker at AI conference. So it’s probably where I’ll focus my attention going into next week. That’s all abit AI conference and Trade of the Day.
Sayonara – That’s all for Today, Do give your feedback.
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