jackbinswitch.btc | Blog
January 13, 2023
8 min read

Letters from Jack #2: What a Pump!

Letters from Jack #2: What a Pump!

Remember, I am not a professional…I am a degen. Entries such as this are just my observations, and historically I am going to be more wrong than right. Please do not do what I do, everyone has their own risk tolerances, and baseline emotional state. In order to be a successful trader, you have to figure out what works best for you. So treat this as entertainment, a celebration of green candles, food for thought, whatever.

What a Friday! Not only did Bitcoin remind everyone who the king is, but that run to 21K managed to pump all of the other coins that I keep my eye on. In these moments, one feels underexposed, so naturally I had to look at the charts today and plot my next moves.

As I stated in the previous newsletter, I am not engaging in short term trades right now, I am building positions. My thesis is that we are not in up only mode, and that I am looking to print 5x minimum on these positions while looking for more opportunities. I am only buying spot at the moment, but will employ leverage at a future time. So taking profit just isn’t on my radar at this time, but that is subject to change based on market conditions.


Lido reached a high of $2.64, and support looks to be approximately $1.95. With my original buy in price of $1.08 I remain in profit with the current price of $2.08. The chart looks a bit overbought on the 1 and 3 Day timeframes, so I am not looking to add to this position at this time. If we get some red candle days and lose support, I would look to add to the bag around $1.55 or so.


Matic reached a high of $1.05, and support looks to be approximately $.95. It does look overbought on the low time frame, but when you start looking at the 3D-Month it looks like this coin has a lot of room to run. With my initial buys of $.78 I remain comfortably in profit with the current price of $.98. I will be watching this chart closely going into the weekly close. I feel comfortable adding to this position now, but there may be a chance to add closer to my original price. So I will wait.

Fetch. ai

Fet reached a high of $.26, and support looks to be approximately $.18. Fet is also overbought on the low time frames, but could definitely push higher based on what I am looking at on the weekly. I am hoping to see a loss of support and try to make another buy around $.16. This very well could be wishful thinking on my part as people become increasingly bullish on AI as well as crypto. I am happy with my original entry at $.13, but will be watching this one closely. On a side note FET is one of those painful coins for me as I had owned an obscene amount back in 2019, and sold too early. Lessons learned.


STX is my bae. I spent the first half of the bear loading up on Stacks and degening a good portion of it into NFTs. Read almost any of my blog post to understand how I feel about Stacks. Stacks had a great run to $.27 yesterday, and I will be looking to add at $.24. The chart looks good, but more importantly many still have no idea what is coming (sBTC) .

Closing thoughts

Despite the price action on Friday, crypto twitter was still not as active as one would expect. That said, I think this is a good thing. That move caught people off guard. If we continue to have these kinds of moves into next week, expect to see an uptick in CT activity. The fomo is real to those of us who already have exposure, imagine then the fomo for those folks who are still on the sidelines.

With that in mind I will be paying closer attention to the charts, because when Bitcoin decides to run, it tends to make big moves. Another big move up in Bitcoin could drain the liquidity from alts, giving me good opportunities to add to my positions. Conversely a big move down in Bitcoin could cause an alt rally. Feels good man.

That is it for now, I hope you all have a great weekend with your friends and family. Until next time, Jack.

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