Bitcoin is Dumping, Investors are Nervous...Why!? 📉😬

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Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where we covered everything fun going on in crypto and also everything that makes your blood pressure go up…

The best of both worlds! 🤣

Let’s Explore Today’s Highlights

🥳 Fun Fact in Crypto

📰 Bitcoin Investors are Nervous

📊 Market Breakdown

📌 Bull Market Bulletin

📚 Bull Flag Formation

Fun Fact in Crypto 🥳

We recently hit a cryptocurrency anniversary!

Unfortunately, there is no reason to celebrate for this anniversary… 😬

13 years ago, there was a massive Bitcoin crash that resulted for Bitcoin going from $17 to a penny!

…Yes, you heard that right…Bitcoin went to A PENNY! 🤯

Back in 2013-2014, Mt. Gox accounted for 70% of all bitcoin transactions…and unfortunately, they were hacked.

So, what exactly did the hackers do? 🤔

Well…they stole over 740,000 Bitcoins (6% of Bitcoin in existence at the time).

Fortunately…200,000 Bitcoin were recovered, but the remaining were never recovered.

Now the question…where is the remaining amount? 🤷‍♂️

Bitcoin Investors are Nervous 📰

Well…I never thought that I would see this day but supposedly, the day is coming soon…

Even though this has been said time and time again… 🤦‍♂️

What day exactly is this?

No, it isn’t the day my dad returns from buying milk at the store 10 years ago. 🤣

…It is the Mt. Gox repayments!

For those that are not familiar, let me explain in 60 seconds…

Launched in 2010, Mt. Gox was one of the earlier crypto exchanges and the biggest at the time.

It was eventually hacked in 2011 and then went bankrupt in 2014. 😬

Over the years, investors and traders have demanded their Bitcoin back and it appears the day is now here…

So, why does this make Bitcoin investors nervous? 🤷‍♂️

As of Monday, this week, Mt. Gox has 141,687 Bitcoins, which is valued at roughly $8.7 billion!

And starting, supposedly, in July of this year they are returning up to 140,000 Bitcoins to those investors and traders along with 143,000 Bitcoin Cash.

Can you imagine if everyone that receives Bitcoin sells it immediately?!

That will be $8.7 billion in selling pressure! 🤯

However, you may not have to imagine that…

Everyone is flustered because they think that those investors and traders are being compensated with today’s market price…

HOWEVER, …

There are talks that they could be compensating at the price Bitcoin was at the time of the hack…only $483 per Bitcoin…

If this is true, instead of $8.7 billion…

We are looking at $67 million… 😅

So…when will we know the exact answer? 😂

Well, as always, I suppose time will tell… ⏰

🧠 Remember: Make sure to do your own research! FUD (Fear, Uncertainty, and Doubt) will always be there…but don’t fall for everything you hear!

Market Breakdown 📊

The market hasn’t been the strongest it has ever been and there are a few variables that come into play…

1. Germany is selling off Bitcoin that it seized from the operators of a movie piracy website. Read more.

2. Mt. Gox is refunding Bitcoin & Bitcoin Cash to users affected from when they were hacked.

3. The Bitcoin gods frown upon us. 😂

So, let’s begin with taking a look at how cryptocurrency as a whole has been performing.

Well, at least the stablecoins are doing okay… 🤣

Jokes aside, cryptocurrency is taking a hit overall and a majority is due to Bitcoin.

Just like with the S&P 500 in the stock market, Bitcoin is a huge factor when it comes to how the others perform.

So, with that said, let’s dive into the charts. 🤿

So, we see since our last edition that the support line was broken…

However, we do have a bottom wicking candle on our current candlestick.

What exactly does this mean? 🤔

This means that there is a buying pressure that is bringing the price back up!

And interestingly enough…the price was pushed back up to the support line…

That was previously broken…but I guess isn’t now… 😅

You have to love cryptocurrency analytics.

You will notice that there is a red arrow…and the reason for this is unfortunately, we do project further downward movement.

We hate to deliver bad news…but the good news is this is just a projection…we could be completely wrong!

Fingers crossed! 🤞

So, why have we come to this conclusion? Well…

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…today’s sponsor! ⭐

Special thank you to World Copper for partnering with us for today’s newsletter! 🙏

There is a formation that has formed, and the funny thing is…it is the same formation that gave us the break downward previously…

Yes, it is the descending triangle formation!

There is a reason why we have the “educational segment” in the newsletter…knowing formations is important! 😎👍

Let’s take a look at the image below which shows us the descending triangle. 👇

For the bottom of the formation, we did break the support line, but it bounced right back up.

The reason we mention this…there is potential for sideways movement…

Not likely…but we don’t want to deliver only bad news. 😂

For those that may remember the “Moment of Truth”, this was a projection for downward movement that did hold true.

So, the other good news is that we have a new timeline! 😎

The closure of this descending triangle is the 22nd of July. We aren’t saying this is a magical date however…

This would be the final date for a movement determination, but it could be before. Keep an eye out! 👀

🧠 Don’t forget! Formations may start bearish or bullish but finish completely opposite.

Example: It may start as a descending triangle but actually form the “cup” within a “cup and handle” formation…endless possibilities! 🚀

Bull Market Bulletin 📌

CROWDSCALE: Startup investing for the masses! Join 4,600 others looking to invest in the world’s next big idea.

Binance Assists and Freezes Stolen Funds! A Turkish cryptocurrency exchange has reported to have a cybersecurity breach that enabled unauthorized withdrawals…the damage? $5.3 million so far! 👀

Coinbase is in Hot Water? … Again? Coinbase may be at risk of a regulatory enforcement action over its accounting for crypto assets. Well…if it is not one thing it is another…

How is AI Being Used for Evil? AI is an amazing thing…but can be an awful thing when put in the wrong hands. The latest crypto scam? …fake Elon Musk livestreams that promote cryptocurrency BS…Oh, brother… 🤦‍♂️

Tokyo Investment Firm Pursues Bitcoin Purchase! Metaplanet, which covers consulting and investments, is planning to issue bonds to raise money to buy $6.26 million in Bitcoin…

Bull Flag Formation 📚

Welcome back for this week’s education lesson…

The bull flag formation! 😎

This is a very important one to understand as this is one of the top formations normally seen in trading!

Well…along with the bear flag formation. 😅

Just by the name, we know that the bull flag is…well, its bullish. 😂

Let’s take a look at the image below. 👀

As we see, the initial movement is a burst upwards which creates the flagpole.

Following the flagpole is a sideways consolidation. Even though it is brief in the image above, it can be over a long period of time.

⭐ This sideways consolidation is called the flag or “channel”.

After continued sideways consolidation, we finally reach the point of a breakout.

Keep in mind, to confirm that the asset wants to continue higher, the breakout needs to pull back down.

Why is this important? 🤷‍♂️

Because it is turning a resistance line into a support line…

Once the support line has formed, it is confirmation that the asset may continue upwards and more importantly…

The market has confirmed that it wants to move higher.

Let’s take a look at the video below for a real-time breakdown of the bull flag formation! 🔍

🧠 Remember! With trading patterns, it is important to keep in mind if the asset is green or red (up or down) on the day.

If it is green, it is more prone to higher levels of bullish pressure and vice versa.

Lesson Review Question

📚 Make sure to review the lesson above before answering!

Question: What is a term for the sideways consolidation within the bull flag formation?

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