⏳ Countdown to SEC's Spot Bitcoin ETF Decision!

Welcome back to Bull Market Bytes, your weekly cryptocurrency insight where we arm you with the latest cryptocurrency news and trading education so you can brag about it at your upcoming high school reunion. 😎

As we approach 2024, things are getting interesting and there are so many questions that need to be answered.

Will Bitcoin break the all-time high?

Will the SEC approve the Spot Bitcoin ETF?

Will we surpass 10,000 subscribers? 😉

Excellent questions! Let’s take a look at our important topics for this week.

Select one if you would like to skip ahead!

💰🚀 Bitcoin ETF Pending Approval

🗳️📊 Bitcoin ETF Approval Poll

📈🔍 District0x Price Forecasting

📚✏️ What are Trading Candlesticks?

🤓💡 Interesting Fact of the Week: Bitcoin is the greatest return on investment asset ever seen in the financial sector!

From the first transaction that gave Bitcoin it’s value of $.009 per bitcoin to the current price of $42,664.38, Bitcoin has increased 474,048,566% since its inception! 🤯

Spot Bitcoin ETF Approval

It has been a very long time coming, but we have (possibly) arrived to when the SEC will give a verdict on the spot Bitcoin ETF!

Why is this a big deal right now? 🤷‍♂️

Even though there are current Bitcoin ETF’s, this type of ETF provides exposure to the price moves of Bitcoin. It also allows investors to invest directly in Bitcoin as the underlying asset, not based off of contracts.

Long story short, more exposure! 🌍

The Good, the Bad, and the Ugly

Good: Institutional adoption could rocket bitcoin exposure and drive more volume into cryptocurrency by unlocking easier access and providing a sense of security and trust.

Bad: Potential market manipulation by hosting companies, even though we MAY see this in current markets. 😶

Ugly: Security risks could potentially be heightened as more volume would be flowing into the market and would mark itself as a target.

Also, overhyped expectations could be a concern and could lead to a massive pullback if immediate bullish results don’t occur for investors.

Will Bitcoin Increase with an Approval?

Unfortunately, there is no guarantee that Bitcoin will increase in value due to an approval for a spot Bitcoin ETF.

Granted, more people will have access and it could pave a way for further universal integration. 😊

What Else Occurs in 2024?

Let’s not forget about the Bitcoin halving! 📅

What is the Bitcoin halving, you ask? 🤔

Every 4 years, the reward for Bitcoin miners for each block “mined” is reduced by 50%.

This year will reduce the reward from 6.25 BTC to 3.125 BTC.

The next Bitcoin halving is estimated to take place on:

April 17, 2024! 🎉

We will cover this topic more in-depth as we get closer, but historically we see monumental movements resulting from this.

You don’t want to miss that weekly issue of Bull Market Bytes! 🐂

Do you Believe?

📢 Alright, everyone! Time to gather around!

It’s that time of the week again!

🔮 Grab your crystal ball as we take a look at this week’s community poll!

Do you believe the SEC will approve the spot Bitcoin ETF proposal? 🤔

It is your time to shine and let us know your opinion! 🌟

District0x Price Forecast

District0x was one of the top gaining cryptocurrencies in 2021 with its move from $.002183 in 2020 to $.4964 in 2021, a 22,639% gain!

At the time of that movement, District0x only had 600 million tokens in circulation.

Shortly afterwards, they released all tokens into circulating which amounts to a total of 1 billion.

🤓 Interesting Fact! District0x had much hyped caused as it was listed on Binance.

At that time, “pump groups” were elevating the price. Now, District0x has been delisted from Binance but is still on major exchanges.

🧠 Remember! This is only a projection, this is not the exact numbers that we saw in our crystal ball, I mean in the conducted analysis. 😅

⚠️ This is NOT a call to action! The potential high price stated above is subject to change based on outside variables.

What are Candlesticks?

Are you tired of looking at trading charts and not knowing what it means?

Tired of the sleepless nights thinking “if only I knew how to read trading charts, I would be a millionaire?” 💰

Don’t worry! We are here to show you the way and make sure you get a good night’s sleep! 😴

And now with that joke rated “6 out of 10” out of the way… 😅

Let’s dive into understanding trading candlesticks.

In the beginning, many moons ago…about 2-3 hundred years ago to be more exact, Japanese rice merchants and traders would track their daily market prices and momentum using “candlesticks”.

Today, we use candlesticks for the same exact reason, to capture price action (movement of an asset).

Even though they tracked daily movement, candlesticks can be used for various amounts of time to include minutes, hours, days, weeks, and even years! 😲

🧠 Remember! It is very important when studying a price chart to use the various timeframes. Even though a movement may look bullish with 5-minute candlesticks, it could look bearish with 1-hour candlesticks.

🚀 Let’s begin! There are two overall types of candlesticks, bullish and bearish.

Bullish indicates greed in the market and bearish indicates fear.

🐂 Bullish = Asset set to increase

🐻 Bearish = Asset set to decrease

Let’s go more in-depth. 👇

Above is a single candlestick.

Unfortunately, no dad joke for that one. 😄

Now, let’s break down the key words shown above.

Body: Encompasses movement that occurred inside of the open and close price of the asset.

Top of the Price Action: The highest the price went during the duration of the candlestick.

Bottom of the Price Action: The lowest the price went during the duration of the candlestick.

Start of the Price Action: The price the asset was at the beginning of the candlestick.

End of the Price Action: The price the asset was at the end of the candlestick.

Wick: High and low-price movement that occurred outside of the body of the candlestick

For the red candlestick shown above, it has all of the same components as the green one we just reviewed but the start and end price action are reversed.

Why is that? 🤔

Because a red candlestick shows that there was a negative price action, opposite of a green candlestick which shows positive. 😎

📚 Ready for your education review?

Question: When referring to a candlestick, what does the “Wick” represent?

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