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- 💎 Enjoy Your Exclusive Bitcoin Analytics! (10 August 2024)
💎 Enjoy Your Exclusive Bitcoin Analytics! (10 August 2024)
What's Bitcoin's Next Move? Take a Look! 👀 PLUS: Doji Candlesticks Explained! 📚
Jonathan Hamblin
August 10, 2024
In partnership with
Welcome to Bull Market Bytes!
Your byte of cryptocurrency insight where predicting the market is 50-50…
It can either go up or it can go down…
And it always does the opposite of what is expected. 😅
Let’s Explore Today’s Highlights
🥳 Fun Fact: What is Bitcoin’s Total Volume?
📊 Market Breakdown: Predicting Bitcoin’s Next Move
📌 Bull Market Bulletin: Current News & Stories
📚 Trading Strategies: Doji Candlesticks Explained
Statistics as of: 10 Aug 24 @ 3:30am EST
What is Bitcoin’s Total Volume? 🥳
Since its inception in 2009, Bitcoin has generated very high numbers in volume…
Which we will get to shortly… 😅
Since the beginning of trading, over 1.78 billion Bitcoins have been traded.
At today’s rate, that is over $106.8 trillion! 🤯
The top exchanges generating that volume were:
Okcoin (578 million Bitcoins - 32.97%)
Huobi (545 million Bitcoins - 30.63%)
Btcchina (258 million Bitcoins - 14.50%)
Don’t worry, we have not forgot Mt. Gox and Coinbase… 😂
Coinbase (54.9 million Bitcoins - 3.09%)
Mt Gox (53.9 million Bitcoins - 3.03%)
And that doesn’t even count cryptocurrency as a whole! Don’t worry, we will cover that another day. 😃
Market Breakdown 📊
We must admit, the crypto market has been going in every direction imaginable recently…
Even though it can only go up and down… 😅
One day we are pushing the all-time high and the next we are falling faster than my GPA in high school. 🤣
So, for today, let’s predict what is going to occur next and how we can “beat the market” …
Our main topics for today!
Bitcoin Movement
Timeframe prediction
And with that said…that’s dive into it!
Bitcoin Movement
For Bitcoin, we are taking a look at the weekly candlesticks.
And the reason for that is because we are looking at a longer timeframe.
We need to pinpoint the time (could be weeks, could be months) that we can keep in mind to stay motivated…
The price moves quickly in crypto and looking at daily movement makes our head spin… 😂
So, let’s take a look at where we are with Bitcoin’s movement and if we need to panic sell or not. 🤣
Just kidding, of course! We would never recommend that!
Now with the cheesy jokes out of the way, we are still holding the two bullish formations. We have the…
Ascending Triangle in Gold
Bullish Pennant in Blue
This has continually been touched on in past newsletters, but it is very important to know that we are still holding these formations!
And the importance of this is because throughout the dips and panic, we are still in an overall bullish movement.
And this is a testament to not getting caught up in the Fear, Uncertainty, and Doubt (FUD) that others want to spread.
Keep in mind, we have to trust the charts and not what some rando says…
Another thing to note about this chart, the current candlestick we have in very bullish!
It did dip below the lines that are marked within the chart, but then rocketed back up to maintain the formation… 🚀
It is amazing for working towards breaking the all-time high!
Now, let’s get into the part that everyone wants…
The timeframe prediction… 😎
So, let’s grab our crystal ball and take a look! 🔮
Timeframe Prediction
Movement predictions are based off of when trendlines converge and off of potential and holding candlestick formations…
For example…
If we are forming a cup and handle formation (which is bullish) then it would be safe to assume to the end result would be…
Well… bullish! 📊
Now, let’s take where we are for example. An ascending triangle results in a bullish movement upwards…
And so does the bullish pennant…hence, the bullish part. 🤣
With that said, let’s focus solely on the bullish pennant as that is the first resistance line that is coming up.
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Alright…back to the timeframe prediction! 📊
Let’s take a look at the image below and see what date we can go off of.
So, for the image that is above, we see the first conversion of lines where the bullish pennant is…
That is going to be our first test, and it can go two ways…
We continue upwards and hold the ascending triangle formation in gold.
We do not break through the blue line and potentially start forming an inverse cup and handle formation (downward movement)
And as you can see…the date we need to keep in mind is 21 October 2024!
Of course, it could occur earlier, but if we continue the uptrend, this will be a moment of truth…
Can’t wait to see what happens!
🧠 Don’t forget! Timelines can change along with change in candlestick formations. It is important to watch movements as they may change from bullish to bearish. 😎
Bull Market Bulletin 📌
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Bankrupt Exchange Ordered to Pay $12.7 Billion! After two years, the courts have come back and are showing no mercy. Who are they showing no mercy to? Well…do you remember FTX? Yes, the exchange that gave the customers an illusion that their funds were safe and secure but then everything one day just disappeared… 😬
The settlement that has been reached requires FTX to pay $8.7 billion in restitution and $4 billion in disgorgement to the victims whose deposits were locked during the 2022 collapse.
Bitcoin Whales Accumulate $22.8 Billion…Did You? So…while many investors seemed to be panicking with the recent pull back in crypto prices, there was a group of investors that did not. THE WHALES!
CryptoQuant data shows that these whales (large holders of Bitcoin) accumulated $23 billion in Bitcoin collectively during the recent spike down…Wish I had at least $5 left to buy the dip, let alone $23 billion… 😂
Crypto Trading Surged in July, Will it in August? Volume is the life of any asset. If there is no volume, then there is no value that is behind it…unless it is a 1 of 1 masterpiece that isn’t being sold. 😂 It exciting to see that global crypto trading volumes surged by 17% in July, reaching 4.94 trillion! That is more than double the entire market cap of the crypto market! Can we keep this going in August? Only time will tell…
Ripple Ordered to Pay $125 Million in Charges! Ripple has been battling the court system for many years now. This all began in 2020 and seems to be on-going. XRP (created by Ripple Labs) was a heavy hitter in 2018 when it broke its all-time high…and unfortunately it has not broken the all-time high since. 😬
On a more positive note, this recent ruling to pay the Securities and Exchange Commission about $125 million in penalties is far from the $2 billion that the SEC had been seeking. Many XRP enthusiasts view this as a win, and the big question is…will XRP no be able to break the all-time high? 🤔
Doji Candlesticks 📚
Welcome back to today’s education lesson!
In our most recent newsletters, we have been discussing candlesticks and candlestick formations…
And why exactly have we kept this theme? 🤷♂️
Because candlesticks show us the psychology behind a movement and if we want to beat the market…
We have to know what the other side is thinking. 😎
So, grab your pen, paper, and thinking caps as we dive into…
Doji Candlesticks!
Alright…so what exactly is a doji candlestick?
A doji is the name for a candlestick that virtually opens and closes at the same level…
With any candlestick, it is going to cover a period of time…this could be…
One Minute
Five Minutes
One Hour
One Day, Etc…
Depending on the type of trading we are doing…short term or long term, that would decide the candlestick length… 👍
So, with all of that said…
The candlestick could open at $1, surge to $5 within the same time period, and the plummet back to $1….
When that occurs, you will see candlesticks like the ones below in the image.
And because that occurs, a doji candlestick is overall an “indecision candlestick”
With each of the candlesticks above, they are going to dictate if it could initiate a bullish or bearish movement.
Let’s take the dragonfly doji candlestick for example…
This candlestick shows that the price opened high (shown by the horizontal bar at the top of the candlestick).
And then it dipped down heavily in price….
However, in that same time, it rocketed back up and closed where the price opened originally.
This is a very bullish candlestick! 🚀
And because it is…it initiates a reversal to follow suit. Take a look below to see the example.
Once the dragonfly doji candlestick occurred, we then see a massive movement upwards…
And that is because that specific candlestick initiated the bullish reversal and the momentum continued.
To dive more into doji candlesticks, let’s take a look at the video below. 👇
🧠 Remember! The doji candlestick may be an indecision candlestick, but that does not mean that it cannot initiate either bullish or bearish movements!
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