💎 Enjoy Your Exclusive Bitcoin Analytics! (14 August 2024)

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Our Archive of Previous Newsletters

Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where everything may seem calm…

But the perfect storm is coming, and a lot of $$$ will fall from the sky…

Well, at least we hope so. 😅

Let’s Explore Today’s Highlights

🥳 Fun Fact: Bitcoin’s “Unofficial” Mascot

📊 Market Breakdown: Bitcoin’s Ready to Rocket

📌 Bull Market Bulletin: Current News & Stories

📚 Trading Strategies: Candlesticks Explained

Bitcoin’s “Unofficial” Mascot 🥳

For anyone that is familiar with sports, they normally always have a team mascot.

The Chicago Bulls have “Benny the Bull”, the Philadelphia Phillies have “Phillie Phanatic” …

And Blooming Prairie High School in Minnesota have “The Awesome Blossom” …

Not kidding about that one… 😂

So, who or what would be the mascot for Bitcoin?

I mean…we are all “Team Bitcoin”, are we not? 😎

Believe it or not, the honey badger is the unofficial mascot for Bitcoin.

In 2013, Roger Ver who owned a computer parts reseller began accepting Bitcoins as a payment method in 2011…

…Which I was trading lunch snacks at that time for Bitcoins… 🤣

And he wanted to get other people on board with accepting Bitcoins…so what did he end up doing? 🤷‍♂️

He paid for a billboard to broadcast various Bitcoin ads, and one happened to be of the honey badger which caught on quick!

His idea behind it is that honey badgers do not care, just as Bitcoin does not care and will never be stopped…

Which I couldn’t agree more!

Why the Honey Badger is the Unofficial Bitcoin Mascot

Market Breakdown 📊

We are back at it with another market breakdown…

Another day, another heart attack… I mean dollar… 😅

Recently everything is somewhat going sideways…

And we know that it isn’t the most exciting thing ever, we all want Bitcoin to go from $60,000 to $1 million overnight…

But believe it or not, sideways consolidation is just as powerful! 👀

For today, we are diving more into what timeline to be on the lookout for and other analytics to keep us one step ahead. 😎

And with all of that said, we will be covering:

1. Crypto Heatmap (7-Day)

2. Long/Short Ratio (24-Hour)

3. Bitcoin’s Technical Analysis

Alright, let’s begin with our first topic!

Crypto Heatmap (7-Day)

The heatmap is a great way to start any analysis because it gives us an overview of the market.

And even though we have felt like Bitcoin continues to dip with no end in sight…it is actually doing great on the 7-day performance.

Granted, Bitcoin and many other cryptocurrencies had a huge downward movement outside of the past 7-days…

But this does show that we are on the right track to a recovery and a consolidation period.

And let’s not forget…the consolidation period may not yield high returns and movement, but it is building a strong foundation…

More like a strong launchpad for a rocket to the moon! 😎

Long/Short Ratio (24-Hour)

Of course, we cannot forget about the long/short ratio!

This shows us how the traders and investors in the market are actually viewing the market and trading accordingly.

With the recent dips, we could say that everything is going to $0…but is that actually how the market is reacting…

Now, as we see below…the ratio is actually very close between the long (bullish) and the short (bearish) traders.

The actual percentage is 50.22%/49.78%, which is VERY close together!

This shows that one side does not overpower the other…and in short, this equals a consolidation period, which is great! 😁

So…with all of this consolidation taking place, how does Bitcoin look on the charts?

Well…let’s take a look and see, shall we? 😄

But before we do…a word from today’s sponsor!

Thank you to Bullseye Trades for sponsoring this newsletter!

Now, back to our next topic…

Bitcoin’s Technical Analysis

After all of the downward momentum, panic selling, and lonely nights crying in the shower…

Which definitely wasn’t me, of course… 😅

Bitcoin is still holding a bullish formation…well, two of them!

From our previous newsletters, we still have the two formations outlined in the blue and gold, but we have added two markers…

These markers show two dates that we need to keep in mind! 👀

We have the 28th of October 2024 and the 27th of January 2025…

Why are these dates highlighted, you may be asking… 🤔

These are highlighting because the two formations are hitting their crossroad of continuing to be bullish or be bearish. 📈 📉

If the ascending triangle (outlined in gold) continues, then we should break Bitcoin’s all time high by 27 January of 2025. 🚀

Granted, many things can happen in the meantime…

But this is if both of the formations hold strong…and I am sure that we are all hoping that they do! 😂

These timelines are slightly different from our previous ones as they are now encompassing the end of the formation…

However, both dates we have spoken on are plausible. 👍

🧠 Don’t forget! Sideways consolidation may be boring, but it is building a strong foundation for something exciting!

Bull Market Bulletin 📌

Bitcoin Creator will be Surpassed in Holding Bitcoins… Very interesting topic for this news article. For many years, Satoshi Nakamoto (name for Bitcoin’s unknown creator) was the top holder of Bitcoin at around 1.1 million Bitcoins ($66 billion in today’s value)!

According to Bloomberg ETF Analyst Eric Balchunas, Bitcoin ETFs now hold a total of 909,700 Bitcoins, worth around $55.1 billion! On average, the Bitcoin ETFs add around 37,510 Bitcoins to their holding every month. It is now only a matter of time until they surpass Satoshi’s wallet holdings! 😮

Crypto to the Moon…Literally! Space X has just announced that it has an upcoming mission. Is it to the Moon, or maybe to Mars? 🤔 Nope…it is to send a Bitcoin entrepreneur to go over Earth’s polar region…Yeah, doesn’t sound too exciting…

However, the significance of this flight is that it will be the first human spaceflight to go over Earth’s polar region. So, just for the record, once you become a Bitcoin billionaire you can go to space next! 😄

Donald Trump and Elon Musk Don’t Mention Bitcoin? For those that may have missed it, Donald Trump was featured in a live talk with Elon Musk within his social media platform “X”. There were many hot topics that were discussed, but interestingly enough, Bitcoin and cryptocurrency was not one of them…

Think about the Bitcoin Miners! It should go without saying that Bitcoin miners are very important to the continuation of Bitcoin’s legacy. Now, we also must keep in mind, Bitcoin miners have very expensive hardware and electricity costs to do what they do…which is secure the network and bring more Bitcoins into existence.

For them to continue doing that, they need to be able to maintain what they are doing which costs moolah…money for those that may not be familiar with that slang. 😂 Due to the price stagger of Bitcoin, reports now show that Bitcoin miners collectively have sold more than 19,000 Bitcoins in one day! That is over $1.1 billion! 🤯

Candlesticks 📚

Welcome back to another exciting educational lesson!

In our most recent newsletters, we have been covering a lot of candlesticks, how to read them, and their importance.

A warm welcome to new subscribers that may have missed those newsletters and for our long-term subscribers…

Our hearts are broken that you missed them… 😂

Either way! Today we are going back to the basics and will be covering:

1. Breakdown of Candlesticks

2. Bullish/Bearish Strengths

3. How to Read Candlesticks

And without further ado, let’s dive into it! 🤿

Breakdown of Candlesticks

When it comes to the fundamentals of candlesticks, it is important to see what they are showing us…

And more importantly, what they mean… 👀

When someone is looking at a candlestick for the first time, it may just look like a red or green line…

But it actually has much more deep meaning behind it! 💭

The image below shows us the variables:

1. High - The highest the candlestick reached in price

2. Low - The lowest the candlestick reached in price

3. Open - The price the candlestick started at

4. Close - The price the candlestick ended at

For each candlestick that we view, they encompass different amounts of time. The ranges could be:

1. Minutes

2. Hours

3. Days

4. Weeks

5. Months, etc.

Depending on the amount of time you would like to capture when looking at price fluctuations…

That will determine the candlestick timeframe you will want to view. 📊

Bullish/Bearish Strengths

With any candlestick that we view, it is either going to be bullish or it will be bearish…

1. Bullish = Price moves upward/anticipation to do so

2. Bearish = Price moves downward/anticipation to do so

With that said, there are going to be different levels of how strong that upward or downward movement is…

Or the anticipation of the upcoming movement…

Below is an image that outlines bullish and bearish candlesticks based on how strong they are.

When viewing this image, don’t forget to reference back at the image above to see the breakdown of the candlestick...

For example, take a look at the far-right bullish candlestick.

Some may actually view this as the most bullish one… 🔍

The reason that it is not is because the price starts at the top of the candlestick, then it has a massive dive downwards…

Yes, it closes above where it opened, but that massive downward movement indicated by the line is bearish activity.

How to Read Candlesticks

Now with all of that covered, let’s take a look at viewing candlesticks and what they mean within a formation.

Let’s take a look at the video below! 👇

Each candlestick may show if it is red or green (bearish or bullish), but there is a reason for this…

These candlesticks show the psychology behind why a movement is taking place. In the video it shows a more in-depth of why.

🧠 Remember! Understanding candlesticks is imperative to perfect before moving to more in-depth formations and trading strategies!

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