💎 Enjoy Your Exclusive Bitcoin Analytics! (3 August 2024)

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Our Archive of Previous Newsletters

Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where we take a look at the market, hold on tight to our seat, and brace for a bumpy ride…

But I am sure everything will be okay! 😅

Let’s Explore Today’s Highlights

🥳 Fun Fact: Total Bitcoin Transactions

📊 Market Breakdown: Will Bitcoin Recover Soon?

📌 Bull Market Bulletin: Current News & Stories

📚 Trading Strategies: Morning Doji Star

Total Bitcoin Transactions 🥳

Here is a very common question that people will ask…

“Does anyone actually use Bitcoin”? 😂

Another one is…

“Can you actually use Bitcoin to buy things”? 🤔

Both are fair questions, so let’s dive into the historical data when it comes to Bitcoin transactions…

In the past, we have covered what can actually be bought with Bitcoin…

1. Cars

2. Gift Cards

3. Jewelry

4. Pokémon Cards 😁

Believe it or not…AT&T, Microsoft and even sports teams such as the Dallas Mavericks and Miami Dolphins accept Bitcoin! 😮

But let’s dive into the actual fun fact of the day…the transactions!

When Bitcoin was released in 2019, the highest number of transactions we saw that year was 16…

16 whole transactions… 🤣

Now the average Bitcoin transactions per day is 407,550! 👀

That is around 5 transactions for every second of the day!

Even more surprising, from the release in 2009, Bitcoin has surpassed a total of 1,052,000,000 lifetime transactions! 🤯

So, back to the question, “does anyone actually use Bitcoin"? …

It would appear so… 😄

Bitcoin Transaction Historical Chart

Market Breakdown 📊

Hard times like this is what separates the diamond hands from the paper hands…

For those that aren’t too familiar with the lingo…

Those that will hold their assets through anything compared to those that will sell at the slightest inconvenience. 😂

Geez…what a ride we have been on this year…

Today was going to be a breakdown of August’s historical data, but we will save that for next time.

We are going to dive more into what exactly is going on with this market! 🤦‍♂️

I can’t feed my Harry Potter and Lord of the Rings Lego set addiction with Bitcoin crashing down like this… 😆

So, with that said…we are going to cover…

1. Cryptocurrency Heatmap (7-Day)

2. Bitcoin’s Long/Short Ratio (24-Hour)

3. Bitcoin Technical Analysis

4. What to Expect Next… 🤷‍♂️

Cryptocurrency Heatmap (7-Day)

The cryptocurrency market is pulling back, and people are starting to panic…

Which is never anything new in crypto. 🤣

So…let’s take a look at the heatmap below to see overall price movement.

Well…seeing that much red in the market is never a good thing for my blood pressure. 😂

The market is taken a hit, and I am starting to get 2020 vibes, which isn’t what we are wanting.

But let’s keep a positive attitude, the markets are already stressful enough! 😁

So, what could be causing this pressure? 🤔

It comes to no surprise that there are actually multiple variables causing this movement downward.

Just to name a few:

1. 37,000 Bitcoin Options Expired Yesterday

   1. Valued at $2.4 Billion! 😮

2. Mt. Gox Reimbursements Taking Place

   1. Up to $3.89 Billion has been Transferred

   2. The Reimbursements Drive Fear of Mass Selling

3. US Unemployment is up to 4.3%

   1. US GDP is $28.78 Billion (Causes Much Sway in Prices)

4. I Bought Yesterday…

   1. The Markets always Crash afterwards 🤣

So, to better understand the psychology behind the market, let’s take a look at Bitcoin’s long/short ratio for the past 24 hours

Bitcoin’s Long/Short Ratio (24-Hour)

Viewing the long/short ratio for Bitcoin shows us how the majority of people anticipate upward or downward movement.

Just a refresher for our viewers…

1. Long - Traders Projecting Upward Movement

   1. Also Known as “Going Long”

2. Short - Traders Projecting Downward Movement

   1. Also Known as “Short Sellers”

As of right now, the overall long/short ratio is 48.71% / 51.29%.

Not the worst that I have seen…markets can flip quickly.

Let’s go ahead and take a look below for a more exact breakdown between each of the crypto markets. 👇

In only 2 of the exchanges above are there more buyers than sellers. And to put that in perspective…

Take a look at the dollar amounts to the right…there is a lot of money circulating in the markets! 💰

Now that we see the psychology behind the trading taking place in the market, let’s take a look at the charts.

Bitcoin Technical Analysis

Even though we are seeing a dip in price, overall, we are holding the two same bullish formations…

The ascending triangle and the bullish pennant! 📊

Let’s take a look below.

Even when we look at the daily candlesticks (first chart) and the weekly candlesticks (second chart), they both hold those formations.

As we covered in our previous newsletter, we have to keep a few things in mind…

1. Give the Asset Room to Breathe

   1. A 1% Change Shouldn’t Result in a Panic

   2. Assets will Fluctuate in Price

   3. Make a Plan and Stick to it

And most importantly…we are still holding two bullish formations! 🚀

Now, before we get to our last topic…a word from our sponsor!

Thank you to Vinovest for sponsoring today’s newsletter!

Now, back to our last topic!

What to Expect Next… 🤷‍♂️

First, we need to keep an eye on the price to see if it breaks either of the bullish formations.

Second, we will be covering Bitcoin’s historical performance in August in our next newsletter.

Just a heads up…it isn’t the best… 😬

Third…don’t give in to the negatives!

There are so many positives occurring right now for Bitcoin! 😎

1. Bitcoin ETFs have Launched

2. Russia Discusses Bitcoin for International Trading

3. US Government Proposes Bitcoin Stockpile

These are things we never thought we would see 5 years ago!

🧠 Don’t forget! Bitcoin crashed down heavily in 2020 during COVID but broke the all-time high just a year later…

The markets move quick, prepare your portfolio and be ready! (not financial advice) 🤣

Bull Market Bulletin 📌

AI Powered Marketer: Welcome to your guide to the future of digital marketing! Click here to learn how to use AI to your advantage!

Bitcoin is the Answer to Pay Off the US National Debt? Interesting fact of the day…the United States government is adding about $1 trillion to their national debt around every 100 days… 😮 Former President Trump is now proposing to use Bitcoin as a way to pay off this staggering debt…and just in case you forgot the United States’ current debt amount is $31,500,000,000,000! 🤯🤯🤯

Hong Kong Broker Fuels Cryptocurrency Trading! Futu Securities International, Hong Kong’s largest online brokerage, has entered the cryptocurrency market. How exactly have they done this? They have enabled retail cryptocurrency trading. To show the overall impact this has, Futu Securities has a customer base of over 22 million users!

Now for the interesting spin on this story…they are even providing additional incentive for investors who open accounts in August and deposit HK$10,000 (US$1,280). They will receive either HK$600 worth of Bitcoin, a HK$400 supermarket voucher, or a share of Chinese e-commerce giant Alibaba. 👀

Microstrategy’s Stock Price Set to Gain 30% If… If you are not familiar with MicroStrategy, there are known heavily for their Bitcoin holding. As of 24 June, this year, they own around 226,500 Bitcoin with an average purchase price of $35,158. Their total cost was $7.538 billion, and it is currently valued at $13.826 billion…they are up over $5 billion on their investment in Bitcoin! 🚀 Check out their holding here!

They are now predicting that MicroStrategy’s stock price will gain 30% if Bitcoin reaches $150,000 in 2025. Their stock is currently $1,447 and has almost increased by 1,000% in its lifetime. Goes to show you that companies that invest in Bitcoin are the ones with the most attention. 🏆

Wall Street Giant Offering Bitcoin ETFs! Morgan Stanley has announced that it will now allow its 15,000 financial advisers to sell shares of each Bitcoin ETF -BlackRock’s IBIT and Fidelity’s FBTC to its clients. The catch is…the client will need to have at least a net worth of $1.5 million.

With $1.5 trillion…yes, trillion… in assets under management, they ultimately made this move as a response to a growing demand from clients. I believe that it is no surprise that people want to further expand their portfolios, and they see the potential that Bitcoin has…as we all do. 😎

Morning Doji Star 📚

Come one, come all! We are back at it again with another education segment! 🎉

This one is slightly different as we aren’t covering a trading formation, but a candlestick pattern! 👀

We will be covering the Morning Doji Star!

So, when it comes to trading, we have to continually look for indicators that show us how the market will move next.

Trading sounds so easy in theory…it can only go in two directions, up or down…

But only if it were that easy! 🤣

So, what exactly is the morning doji star and more importantly…

How do we use it to our advantage? 🤷‍♂️

Well, let’s take a look at the image below and break it down!

For this, we will be talking about the:

1. Overall Formation

2. Entry Level

3. Stop Loss

Overall Formation

The morning doji star is a candlestick formation that shows us the reversal from being bearish to bullish.

There are three distinct candlesticks that make us this candlestick formation.

Starting from the left, we have the…

1. Move downward with increased bearish pressure.

2. The split between bearish and bullish pressure.

3. Continuation of bullish pressure.

Let’s dive more into the entry level and stop loss, then we will look at the candlestick formation in action! 😎

Entry Level

So, what exactly does the entry level mean? 🤔

For traders that want to “go long” or enter the trade with anticipation that it will go up…

This is the area that it is recommended that they enter at.

And why is that the recommended area? 🤷‍♂️

Because the confirmation that the bullish pressure will continue is breaking above the red candlestick on the left.

Keep in mind, bullish pressure may be from “buy” orders, but it doesn’t necessarily mean that traders are entering a trade. 👀

Keep in mind…the morning doji star occurs from a change from bearish to bullish pressure.

During that bearish pressure, short sellers are entering by selling first and making money as it continues downward

Then, when the morning doji star occurs, they are exiting the trade and taking their profits by buying to exit the trade.

Stop Loss

We all may be familiar with what a “stop loss” is…

Unless you YOLO every trade like a true trader does! 🤣

Joking! Please don’t do that! 😅

The stop loss within this candlestick formation is a safety net for someone entering the trade and anticipating upward movement. 📈

Hindsight is 20/20…we see the morning doji star above and it is clear as day…

But the change in pressure could actually just be another bearish candlestick…and that is why we need the stop loss! 👍

Now, with all of that said…let’s take a look at the morning doji star in an actual chart!

As we can see above, before the morning doji star occurs, there is a downward pressure. 📉

It isn’t until this candlestick formation occurs that we have a turning point and then switch to an upward trend!

Now, focusing solely on the candlestick in the middle that looks like a cross. 🔍

For anyone that remembers our breakdown on candlesticks and how to read them…this one shows an equal presence…

The presence of both bearish and bullish pressure. 👀

That is the market indicating to you that there is a tug of war between the pressures and not just one that controls the movement.

As we always preach, the psychology behind the movement is your key to success! 🔑

And now with everything covered, take a look at the short clip below to watch the morning doji star in real time!

🧠 Remember! Be patient when identifying the morning doji star. Just because it looks like the market will turn…it may continue downward…

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