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- 💎 Enjoy Your Exclusive Bitcoin Analytics! (17 August 2024)
💎 Enjoy Your Exclusive Bitcoin Analytics! (17 August 2024)
Mark your Calendar! 📅 Projected Dates for Bitcoin Movement! PLUS: Bearish Engulfing Pattern Explained! 📚
Jonathan Hamblin
August 17, 2024
In partnership with
Welcome to Bull Market Bytes!
Your byte of cryptocurrency insight where the market goes up and down like a rollercoaster… 🎢
You just have to endure the bumps to enjoy the peak! 😎
Let’s Explore Today’s Highlights
🧠 Fun Fact: Bitcoin Millionaires
📊 Market Breakdown: Future Dates for Bitcoin’s Movement
📌 Bull Market Bulletin: Current News & Stories
📚 Trading Strategies: Bearish Engulfing Pattern
Statistics as of: 17 Aug 24 @ 1:12am EST
Bitcoin Millionaires 🧠
There are many people that get involved in cryptocurrency for one simple reason…
To hit it big, of course! 💰
But how many people have actually achieved this goal?
And is it really possible… 🤔
Well, for today’s fun fact we are covering exactly that!
From the time that Bitcoin launched in 2009, there were many people that were skeptical…
But some that saw great potential and took advantage of it!
Unfortunately, I was too busy trying to pass high school… 🤣
Some even had the fortune to buy Bitcoin when it was less than $1!
Now, there are around 88,200 crypto millionaires globally! 😮
And to take it a step further, out of those millionaires, there are 22 on the record that have passed billionaire status! 🤯
So… who’s ready to help us build a time machine to go back?
Market Breakdown 📊
So…crypto hasn’t been the most exciting thing in the world… 😂
I remember the good ole days of waking up to Bitcoin rocketing and the dreams of karate chopping my boss’ desk in half and quitting on the spot. 🤣
I really wish Bitcoin would do that again… (Cough...cough)
However…here we are. Begging for Bitcoin to move at least $10 in a positive direction…
Oh, the times have changed…
Anyways! Let’s hop back into reality and see what is going on in the market! 😎
For today, we will be covering great information to include:
Cryptocurrency Heatmap (7-Day)
Bitcoin’s Technical Analysis
Our Next Steps Forward
And without further ado…let’s dive into it! 🤿
Cryptocurrency Heatmap (7-Day)
Let’s take a look and see how cryptocurrency is performing over the last 7-day period…
And congratulations to those that hold Litecoin… 😂
As we said a little earlier and in the previous newsletter, cryptocurrency is consolidating and moving sideways…
We may see a cryptocurrency here and there “pop off”, but there isn’t anything substantial at the moment…
So unfortunately, no chopping desks in half and quitting our jobs on the spot at the moment… 🤣
Granted, I will take sideways movement over a drastic movement downward any day of the week.
Remember, sideways movement is building a strong foundation for upward movement… 🚀
Now that we have seen the overall picture of prices, let’s take a look at Bitcoin specifically…
But before we do… a word from today’s sponsor! 👀
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Now back to where we were…ah, yes… Bitcoin specifically…
Bitcoin’s Technical Analysis
Through the time that we have been watching Bitcoin for its next move…
It has been holding two primary formations…
Ascending Triangle
Bullish Pennant
And the fun thing about these two formations is, they are both bullish!
…Even though we haven’t seen much upward movement recently…
So, for our technical analysis, there are a few things we need to highlight.
Well, dates specifically that we need to highlight…
The 19th of August 2024
The 28th of October 2024
The 27th of January 2025
The 19th of August 2024
With the recent pullbacks that we have experienced, there have been a few wicking candles.
With these wicking candles, we see the red line below that has formed. 👇
With this red line, we are now cutting through the bullish pennant that has formed (outlined in the blue).
This “Moment of Truth” is going to show us if we continue on the bullish path or move towards a more bearish path…
The 28th of October 2024
If we do continue the bullish path, this date is when the bullish pennant ends…and then we end up with another ultimatum…
Continue upwards or move downwards… 😅
The 27th of January 2025
The same can be said with this date… however, this date is the end of the ascending triangle (outlined in gold).
What is more exciting about this date is that if the formation continues to hold, Bitcoin can break the all-time high…
If it hasn’t already by the time this date arrives… 😎
Our Next Steps Forward
In our immediate future, the 19th of August is what we need to be on the lookout for… 👀
But even more in-depth, because we are looking at weekly candlesticks, it could be any day during the week of the 19th of August…
Gotta love surprises… 🤣
If we do continue the bullish trend… then we do have the two primary dates to keep in mind…
Will Bitcoin continue upwards or move downwards…only time will tell! ⏰
🧠 Don’t forget! Projections can change daily. Stay updated with movements and follow us on this journey together!
Bull Market Bulletin 📌
Bitcoin Mining is Becoming Less Profitable… Investment Bank, Jefferies, has stated that Bitcoin mining was slightly less profitable in July compared to previous months. Bitcoin’s fall in price has not assisted with this, as Bitcoin miners sell the mined cryptocurrency for not only profit, but to pay for the expenses of mining Bitcoin…and that can get expensive fast! 😬
Even though many people do not mine Bitcoin, mining Bitcoin is very important and is key to the security of transactions and the continuous addition of Bitcoin into circulation until the maximum supply is hit…in the year 2140 😂
Ready to Make $500,000 Per Month? Allegedly, blockchain investigator ZachXBT uncovered evidence of a sophisticated network of North Korean developers that are earning as much as $500,000 per month! 🤯 He claims that there are 21 North Koreans using fake identities to work on dozens of crypto projects…quite Interesting indeed… 🤔
Ripple Survives after being Sued by the SEC! XRP, which was created by Ripple, was one of the biggest movements in 2017…like 54,757% big! The SEC eventually pursued a lawsuit against Ripple in December of 2020…which is unfortunate because the next all-time high for Bitcoin occurred in 2021. Because of this drama, XRP did not break the all-time high in 2021 alongside Bitcoin…
After the federal judge ruled that Ripple should pay $125 million, it is viewed as a win because the SEC was seeking $2 billion in total! Does this ruling now pave the way for XRP to break the all-time high potentially in 2025? 🤷♂️
US Senate Proposes Crypto Tax Exemption! As we all know, taxes are awesome! 😂 However, there is a proposal that four senators are fighting to exempt low-value crypto transactions from federal taxation… 👀 And when we say low-value, we mean like $200…Better than nothing I suppose…
It ultimately sounds like a move in the direction of cryptocurrency being recognized as a currency…which it should have been viewed as all along…
Bearish Engulfing Pattern 📚
It’s time for another educational lesson! 😃
Everyone seems to enjoy the candlestick patters, so we are going to dive into another one for today!
Today, we are covering the Bearish Engulfing Pattern!
Throughout this lesson, we will cover:
The Type of Formation
The Full Trading Pattern
Video of the Bearish Engulfing Pattern
So, grab your pen, paper, and thinking caps as we dive into a formation that traders should be very familiar with! 🤠
The Type of Formation
As from the name of the pattern, the bearish engulfing pattern is a candlestick formation that is primarily…
Well… bearish… 😂
To go a little more in-depth, this pattern is showing us that a downward trend is initiating…
Which means “jump ship” for traders wanting the price to go up… 🤣
Let’s take a look at the image below to see exactly why it is called the “bearish engulfing pattern”
As you can see, the bearish candlestick is overpowering the bearish to the left.
The reason this is initiating a bearish downtrend is because we see that the overall pressure is now moving in the opposite direction…
And that direction is down, down, down 😄
Also, if you are wanting the price to go up and then you see a huge red candle like the one to the right…
That would be slightly intimidating… 😅
A majority of traders when they see that will sell, and by doing so…they are contributing to the downward pressure.
Now, let’s take a look at this candlestick pattern in its natural habitat… 🤣
The Full Trading Pattern
As we covered before, this candlestick pattern is what initiates a downward trend.
When the bearish engulfing pattern occurs, what primarily contributes to the downward pressure is:
Long traders selling their positions
Short sellers entering their positions
And just a refresher of what a long trader and short trader are…
Long traders make money when the price goes up
Short sellers make money when the price goes down
So, let’s take a look at the image below. 👇
As we can see, there is normally a strong movement upwards and then the momentum switches from upward to downward.
The bearish engulfing pattern is the key that shows us the point when the ratio changes from primarily bullish to bearish.
Also, notice in the bearish engulfing pattern that the green candlestick has a wick at the top.
This shows us that the bullish pressure is disappearing which also sets up for the bearish candlestick to the right of it to take over.
A reason to keep in mind for this weak bullish candlestick at the top is because traders are taking profits… 💰
I mean…look at that beautiful move upwards…
Video of the Bearish Engulfing Pattern
The video below gives a real-time depiction of the pattern in its fully glory… 😂
Overall, the bearish engulfing pattern is one that both long traders and short traders should look out for…
Long traders need to know the indicators to get out of a trade before it goes south…
Short sellers need to know the indicators for when to enter the trade before it breaks downward…
🧠 Remember! As we have said before…trading is like driving through fog. Keep an eye out for indicators that will assist you to make profits!
Your feedback is very important to us! ❤️
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