💎 Enjoy Your Exclusive Bitcoin Analytics! (24 August 2024)

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Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where the market causes our blood pressure to go up and down…

More than a pogo stick at a trampoline park… 🤣

Let’s Explore Today’s Highlights

🧠 Fun Fact: Life with Bitcoin in 2010

📊 Market Breakdown: Bullish Activity at its Finest!

📌 Bull Market Bulletin: Current News & Stories

📚 Trading Strategies: Three Black Crows Formation

Life with Bitcoin in 2010 🧠

Oh, the good ole days! 😃

Back when you could buy about 150 Bitcoin for the price of a large number 1 at McDonalds… 😂

I mean…the price was about 9 cents a Bitcoin at the time…

Unfortunately, I am sure I was buying the large number 1 at McDonalds at that time… 🤣

Now, there are people that are always saying…

If you bought Bitcoin in 2010 and held it until now, you would be a billionaire…

Which is definitely an accurate statement.

Well, depending on how many Bitcoins you bought, I suppose. 😅

But when Bitcoin was first launched, there wasn’t necessarily a price that was attached to it as there is today.

It wasn’t until later in 2010 when Mt. Gox was established as a cryptocurrency exchange when Bitcoin was given that established price.

Granted, prior to Mt. Gox doing that…

There was a transaction from a software developer Martti Malmi that was 5,050 Bitcoin for about $5…

That would be about $323 million at today’s value! 😮

So, people were trading it for goods and services, but it was HIGHLY limited at that time.

Now, why do we say all of this? 🤔

Because when Bitcoin was first launched, there wasn’t much utility for it… it was still a concept, an idea.

Yes, people could have held it for many years to come, but no one expected for it to be mass adopted as it is today…

Think about it…someone bought two large pizzas for 10,000 Bitcoins…

That is $640 million at today’s rate! 🤯

But at that time…that was a utility found for this mysterious digital currency…

And I am sure it was a flex… 😅

So…for those that have held since 2010 and did believe in the mass adoption, they have been rewarded greatly!

Unfortunately, I was too busy failing high school to jump on the Bitcoin train. 😂

Market Breakdown 📊

Today is a very exciting day! 😎

Did something exciting happen in the news? Has Bitcoin broken the all-time high?

Did my dad return from his milk run 20 years ago?

Well…unfortunately, it is no to all three… 🤣

However, the Bitcoin chart is where our attention should be! We surpassed a key level we have been watching for weeks! 🚀

So, without further delay and subpar jokes… 😅

Let’s dive into this market breakdown!

For today, we will be covering:

1. Cryptocurrency Heatmap (7-Day)

2. Technical Analytics (Bitcoin Weekly Chart)

3. What is Next on the Radar? 🤔

Cryptocurrency Heatmap (7-Day)

The cryptocurrency heatmap is always a great way to start off any analysis…

Why is this, you may ask? 🤷‍♂️

Because taking a look at the overall market gives more insight to a single cryptocurrency’s movement when reviewed.

And if it is out of place or not… 🔍

Let’s go ahead and take a look below to see how everything is looking!

Now, I will say…

It is always a great day when you can take a look at the cryptocurrency heatmap and see more green than St. Patrick’s Day! 😂

Defintiely some great movement, especially from:

1. Avalanche

2. Cardano

3. Polygon

Litecoin is still trying to figure out what it is doing… 😄

However, we are on the right track and especially at the time we needed it.

Why is that? 🤔

Per our last newsletter, we were keeping an eye on Bitcoin’s movement for an upcoming milestone…

And Bitcoin is making the move we needed! 💰

So, with that said… let’s dive into our next topic!

Technical Analytics (Bitcoin Weekly Chart)

In our last newsletter, click here if you haven’t read it… 😁

We discussed the “Moment of Truth” and the upcoming date that would decide future bullish or bearish movement…

And it appears that Bitcoin has broken the bearish resistance line!

Victory for us, but let’s keep in mind… 🧠

The date still has not passed, we may retrace and continue downward…

But we have to celebrate the victories as they come! 🏆

So, what exactly are we talking about? Well…let’s take a look below!

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

Thank you to Polymarket for sponsoring this week’s newsletter!

Now, back to where we were…

Ah, yes…Bitcoin’s victory!

Let’s now direct our attention to the image below. 👀

In our last newsletter, we put high emphasis on the week of the 26th of August…

The reason for this? 🤔

Because this was the “Moment of Truth” for when Bitcoin decides between future bullish or bearish movement.

And as we take a look at the image above… we broke through the resistance! 🚀

Now, before we get too excited, the date technically has not arrived yet and Bitcoin could retrace in price…

But Bitcoin’s price could also retrace and turn the resistance that was broken into support!

As the long green candlestick shows above, it broke through the red downward trend line…

And is now showing more favor to continuing up the gold trendline which is the ascending triangle formation.

Which is the formation that we are wanting to hold until Bitcoin’s all-time high break in the beginning of next year…

January of next year to be more specific!

Or even sooner if the market decides that! 💰

Which now brings us to our final topic for this market breakdown…

What is Next on the Radar? 🤔

Even though we have broken through the resistance line…

The week of the 26th of August has not occurred… 😬

And we all know Bitcoin…it can fall faster than my credit score. 🤣

So, for the immediate future…

1. We see how Bitcoin reacts going into next week

2. If Bitcoin holds support, will it break through the bullish pennant?

If we take a look at the image below again…

It’s the same image from above, just added again so you don’t have to keep scrolling. 😂

We have the blue line below, well, it is actually a triangle…

Just covered slightly by the gold triangle…

That is our bullish pennant formation, and that is the next stop to see if Bitcoin will continue in an upward trend. 📈

The projected week for this decision to be made is the 28th of October this year!

It will be here before we know it… 😄

This will be another milestone to decide if:

1. We are going to continue upwards 📈

2. We are going to continue downwards 📉

As always, time will tell…

🧠 Don’t forget! Bitcoin is highly volatile! It moves quick, so make sure to check back in on Wednesdays and Saturdays for our newsletter’s analytics! 😃

Bull Market Bulletin 📌

Bitcoin Jumps as Rates may Cut. Everyone has been holding their breath to see if the US will be cutting their interest rate. During a speech at Jackson Hole Economic Symposium, Federal Reserve Chair Jerome Powell said that “the time has come”.

Being that Bitcoin rose after this announcement, let’s just all assume that he meant the time has come for rates to be cut and not that it is time for rates to go up… 🤣

Bitcoin Miners’s Profits are Suffering! Bitcoin miners are essential for more Bitcoins to enter circulation and for the overall stability of Bitcoin’s blockchain… but it isn’t cheap to do this!

With expenses on the rise, Bitcoin’s price remaining sideways, and the recent Bitcoin halving taking place, their profits have been cut in half! It is always important for Bitcoin to spike after the Bitcoin halving because the miner’s reward is cut by 50%!

Cryptocurrency Pours Millions into US Elections. The US elections are continuing to be a hot topic in the crypto realm because many politicians are using this to their advantage. Could be they either believe in the technology, or they just want the votes… 😬

Either way, there has been over $119 million donated to various politicians. Fairshake PAC is the main beneficiary, receiving $107.9 million in contributions! Out of the contributors, believe it or not, Coinbase is the biggest election spending with over $50.5 million in contributions. 😮

Web3 is Implementing Tattoos as Digital Citizenship? This is a very interesting one, so bear with us. Everyone should be familiar with concepts of Proof-of-Stake and Proof-of-Work, but have you ever heard of Proof-of-Ink? Yeah…we haven’t either… 🤔

Parity Technologies is launching a Web3 individuality solution which they feel is missing from mainstream adoption. Their idea? Web3 members will receive actual tattoos on their body for proof of privacy…or something along those lines…you will just have to read more on this. 😂

Three Black Crows 📚

Hello and welcome back to this week’s education lesson! Last week we spoke over the bullish engulfing pattern.

For today, we will be switching gears and covering over a candlestick pattern that is not as well know…

The Three Black Crows! 📚

Throughout this lesson, we will be covering:

1. The Type of Formation

2. This Formation in a Chart

3. The Formation is Motion

So, grab your pen, paper, and thinking cap as we dive into the three black crows candlestick pattern! 🤠

The Type of Formation

Alright, so what exactly is the three black crows candlestick pattern and how should we trade it?

This formation is bearish and comprised of three full body candlesticks forming a downward pattern… 📉

Let’s take a look at the image below and further explain what it is showing us as traders. 👇

When taking a look below, these are full candlesticks that have very slight wicks.

And what does this mean?

It means that when the asset was moving down in price, there was little to no bullish movement.

As a refresher on the candlestick breakdown, let’s look at the image below. 👀

When taking a look at the bearish candlestick to the right, we see that the “open” is below the “high”.

In the three black crows candlestick formation, when the candlestick opens, there is little to no retrace to a high…

And because of this, there is little to no wick on the top of the candlestick.

In short…the three black crows candlestick formation consist of three DEEPLY bearish candlesticks… 😮

This Formation in a Chart

Now that we have covered the candlestick pattern by itself, let’s see how it acts in an actual chart.

Let’s now focus our attention below and see how this formation can help us making profits in trading! 😎

There are two primary times when the three black crows candlestick pattern will appear:

1. The end of an uptrend to begin a downtrend (shown above)

2. The end of a pullback, which resumes the downtrend

Overall, this is a very bearish candlestick pattern and should be used as an advantage when trading.

Now, with the knowledge above, as a trader, it is advised when seeing this pattern to assume…

It is going down! 📉

And because of this, many traders will enter “short positions” and make money when the asset is decreasing in value.

The Formation is Motion

Lastly, let’s see how the three black crows candlestick pattern forms in real time and the entry/exit points of the trade.

🧠 Remember! The three black crows candlestick pattern shows extreme bearish activity! It is recommended to NOT go against the trend!

Just because you may want it to be bullish doesn’t mean it will be. 👍

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