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

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Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where we are making additions to the newsletter and would love your feedback…

(Cough) (Cough)…Oh, if you’d like to help us out, we have a feedback form at the bottom of the newsletter…no pressure to complete it though!

Okay, slight pressure… 😂

Let’s Explore Today’s Highlights

🥳 Fun Fact: Bitcoin ETF Vs. Ethereum ETF

📊 Market Breakdown: Bullish Trends are Forming!

📌 Bull Market Bulletin: Current News & Stories

📚 Trading Strategies: Feedback? Yes, Please!

Bitcoin Vs Ethereum ETF 🥳

Today’s fun fact is one that recently happened.

And we mean like, yesterday happened… 🤣

Yesterday, the spot Ethereum ETFs launched which makes it the second cryptocurrency to be approved for the spot ETF.

In the first half of the day of trading, Ethereum reached $600 million in trading volume!

By the end of the trading day, the spot Ethereum ETFs collectively reached $1.07 billion! 😮

The most actively traded Ethereum ETFs were…

1. Grayscale’s Ethereum Trust = $450 million

2. iShares Ethereum Trust = $245 million

3. Fidelity Advantage Ether ETF = $137 million

That is absolutely amazing volume! 🚀

Let’s now compare it to the spot Bitcoin ETFs that launched in January…

The 9 spot Bitcoin ETFs that launched in January may have had more hype around them…the reason we say that…

Collectively, the spot Bitcoin ETFs reached $4.66 on the first trading day! 🤯

That is more than 4X of what the spot Ethereum ETFs generated!

These are both very impressive numbers and are both a testament to the desire from investors with many backgrounds.

Secretly, they know cryptocurrency is the way to go. 😉

Market Breakdown 📊

Let’s begin this market breakdown with some news regarding the Ethereum ETFs that launched yesterday…

Some investors may have no interest in Ethereum, but we must say that this is a great step for cryptocurrency as a whole.

In cryptocurrency, we have always desired more adoption and utility, and this is part of it…no matter if we love it or hate it. 😂

Below is an image that breaks down the volume in the first day of trading with each of the Ethereum ETFs!

Alright, so let’s talk more about the market. We saw that Bitcoin briefly pushed above $68,000…

And then people started receiving their refunds from Mt. Gox.

Everyone is going to have mixed feelings about this reimbursement, but at the end of the day, it is happening…

If you are unfamiliar with the Mt. Gox reimbursements, please check out our “Bull Market Bulletin” below! 😎

For our market analytics, we are going to be diving into…

1. 7-Day Cryptocurrency Heatmap

2. 12-Hour Long/Short Ratio

3. Market Analytics

So, what are we seeing right now in the short term… 👀

Cryptocurrency Heatmap (7-Day Timeframe)

So, we are starting to see that cryptocurrency overall is slowing down.

We have a few cryptocurrencies that are pushing above 3%, but for the most part we are looking at slight gains…

And a whole lot of red! 😬

Granted, Bitcoin was above $68,000 today but every time investors get a whiff of the Mt. Gox refunds…

Well, you can say “bye bye” to any short-term gains. 😅

Speaking of the Mt. Gox refunds and how that is screwing us all over (just kidding, of course…ish)…

A lot of investors are anticipating that Bitcoin is going to have a massive drop, so on so forth…the same thing we hear every other day. 🤣

But even so, let’s take a second and thing…could there be truth to the panic?

One of the best ways to see how the market may be reacting is not what some rando post online that has a photoshopped Lambo in his profile picture… 😂

We have to look at the psychology behind the market… 👀

12-Hour Long-Short Ratio

We love referencing the long-short ratio because it shows us exactly what pressure is occurring and which way the market may sway.

For those that may not be familiar…

1. Long - Investors projecting upward movement.

2. Short - Investors projecting downward movement.

   1. Also known as “short sellers”

The reason that we have selected the 12-hour ratio is because it will give us more insight to what is happening right now…

And especially with the Mt. Gox refunds, we want to see how the investors are reacting to this.

So, let’s take a look at the image below! 👇

Alright, so it looks like we are screwed… 🤣

Just kidding! There is no need to panic!

While I have someone look around my house for something to sell on eBay to make ends meet, let’s break this chart down… 😂

At this moment, there are three exchanges listed above that are higher than 50% for the long side, but we are primarily looking at short sellers.

However, we know cryptocurrency…this could change in a matter of seconds…

With that said, let’s look at a more “zoomed out” view of the market and see how we are looking in the long-term.

Market Analytics

So, we have some better news compared to the long-short ratio… 😅

When it comes to the market analytics, there are multiple long-term bullish trends that are taking place.

For the charts below, we are looking at the weekly candlesticks (which encompass a week of movement in one candlestick). 📊

So, let’s take a look at the ascending triangle!

What we really like about this ascending triangle formation is that Bitcoin has plenty of room to breathe…

What do we mean when we say this? 🤷‍♂️

At this point, even a downward correction of $5,000 would not break the bullish formation shown above.

Granted, we could chart a graph that would be like that…but there is no reason to do so when you are looking at the long-term.

Also, we are still holding true that a break of Bitcoin’s all-time high could occur at the beginning of January next year…

Could it break before then? Absolutely! 😎

But this is strictly going off of the formation that has formed and the “pressure point” where the support and resistance lines meet.

Now, we also want to show another bullish formation, but this one incorporates a longer timeline…

As we have taught before, depending on if you are a…

1. Day Trader

2. Swing Trader

3. Long-Term Trader

That will determine the timeframes you are looking at to determine your next move…and because we are looking at the long-term…

We are going to zoom out the chart and show our next formation which is the cup and handle!

What is amazing with this chart below is that it incorporates Bitcoin’s price movement since late-2022!

The cup and handle formation is one that shows bullish intent, as we can see above…

Now, what normally occurs on the “handle” (the semi-circle to the right) is where the price will break upwards…

Isn’t it interesting that the “handle” and the projected price break upwards is around the same point of the ascending triangle formation’s projection.

HMMM…Interesting! 🤣

So…What’s Next?

I believe that our main target is maintaining current price levels until we reach the beginning of 2025…

Short term price movement is not a primary focus, unless you are a day trader of course… 😅

But for the long-term traders, don’t get wrapped up in short-term movement.

Now, if Bitcoin were to break below $50,000…then we would be having a different type of conversation.

Pretty much one involving me trying to sell everything that I own… 🤣

In the meantime, stay the course and stay strong!

🧠 Don’t forget! Cryptocurrency is notorious when it comes to extreme upward and downward movement! Even so, do not get wrapped up in short-term movement if your ultimate goal is long-term gains. 💰

Bull Market Bulletin 📌

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Ethereum ETFs are a Great Success! The spot Ethereum ETFs had a very strong debut in the market yesterday with over $1.07 billion in market generated volume! Even though this amount does fall short to the spot Bitcoin ETFs that launched in January this year that generated $4.6 billion in volume, this is still a great step in the right direction for cryptocurrency. Now the primary question is…which cryptocurrency is next? 🤔

Fidelity Adds Litecoin to Offered Cryptos! Fidelity, a financial giant that has over $13 trillion in assets, has announced that it is adding Litecoin to the list of digital assets that it offers. Up until this point, the only cryptocurrencies offered were Bitcoin and Ethereum.

Now the word on the street is that Litecoin may be the next in line to receive an ETF. 🤔 Think about it…the United States Securities and Exchange Commission (SEC) has stated that Litecoin is a commodity. The Commodity Futures Trading Commission (CFTC) has also stated that Litecoin is a commodity…So, will Litecoin be the next spot ETF to hit the market? Only time will tell! ⏰

The Mt. Gox Refunds are Impacting the Market. It appears that Mt. Gox has moved $3.2 billion in Bitcoin which is always fun to see…well, if you are receiving some of the Bitcoin. 😂 For anyone that is not familiar with the Mt. Gox situation, this is an exchange that is refunding its customers their lost Bitcoin and Bitcoin Cash from a hack that took place 10 years ago…This is no small amount; this is up to $9 billion in refunds!

With the refunds taking place, we see that assets were received on the cryptocurrency exchange “Kraken” which generates around $1 billion in 24-hour volume and many others. This is a primary cause to Bitcoin pushing down to $65,000 along with Bitcoin Cash declining 7% and many other cryptocurrencies following along.

Feedback? Yes, Please! 📚

For this education lesson, it is your turn to be the teacher!

Unfortunately, there will be no pay and benefits…aside from the benefit of helping us…so, yes…I suppose there is benefits! 🤣

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