💎 Enjoy Your Exclusive Bitcoin Analytics! (27 July 2024)

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Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where we will now be releasing our newsletter on Wednesdays and Saturdays! 😎

A third day may be next!

Let’s Explore Today’s Highlights

🥳 Fun Fact: Bitcoin to the Moon! …Literally!

📊 Market Breakdown: There are Two Formations Forming!

📌 Bull Market Bulletin: Current News & Stories

📚 Trading Strategies: Triple Top Formation

Bitcoin to the Moon…Literally! 🥳

As we may all know already, Bitcoin is used all around the world…

But would it come as a surprise to you that Bitcoin has traveled where many people haven’t? 🤔

Yes…that place is the moon…well…ish…

It made it to the stratosphere, which is close enough. 🤣

This took place in January of 2024 and the cryptocurrency exchange BitMEX was the one to make it happen.

On the lunar rocket, Vulcan Centaur, a physical coin with 1 full Bitcoin loaded onto it launched for orbit!

After separation from the rocket, the coin and crew were carried by the spacecraft Peregrine-1.

They were scheduled to land on the moon on the 23rd of February, but unfortunately that did not occur due to a fuel leak. 😬

Don’t worry though! Another trip could take place in the near future!

Bitcoin’s Trip to the Moon!

Market Breakdown 📊

The market has been…well, very interesting lately…

To say the least, of course… 😂

We saw the launch of the Ethereum ETFs, but quite honestly…

This didn’t spike Ethereum’s price like many people were anticipating. 😬

And with that said, many people are somewhat fearful of what will occur next in the market.

But don’t worry, this is Bull Market Bytes for a reason! 😎

We will search high and low to prove that Bitcoin is destined for the moon!

For this newsletter’s market breakdown, we will be covering:

1. Bitcoin Analytics and Charting

2. Cryptocurrency Heatmap (7-Day)

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

4. Where do we go from here? 🤷‍♂️

So, let’s go ahead and dive into it!

Bitcoin Analytics and Charting

Taking a look at Bitcoin’s daily candlestick chart, we see that there are actually two formations forming…

And they are both bullish! 🚀

Let’s take a look below and see what we are talking about!

With the formation with the blue outline, we have a bullish pennant and for the gold outline we have an ascending triangle.

So, what significance does this play within the daily analytics? 🤔

When conducting a chart analytic, we want to make sure that we are looking at the chart from various angles.

This ensures that we are looking for any type of bullish or bearish behavior that may be occurring that could be overlooked.

So, let’s take a look at how the market is performing within the last seven days.

But before we do…let’s hear from today’s sponsor!

Thank you so much to Betterment for sponsoring today’s newsletter!

Now, back to it….

Cryptocurrency Heatmap (7-Day)

The statistic that really sticks out below is Ethereum…

The Ethereum ETFs launched recently and that should drive a lot of hype around the cryptocurrency…

But here we are…looking at -5.11% within the last 7 days… 😬

A very obvious thing to point out is a majority of the market is red.

This may be contributing to Mt. Gox’s cryptocurrency reimbursements…or…well, yeah, that has a lot to do with it… 🤣

Bitcoin has recovered a good amount throughout the week from the Mt. Gox reimbursement “scare”, which is a positive.

For anyone not familiar with the Mt. Gox reimbursements, please click here to view our previous newsletter that covers it. 😁

Now, for our reader’s that have been with us for a while, we love to take a look at Bitcoin’s long/short ratio.

It’s just a trademark that we have, I suppose… 😂

So, let’s go ahead and take a look at the psychology of the crypto investors within the last 24 hours.

Bitcoin’s Long/Short Ratio (24-Hour)

The Bitcoin long/short ratio is another one that we love to review…

The reason for this? 🤷‍♂️

Because it shows us the direct psychology for if investors anticipate Bitcoin’s price to rise or to decline…

And based on the results below…they are somewhat split, but we are leaning more towards anticipation of Bitcoin increasing… 👍

The cryptocurrency markets are always entertaining as the market prices can change in a matter of seconds.

Even though it may be more long-bias investors at the moment (around 50.29% to 49.71%) that could change immediately.

So…what should we be on the lookout for?

Where do we go from here? 🤷‍♂️

Throughout this analysis of Bitcoin and cryptocurrency as a whole, we are seeing many bullish patterns.

Do we believe Bitcoin will break the all-time high tomorrow…probably not, but there is hype right now due to the Bitcoin Conference.

With that said…

⚠️ BE CAREFUL! There are many scams that are taking place as I type this message with AI of Elon Musk and Donald Trump on YouTube!

There is no “send your crypto to an address and it doubles your money” …do not send your funds, you will 100% lose them!

As always, please be safe friends!

🧠 Don’t forget! Even though there may be an awesome break though (like the Ethereum ETF) that doesn’t guarantee that the market will push up.

Taking a look at the psychology we have placed above is actually going to show you if there is confirmation of bullish intent behind news or projected news.

Bull Market Bulletin 📌

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92,000 Ethereum Moved after 7 Years. It is always very interesting to see cryptocurrency transfers after several years of being dormant. What makes this transfer interesting is not only that it is a large number of Ethereum but also because this wallet address may be associated with the Ethereum Foundation.

As of now, we are not quite sure why this transfer has taken place but all we know is that it was more than $300 million! Could this potentially be a disgruntled early adopter of Ethereum who was once part of the Ethereum Foundation? Who knows, but time will tell… ⏰

Bitcoin on Track for $2.9 Million by 2050? Van Eck is a financial giant with over $83.7 billion in assets under management! 😮 What makes them so significant in the cryptocurrency realm is that they are an issuer of the spot Bitcoin ETF and the Ethereum ETF. They see the potential in Bitcoin and even went as far to predict that Bitcoin will reach the price of $2.9 million by the year 2050!

Even with this said, they stated that this will only be possible as long as some pretty high hurdles are cleared. In their best-case scenario, Bitcoin will become a healthy medium of exchange in local and global trade. Potentially, representing 10% of the international trade. With all of the economic imbalances, Bitcoin could be the answer they seek! 😎

Former President Set to Speak at Bitcoin Conference! Everyone is going to have their own political views, but no matter how we look at it, having a former President of the United States speaking at Bitcoin’s conference is a step that I thought I wouldn’t see for many decades! 👀

As of now, former President Donald Trump will be speaking today at the Bitcoin conference! There is a lot of speculation over what he will speak about, but I believe one of the hopes is that the United States government will plan to buy Bitcoin on a massive level to build a strategic reserve. Imagine…$50 billion worth of Bitcoin bought overnight…prices would skyrocket! 🚀 Well…we can dream can’t we…

Purchase of $100 Million Bitcoin Coming Soon! For the cryptocurrency enthusiasts and traders in the New York Stock Market, $MARA should sound quite familiar. $MARA, Marathon Digital, is one of the largest Bitcoin miners and they are ready to upgrade their diamond hands! 💎

They said that they are going to purchase an additional $100 million worth of Bitcoin in the open market. 😲 To give some depth to that, as of Thursday this week they currently hold 20,000 Bitcoin worth nearly $1.3 billion! 🤯

Triple Top Formation 📚

Welcome, welcome! We have a great lesson for today’s newsletter that we believe you are going to enjoy!

Today, we are covering the Triple Top Formation! 📊

This formation is similar to the “double top" formation, but with an extra twist…

There is another top…cheesy, I know… 😂

So grab your pen, paper and thinking caps as we dive in to learn more about this trading formation! 🤠

So, let’s start with what type of formation this is, as we will need to know how to trade it.

The triple top formation is a bearish formation. 📉

Let’s take a look at the image below and breakdown this formation. We will be covering:

1. The “Uptrend”

2. The “Three Tops”

3. The “Breakout Point”

The Uptrend 

The uptrend is showing us that there was a bullish movement that occurred prior to the three tops… 📈

It also shows that it pushed through a previous resistance line which ultimately did turn into a support line.

The three Tops

Next, we have the three tops…the prime reason why this is called the “triple top formation” formation… 😂

These tops are a prime example of showcasing psychology behind the movement…

You may be asking how exactly? 🤷‍♂️

When the asset’s price is moving upward and hitting resistance just to immediately come back down…

Followed up with making two additional attempts to break thorough resistance but failing…investors are going to jump ship… 😬

These multiple attempts to break upward ultimately result in the “breakout point”, which we will be covering next…

The Breakout Point

This is the area where the asset’s price breaks through the support line and where many short sellers will enter their trade…

As short sellers make money when the asset goes down in value and they need confirmation that it will continue down before entering. 👍

Let’s take a look below of what the triple top formation looks like in an actual chart.

As you will see is that the formation does not have to be “textbook”…

The three tops may be slightly higher or lower than the others, but it still marks a rejection when trying to break the resistance line.

The red line below is the support line we have been covering over that is ultimately broken and initiates the “breakout point”.

And now to our finale! 😎

The Youtube video below showing the triple top formation in action!

🧠 Remember! Even though there is bullish pressure that is occurring in the triple top formation, it is overall a bearish formation. Don’t let upward momentum trick you into thinking that it is bullish.

Also! Identifying if a pattern is bullish or bearish is going to give light to which pressure (buying or selling) is more likely to occur…Normally you would follow the higher pressure for profit. 💰

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