💎 Enjoy Your Exclusive Bitcoin Analytics! (28 August 2024)

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Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where it was our understanding that Bitcoin would be at $100,000 by now…

Who told us this exactly?

Well… it was just our understanding… 😂

Let’s Explore Today’s Highlights

🧠 Fun Fact: Bitcoin Success Story!

📊 Market Breakdown: Critical Week for Bitcoin

📌 Bull Market Bulletin: Current News & Stories

📚 Trading Strategies: Three White Soldiers Pattern

Bitcoin Success Story 🧠

For today’s newsletter, we are going to start off with a story to keep the motivation high…

Bitcoin’s price isn’t doing that for us at the moment… 🤣

So, let the story begin!

In 2008, a software engineer graduated college and started working in Silicon Valley.

It was there that he met many colleagues that had interest in this mysterious digital money…

⚠️ Spoiler alert… it is Bitcoin. 😂

In 2010, he decided to invest $3,000 when Bitcoin was around 15 cents each!

With this 20,000 Bitcoin, he decided to hold onto it and play the “long game”.

He even mentioned during an interview that he knew buying it that he was in it for the long haul…

About 3 years later in 2013, he decided to sell 2,000 Bitcoins when the price hit $350 and another 2,000 when it hit $800.

At that point, he was up $2.3 million! 🤯

He decided to quit his job and do a round-the-world trip.

Today, his net worth is estimated to be 100 million to 1 billion!

So, what is the lesson from all of this?

Bitcoin holds value that we do not fully understand, and it is never too late to begin that venture…

Don’t forget to invest wisely if you choose to do so! 😎

Market Breakdown 📊

What a last few days it has been since our last newsletter was released!

Bitcoin made a strong move upward and now we are seeing a strong pullback in the opposite direction…

What is going on?! 🤷‍♂️

Defintiely a question that we all have on our mind, and we are going to cover exactly that in today’s market breakdown!

For today, our topics are going to be:

1. Cryptocurrency Heatmap (7-Day)

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

3. Technical Analytics (Bitcoin Weekly Chart)

4. What is Next on the Radar? 🤔

So, without further delay as we all aren’t getting any younger, let’s go ahead and dive into it! 😂

Cryptocurrency Heatmap (7-Day)

Taking a look at this heatmap compared to our last one on Saturday, we are seeing some big differences…

And Bitcoin is one of them! 😬

Let’s take a look below and then we are going to do a comparison of what we saw 3 days ago…

🧠 Remember! The heatmap is for the weekly, but it covers a 7-day period so there will be slight differences from 3 days ago.

Another reason we are covering these differences is because right now is an imperative time for Bitcoin…

More specifically… Bitcoin’s movement…

And even more specifically…Bitcoin’s rocket or crash. 🤣

Some of the primary differences from 3 days ago are:

1. Bitcoin Now: +0.71%

   1. 3 Days Ago: +9.03%

2. Ethereum now: -4.98%

   1. 3 Days Ago: +6.33%

3. BNB now: -6.75%

   1. 3 Days Ago: +11.95%

Definitely some big differences, but for now we are going to focus more on Bitcoin…

Which brings us to our next topic.

Bitcoin’s Long-Short Ratio (24-Hour)

Whenever Bitcoin is dropping more than my confidence at a dance competition… 😂

Taking a look at the long-short ratio is a great place to start.

Especially right now when Bitcoin is at a crucial point of either continuing upward or downward. 👀

As a refresher, the long-short ratio shows us how investors are actively trading Bitcoin…

Either being more bullish or bearish in doing so.

So, let’s take a look below…

As of right now, we are seeing that the “shorters” are mostly in power when it comes to the trading psychology.

Shorters = short sellers (want Bitcoin to decrease)

The current ratio is 47.81%-52.19%… which isn’t the worst we have seen but isn’t the best…

Especially when this week is key to Bitcoin’s movement.

Don’t worry, we will cover Bitcoin’s movement more in the next section. 😎

But before we do…a word from our sponsor!

Thank you to Polymarket for sponsoring today’s newsletter! 😃

Now, back to Bitcoin’s movement!

Technical Analytics (Bitcoin Weekly Chart)

This week is going to make the decision… do we continue upward or do we stumble downward. 👀

For our readers that may have not read our last newsletter…the week of the 26th of August is key! 🔑

Right now, we are holding an ascending triangle and a bullish pennant, which are both bullish formations…

But if we dip below at the crossing of the resistance line and the ascending triangle…

We may be in some trouble… 😬

Enough of our blabbering… let’s take a look at the chart below!

Here is the overall formation that we are wanting to follow until Bitcoin’s all-time high projection in January 2025.

In the image, we see a pinkish “pinky” square that is outlining our “moment of truth” …

And geez, this is a nail bitter… 😅

This square is where the resistance line and the ascending triangle line meet, and Bitcoin must make its choice…

Continue upward or reject the support line and continue downward…along with my portfolio balance. 🤣

Let’s zoom in on the image below.

We have seen that our current candlestick has moved upward through the resistance line…

Depicted by the red line above…

However, it rejected the movement upward and is now below the resistance line once more… 📉

What a wild tug of war we are witnessing!

So, what exactly does all of this mumbo jumbo mean? 😄

Let’s dive into our final topic of this market breakdown!

What is Next on the Radar? 🤔

In the chart shown above, we are looking at weekly candlesticks.

This ultimately means that each candlestick is covering a week of time, and in this case…

Our current candlestick is from the 26th of August to the 1st of September. 📊

This may be an epic tug of war, but when the 2nd of August begins, the next candlestick will form…

And at that time, we will know if Bitcoin will continue upward or if it breaks support and moves lower.

Fingers crossed! 🤞

🧠 Don’t forget! Bitcoin is extremely volatile. One day it could be extremely bearish and the next extremely bullish.

Because of this, don’t enter or exit your trades based on emotions, because the crypto market is full of them!

Bull Market Bulletin 📌

Bitcoin Index Coming to the Stock Market? Since the beginning of Bitcoin in 2009, mass adoption was always the goal but the possibility of it actually happening was laughable. 😬 Oh, how the turn tables have turned… 😂

Just in, the NASDAQ is reportedly seeking approval to launch trading options on a Bitcoin index. 🤯 They have stated that they want to have index options on a Bitcoin index to give institutions and traders a different way to hedge their exposure to Bitcoin! Sounds like rocket fuel to me! 🚀

Bitcoin Rocket Set for the End of 2024? Real Vision analyst Jamie Coutts said that “unless something has fundamentally changed” Bitcoin is still on track to enter the “Banana Zone” …Yeah, we would have named it something with a tad bit more flare… 😂

This “Banana Zone” suggests that if Bitcoin follows bull market patterns, Bitcoin could surge more than 100% from its current price to around $150,000! Do we believe this is possible? Absolutely! … but the name of the zone needs to still be changed. 🤣

BlackRock and Grayscale are Bitcoin Giants! For anyone that is familiar with BlackRock, the first thing that you probably hear is that BlackRock has $10.5 trillion of assets under management! 🤯 Now, with that said, it is safe to assume that when they see potential they are going to grab as much of it as they can! So, with that said…

BlackRock and Grayscale collectively own 2.96% of Bitcoin’s current circulation! 👀 BlackRock’s IBIT (Bitcoin ETF) continues to dominate the Bitcoin ETF market with a recent trading volume of $704.81 million and a cumulative net inflow of $20.93 billion! 😲

The Number of Bitcoin Millionaires has Surged! This year has been the year of the Bitcoin…well, we just made that up, but it should be. 😂 This year alone, there are around 172,300 individuals that are holding over $1 million in crypto, that is a 95% increase from last year!

On top of that, there has also been an eye watering increase in crypto centi-millionaires (individuals holding more than $100 million in crypto)! As of now, there are 325 individuals globally! 😮

Three White Soldiers 📚

Welcome back to this newsletter’s education lesson! In the last newsletter, we covered the three black crows formation!

If you missed that newsletter, click here! 😎

For today, we will be covering a very similar candlestick pattern…but it is actually the exact opposite… 😂

The Three White Soldiers!

For this lesson, we will be covering:

1. The Formation’s Origin

2. The Type of Formation

3. This Formation in a Chart

4. This Formation in Motion

So, without further ado…grab your pen, paper, thinking cap, and Furby doll…

Which may or may not be possessed… 😂

…as we dive into the three white soldiers candlestick pattern! 🤠

The Formation’s Origin

I must admit, this candlestick pattern has a cool name but where exactly does it originate from?

Well, when viewing a chart, we have the bullish and bearish candlesticks…

Or also seen as the green and red candlesticks.

Now, when viewing a chart in black and white, we have the bullish candlesticks shown as white…

And the bearish candlesticks shown as black.

Because the three white soldiers is a bullish candlestick pattern, they would be shown in white…and thus…

We have the three white soldiers candlestick pattern! 📈

To the reason why “solider” is in the name of the candlestick? …

Well, that brings us to our next topic! 😄

The Type of Formation

In the previous topic, we covered that the three white soldiers is a bullish pattern…

But why is the word “soldier” in the name? 🤔

For this, let’s take a look at the image below as it shows us when the three white soldiers takes place…

As shown above, the three white soldiers occurs after a downtrend and is normally the point of the upward reversal.

These three candlesticks are very bullish, as shown by the full body with small wicks at the top and the bottom.

The reason for the word “soldier” in this candlestick pattern is because they are fighting against the downtrend.

Somewhat like three shields in an upward movement. 🛡️

Speaking of fighting against the downtrend, let’s take a look at this formation in a full chart.

That will give us more insight! 👀

This Formation in a Chart

So, we know that the three white soldiers is a:

1. Bullish Pattern

2. Reversal Point

But how exactly does it react in a full chart? 🤷‍♂️

Well, we are here with a few answers along the way! Let’s take a look below!

Prior to the three white soldiers candlestick pattern, there is normally a continued downtrend…

There could also be a recent bullish movement, followed by a downtrend and then the three white soldiers candlestick pattern.

As shown above, we have the upward trend but also have two key variables.

1. The Entry Level

2. The Stop Loss

What exactly are these? 🤔

These are variables used for traders that want to take advantage of the bullish reversal to make profits.

1. The Entry Level - Recommended area to begin the trade

2. The Stop Loss - Recommended area to exit the trade

Once a trader enters the trade at the entry level, the selling area would be as the candlesticks become more over extended…

By this overextension, it is showing that it is overbought… 😬

Which ultimately leads to the asset being sold and the price decreasing.

The stop loss is a “fail safe” for if the price falls below it the trader is recommended to exit the trade…

⚠️ AKA…. ABORT ABORT!!!

Now, let’s see the pattern in action!

This Formation in Motion

We always love to add video to any candlestick pattern or trading formation that we cover.

And for today, let’s take a look at the video below!

🧠 Remember! The three white soldiers is a reversal pattern. Don’t enter the trade too early, allow time for the full candlestick pattern to form! 👍

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