💎 Enjoy Your Exclusive Bitcoin Analytics! (31 August 2024)

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Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where we have high hopes going into September.

Hopefully those hopes aren’t crushed like the dream of owning my own petting zoo…

I can’t be alone in this dream… right? 🤣

Let’s Explore Today’s Highlights

🧠 Fun Fact: Billions $$$ in Crypto

📊 Market Breakdown: Bitcoin’s Movement is a Nail-Biter!

📌 Bull Market Bulletin: Current News & Stories

📚 Trading Strategies: Retracement Vs Reversal

Billions $$$ in Crypto 🧠

Cryptocurrency has been around for many moons…well, since Bitcoin’s inception in 2009… 😅

At this time, there were very few people that had a genuine interest in it and those that did were skeptical.

Now, let’s fast forward to 2014…

When cryptocurrency began to gain traction, it was repeatedly shot down by government officials…

Because why do we need crypto if we have the stock market? 🤦‍♂️

Even with the doubters and non-believers, cryptocurrency continued to build a consumer base that saw the potential.

By mid-2014, cryptocurrency as a whole was generating about $20 million to $50 million in daily trading volume.

That was huge at the time, and it still was not mainstream! 😮

Fast forward to 2021 during the last strong bull run…

Cryptocurrency as a whole generated over $235 billion…

No, not million…billion in 24-hour trading volume! 🤯

After the hype of 2021, we are still generating around $68 billion in 24-hour volume…

But wait until we hit the next strong bull run! 🚀

Cryptocurrency Volume Charts

Market Breakdown 📊

I thought last newsletter was a nail-biter…but I was wrong…

THIS NEWSLETTER is a nail biter! 😬

For about a month now, we have been taking a look at Bitcoin’s support and resistance lines and the time has come!

What will Bitcoin do next?! 😮

Well, today we are going to be diving more into Bitcoin’s movement projections and what is next for cryptocurrency…

You know…a little bit of this and a little bit of that. 😂

So, for today our topics will be:

1. Cryptocurrency Heatmap (7-Day)

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

3. Bitcoin’s Technical Analytics (Weekly Chart)

4. What is Next on the Radar? 🤔

Let’s go ahead and dive in, but before we do…a word from our sponsor!

Thank you to 1440 Media for sponsoring today’s newsletter! 🙏

Now, let’s begin with our first topic of the market breakdown!

Cryptocurrency Heatmap (7-Day)

Alright, before we begin the market breakdown… the heatmap below doesn’t look the most promising… 😂

But just hear us out really quick…

Even though the market breakdown is primarily all red, that does not necessarily mean that we are continuing lower…

Don’t worry! We will cover this more in the market analytics…

So, let’s take a look at the image below. 👀

As we said before, this heatmap doesn’t give any cryptocurrency investor or trader the warm fuzzy feeling…

But there is one variable within our cryptocurrency analytic breakdown that we need to keep in mind. 🧠

Don’t worry, it is coming soon…

In the meantime, we will be covering over the long-short ratio…this gives us a first-hand look at how traders are viewing crypto overall.

And the results may actually surprise you…

Bitcoin’s Long-Short Ratio (24-Hour)

For anyone that has been following our newsletter for a while, they know that we love to cover the long-short ratio…

Why is this you may ask? 🤔

Because it gives us the exact psychology of the market and how people are trading Bitcoin overall.

For the overall market, the long-short ratio is currently 49.96%/50.04%.

Compared to the cryptocurrency heatmap, this may sound out of place because the bulls and bears are so close… 😮

However, the heatmap covers 7-days compared to the long-short ratio which is for a 24-hour period.

Let’s take a look at the full breakdown of the long-short ratio. 👇

Above, there is only one exchange (Bitfinex) that is 75.46% long (bullish), but all others are very close in percentage.

This shows us that there is indecision in the market and that it is still up in the air…

Do we continue upward or downward? 🤷‍♂️

Well…at lot of this is going to come down to our technical analysis as it dives more into the finer details…

Let’s not waste any time! 😄

Bitcoin’s Technical Analytics (Weekly)

For this technical analysis, we are going to be covering something that happens in the market, but is not as usual…

That is a tight margin and prediction when it comes to the market either continuing upward or downward.

There normally is a fine line when it comes to how the market wants to move, but for this one…

We are down to the wire! 👀

Let’s go ahead and take a look below and we will cover it more in-depth. 👀

As shown above, there is a tug of war for if Bitcoin will continue higher or follow the path down lower…

Of course, we hope for the higher path. 😂

Even though we are on the border of continuing higher or lower, we have the percentage for direction in either way…

1. Higher movement = 52.1%

2. Lower movement = 47.9%

Now, even though the current candlestick is sitting in the middle…

There is a variable we don’t want to overlook. 🔍

That variable is the wick that we see on the current candlestick.

It may be a bearish candlestick, however that wick shows us that buying pressure is occurring.

And that pressure is pushing in the direction of moving upward. 📈

So, what does that mean for Bitcoin and for cryptocurrency overall?

What is Next on the Radar? 🤔

This is a key question that everyone wants to know… what happens next?

Well, the 2nd of September has been a date that we have been on the lookout for, and for some time to say the least…

Why exactly the 2nd of September? 🤔

This is when the weekly candlestick closes (shown in our Bitcoin analytics section above) and the next candlestick starts.

Right now, we are right on the border between continuing with bullish or bearish pressure…

But the odds are in our favor… well, for now... 😅

Once the market decides if we move higher or lower, we will have a better idea for what the future holds.

In the meantime, and as always… time will tell… ⏰

🧠 Don’t forget! Markets can change in a matter of seconds. Just because the market is down right now does not mean that it will be done in the next hour.

Bull Market Bulletin 📌

Bitcoin Mining Reduces Methane Emissions? We are continuously seeking new ways to improve environmental cleanliness while improving production output. After a new peer-reviewed scientific paper being released, it discusses how Bitcoin mining may reduce methane emissions.

Through various arguments portrayed in, An integrated landfill gas-to-energy and Bitcoin mining framework, both being showcased in an edition of the Journal of Cleaner Production, it outlines a system that captures and converts methane gas into a usable energy…interesting… 🤔

Elon Musk and the Dogecoin Price Manipulation For those that may not be familiar, Dogecoin had a huge price spike in 2021 when Elon Musk began to post numerous times on social media, make memes, and even change the X (Twitter) logo to Dogecoin’s logo… 🤦‍♂️

Either way, Dogecoin went from $0.002 to around $0.72, that is a 35,900% increase! Many investors and traders at the time believed that the Dogecoin Foundation had a part in this price manipulation and Elon Musk was the key player. Now, the judge has made the ruling…Click to read more!

North Korean Hackers Steal Billions! It has been reported that a North Korean hacking group allegedly exploited an unknown bug in Chrome-based browsers to target organizations. Their mission? To steal as much cryptocurrency as possible!

Google was initially unaware of the bug until it was patched two days later after the evidence of the hack on the 19th of August. The United Nations Security Council panel have concluded that the hacking group stole $3 billion in crypto! 🤯

The SEC Pursues NFT dealer OpenSea. Since Gary Gensler has been the Chair of the Securities and Exchange Commission (SEC), he has continuously pursued various cryptocurrencies. The big one that comes to mind is XRP. 😬

On the 28th of August, OpenSea, a leader in the NFT marketplace, announced that it was now a target. The Chief Executive Officer, Devin Finzer, announced on X that the company received a Wells Notice from the SEC. This notice shows intent that the SEC is now pursuing OpenSea… 👀

Retracement in Trading 📚

Welcome back to another trading education lesson! In the previous newsletter, we covered the Three White Soldiers pattern.

If you missed that newsletter, click here! 👍

Throughout many of our newsletters, we have covered various candlestick patterns and trading formations…

If you have missed those, click here for our previous lessons…

Alright, enough with the shameless plugs 😂

But we are going to switch it up for this lesson. 👀

For each candlestick pattern and trading formation, we normally have a recommended area to enter the trade…

And of course, an area to take profits. 💰

But what happens when you see that perfect trading formation and before you click your mouse, your finger cramps…

Or you have to sneeze…I mean any type of distraction you can think of. 🤣

What do you do? 🤷‍♂️

Well, don’t worry, today we are going to cover…

1. What is a Retracement in Trading?

2. Difference Between Retracement & Reversal.

3. Why the Difference is Important.

4. Video Covering the Different Types.

So, without further ado… grab your paper, pen, and thinking caps as we dive into… 🤠

Retracement in Trading!

What is a Retracement in Trading?

A retracement in trading is when an asset is moving in price and moves short-term against the upward or downward trend…

And is followed by a return to the previous trend.

A retracement in trading can be similar to a “consolidation period” for the asset’s price.

Let’s take a look at the image below. 👀

We see that the price is moving slightly up and down but continues its bearish movement by moving further down. 📉

With the slight upward movement that is occurring during the consolidation period, it is moving against the trend…

However, this is slight movement, and it does not greatly affect the continuation of the asset’s price moving lower.

If someone were had missed the entry point at the far left of the image above, there are many more opportunities before the big move…

Now, with that said, let’s take a look at our next topic.

Difference Between Retracement & Reversal

So…why is this important to know? 🤔

Well, this is actually VERY important to know…

1. Retracement - the intended movement, either bullish or bearish, will continue allowing entry into the trade.

2. Reversal - the intended movement, either bullish or bearish, has switched and needs to be re-evaluated.

The image below shows us how we can spot the difference between these two movements. 😎

For the retracement in trading, we see that there is a slight pullback but the movement upward continues…

And on top of that…the highlighted boxes show additional points to enter the trade if you missed the first one.

Now, for the reversal, we see that highlighted by a red line on the right side.

Unlike the retracement in trading, the reversal does not have entry boxes as is less stable of a movement.

Which brings us to our next topic…

Why the Difference is Important

The reason why this is very important in trading is because we see this all the time in the form of FOMO.

For those that may not be familiar with this term…

FOMO = Fear Of Missing Out 😱

Being able to recognize the difference between a retracement and reversal could save you BIG BUCKS! 💰

In the markets, when people are making money…well, others want to make money too.

I believe it is just a natural feeling. 👍

However, this does not mean to blindly jump into a trade without doing your own research…

For example: Just because a trade goes up 100% does not mean that it will go up another 100%…

Waiting for the trade to have a slight pullback and then show signs of continuing upward. This would be a much smarter move! 🧠

Video Covering the Different Types

Now that we have covered the difference between the retracement in trading and the reversal…

Let’s check out a video that breaks down more variables to keep in mind with this movement.

🧠 Remember! Determining the difference between a retracement and a reversal saves heartbreak in the long run.

“Chasing the trade” or trying to enter after the reversal point may result in heavy trading losses. AKA…long nights filled with regret. 😂

Your feedback is very important to us! ❤️

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