💎 Enjoy Your Exclusive Bitcoin Analytics! (4 September 2024)

In partnership with

Advertise with us Next!

Our Archive of Previous Newsletters

Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where Bitcoin’s current price movement is more boring than waiting in line at the DMV…

But don’t worry, sooner or later it will be our turn in line!

Then just to be told we have the wrong forms… 🤣

Let’s Explore Today’s Highlights

🧠 Fun Fact: The Search for Satoshi Nakamoto

📊 Market Breakdown: Bitcoin’s Historical Movement

📌 Bull Market Bulletin: Current News & Stories

📚 Trading Strategies: Ascending Broadening Wedge

The Search Continues 🧠

We have covered a couple of people that may be Satoshi Nakamoto…

You know…the creator (or creators) of Bitcoin…

But for today, we have another one for you!

We will be discussing Adam Back, a British computer scientist and cryptography expert.

Why exactly is he a possibility? 🤔

Well, he is best known as the creator of Hashcash, which is a proof-of-work system used to prevent denial-of-service attacks…

Pretty much Bitcoin but an earlier version. 😂

What also stands out for this is that it was proposed in 1997 and later served as an inspiration for Bitcoin’s mining mechanism…

Could Hashcash be a trial run for what eventually would become Bitcoin? 👀

Mr. Back has denied being Satoshi Nakamoto but does remain vocal in the cryptocurrency industry.

I guess our search continues…

Who is Adam Back?

Market Breakdown 📊

As we get closer to the end of the year, there is only one thought that we have on our mind…

No, not getting ready for the football season or pumpkin spice latte’s…

When is the Bitcoin rocket happening? 🤔

I think everyone may have the same thought at this point… 😂

So, we are switching it up slightly and taking a look at Bitcoin’s historical returns…

We may not be able to predict the future…unfortunately… but by looking at historical data…

It may give us an idea of how this month will act based on past performance.

So, for today’s market breakdown, we will be covering:

1. Cryptocurrency Heatmap (7-Day)

2. Bitcoin’s Historical Data (September)

3. Bitcoin’s Historical Data (Quarterly)

4. What is Next on the Radar? 🤔

Now, before we dive into all of the premium analytics, standby for a word from today’s sponsor!

Thank you to Bullseye Trades for sponsoring today’s newsletter! 🙏

Now, without further ado, let’s begin with our first topic!

Cryptocurrency Heatmap (7-Day)

Oh, the cryptocurrency heatmap…

Such a great way to start any technical analysis…even if it is as red as my cryptocurrency portfolio balance. 🤣

Look, before we all jump ship and put all of our money into Beanie Babies… the cryptocurrency heatmap is not designed to discourage…

It is used as a tool to view the overall market and to even potentially spot any buying opportunities. 👍

Granted, the heatmap below definitely isn’t good for my blood pressure.

We have seen a dip in Bitcoin’s price, something that we have been talking about for quite some time…

And don’t worry… we will be covering all of this in our next newsletter. 😎 

For the time being, let’s get into the meat and potatoes of this lesson…

Yeah, not sure where that came from, but I have heard it somewhere before… 😅

Bitcoin’s Historical Data (September)

So, why is historical data important?

Because even though we can’t predict the future, we can use the information for an informed decision…

One that may give us insight to what is to occur next.

Let’s direct our attention to the image below and see what all we can gather from it! 👀

Right off the bat, we can see that September is currently red…

Yes, I know… I am Captain Obvious. 🤣

But let’s take it a step further…

We see that September has been a red month for Bitcoin’s movement for 8 years in the past 11 years… 😬

However, out of the past 11 years there has only been two years where it was a double-digit percentage.

What does that make us think? ‍🤷‍♂️

That September is historically more of a consolidation month and less of a drastic movement…

Such as a Bitcoin crash or a moon. 📈 📉

With all of this said, let’s now take a look at how the quarter 3 has been historically…

And we actually have some very interesting information that may potentially be what we have been waiting for!

I know I have been waiting for some good news too… 😂

Bitcoin’s Historical Data (Quarterly)

Now, why are we looking at Bitcoin’s quarterly returns when we just looked at the monthly?

Seems like it shouldn’t matter… 🤔

Well, let’s think about when you are looking at a trading chart… there are different timeframes we look at.

It could be by the minute, hour, day, week, etc… ⏰

We are doing the exact same thing, but we are zooming out from a monthly return to a quarterly return.

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

So right now, for Q3 this year we are at -9.53%.

However, there are two things that we would like to point out that will be useful information for the future.

For Q3, Bitcoin’s return spiked during years:

1. 2013 = +40.60%

2. 2017 = +80.41%

3. 2021 = +25.01%

Why would we highlight this?

Because these years are the timeframes of Bitcoin’s reward halving… ⛏️

More specifically, the years that were right after the halving took place. 2025 is that next year!

And on top of that…

Look at Bitcoin’s Q4 returns. We see huge spikes in:

1. 2013 = +479.59%

2. 2017 = +215.07%

3. 2020 = +168.02%

With the spread of those returns, it makes us think that there could be something substantial coming soon!

Granted, it is all about balancing the monthly returns and the quarterly returns with a grain of salt…

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

What is Next on the Radar? 🤔

Well, this may be known to many, but we would like to say… Don’t panic!

Through the information we have covered, September seems to be more of a consolidation month.

Granted, that could change and not be the case, but there has never been a substantial movement for Bitcoin…

Well, in the month of September that is… 😂

Right now, is carefully tracking Bitcoin and I am sure many people are still building their portfolios…

Getting ready for the bull run, of course! 🚀

For our next newsletter, we will dive more into Bitcoin’s technical analysis…

And what many of our viewers have requested…

Showing the support and resistance lines that many other investors and traders may be looking out for.

But, as always, keep your head up!

🧠 Don’t forget! Historical data provides potential projections based off of past performance. History always seems to repeat itself!

Bull Market Bulletin 📌

Bitcoin Miners in Difficult Times. 12 years ago, you could easily mine Bitcoin on your desktop. Now, times have changed, and you need a massive processing farm to mine Bitcoin… and because of this, the difficulty to mine Bitcoin has increased substantially! 📈

With that said, the increased mining difficulty plus the electricity costs along with Bitcoin going down in value has not helped anyone. Miners need the price to increase so they can make a profit at the end of the day and keep the Bitcoin network stable… So… when is the Bitcoin price increase happening? 😄

FBI Warns of Crypto ETF Cyberattacks! There seems to always be some type of cyberattack or scam that is happening…and we want to make sure that everyone is up to date. With that said, be safe! 🔒

The Federal Bureau of Investigation (FBI) has issued a warning that North Korean cyberattacks could potentially occur on cryptocurrency ETF companies. Why would this occur? Well, allegedly the efforts are aimed at deploying malware and stealing large quantities of cryptocurrency assets. 🦹‍♂️

Social Media Giant for Cryptocurrency in Trouble? For anyone that has dived headfirst into the rabbit hole of cryptocurrency social media, we all know that Telegram is the place to be…well, the place they want us to be… 😂

Interestingly enough… Telegram has reportedly failed to improve their moderation issues after several requests from Indonesia. Now, to the big news… Indonesia, one of the largest users of Telegram globally, is considering banning Telegram! 😲

Who Holds the Most Bitcoin? Back when Bitcoin was less than a penny, no one wanted it. Now that Bitcoin is around $60,000, everyone wants it. 😅 But now the question is, for those that own Bitcoin, how much do they own? Well, let’s start with this one… Bitcoin addresses with balances between 1,000 and 10,000 Bitcoin are actually 24.17% of total holders! 🤯 

Rounding Bottom Formation 📚

Welcome back! It is always great to have everyone join us for another educational lesson.

If you are new here, welcome to the party! 🎉

In our last lesson, we covered retracement in trading along with reversal patterns and the difference between the two.

If you missed it, click here! 😃

For today, we are switching gears and taking a look at a pattern that may be less know…

But plays a very important role in trading knowledge!

That is no other than the Ascending Broadening Wedge.

Throughout this lesson we will be covering:

1. The Type of Trading Pattern

2. How to Trade this Pattern

3. Video of Real-Time Movement

So, without further ado, you know the drill…

Grab your pen, paper, and thinking caps and let’s dive in! 🤠

The Type of Trading Pattern

The name for the ascending broadening wedge may actually be a little misleading… 😬

Even though it has the word “ascending” in its name… this is a bearish pattern.

Don’t worry, we will dive more into why this is! 😅

The ascending broadening wedge is named as such because it does form “higher highs” and “higher low”.

Which is key when you want a bullish movement…

But at some point, traders must take profits, and the steam will run out.

Enough of us rambling on, let’s bring out the image example and cover what everyone wants to know…

How do you trade this type of pattern? 🤔

How to Trade this Pattern

With this pattern being bearish, that does not necessarily mean that we need to trade it as such right out the gate.

There is a strategy that we must follow to be the most effective as possible! 😎

Let’s take a look at the image below and break down the variables that we see.

By taking a look, we have covered the higher highs and higher lows…

But what exactly are the upper trendline and the lower trendline?

Upper Trendline - This is the resistance line that continues to keep the asset at a maintained level.

Lower Trendline - This is the support line that continues to hold but eventually is broken resulting in the crash down.

When trading this pattern, you must be patient as you may think it is going to break the support…

But then it pushes back up and makes a higher high in the price. 🤦‍♂️

In trading, it is said that wealth is transferred from the inpatient to the patient. 💰

By waiting for a confirmation in the price to continue downward, it will save a lot of heartache…

Trust me, been there done that numerous times. 😅

Let’s take a look at the example below that shows us firsthand when the support has been broken…

And more importantly, when it is recommended to enter the trade!

With the example above, we see that the support and resistance lines are holding strong…

Well, until we receive confirmation at the end when the support line (lower line) is broken.

In the ascending broadening wedge example, when the lower line is broken, we still see a push upward in price…

This is the last effort when bulls to send the price higher…

Once this break of support occurs, that is confirmation that the market is nearing a reversal…

And at this point, bulls will begin to sell their positions and bears are going to enter their short positions.

Ultimately, a perfect storm of selling pressure. 📉

So, what does this pattern look like in real time? Excellent question! Let’s take a look below. 😂

Video of Real-Time Movement

Below is a video that directs us to the actual movement of an ascending broadening wedge.

Keep in mind, with any trading formation or pattern, they do not always look textbook.

And what do we mean by saying this…

They won’t always look 100%, but it is your job as the trader to see similarities and trade accordingly! 😎

And hopefully with this video it also clears us why it called the ascending broadening wedge…

As it actually ends with descending. 🤣

🧠 Remember! Patience is key when trading! New traders, and even experienced traders, feel rushed and “don’t want to miss the big one”…

There will be thousands of trades, but the important part is… trade smart so your account can see another day of trading! 😎

Your feedback is very important to us! ❤️

Subscribe to Premium to read the rest.