Legends Donate $2M Bitcoin to Trump! 🤯

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Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where we watch Bitcoin along with our portfolios continue to go lower… 📉

Maybe I got in the wrong line of business…

I knew I should have been a pro wrestler…I just never got quite use to the spandex. 😂

Today’s Highlights

🥳 Fun Fact in Crypto

📰 Bitcoin Legends Support Trump

📊 Crypto Market Projections

📌 Bull Market Bulletin

📚 Descending Triangle Formation

Fun Fact in Crypto 🥳

We have all heard of Bitcoin, Ethereum, and Litecoin…but what about the projects that have been lost to time…

We will call them, the “dead projects” … ☠️

These are projects that were created and may have had some type of impact but were eventually abandoned by their team.

(A lot are meme coins, of course. 😂)

Accounting from 2014 - 2023, 7,530 cryptocurrencies have disappeared.

In 2021 alone, there were 5,724 projects…

That is over 15 projects a day! 🤯

Cryptocurrency Failures are Abundant!

Bitcoin Legends Support Trump 📰

It is still amazing to see that there is so much hype surrounding cryptocurrency right now…

Yes, the crypto market is pulling back…but seeing the topic so heavily involved in the US Presidential race is wild!

Okay…so maybe it is just for votes…but still! 🤣

The latest addition is that two Bitcoin legends openly support Trump and have donated $2 million in Bitcoin to his campaign!

They declare that they are wanting to “put an end to the Biden Administration’s" war on crypto”…

I could get on board with that… 🤣

Who are these supporters, you may ask? …

No other than The Winklevoss Twins! 👯‍♂️

(It’s the only meme I could find under “twins” ☝️) 😅

Quick backstory on the Winklevoss twins…

(Deep breath) …They were working on Facebook, hired Mark Zuckerberg who took full control, they sued him in court and won…

And for those interested…they won $20 million in cash and $45 million worth of Facebook pre-IPO shares! 🤯

(Deep exhale) …And that is it in a nutshell… 😄

So, what did they do with the money?

They bought Bitcoin, of course! 😎

With all of this said, what is next to come?

Well… it appears that “MAGAnomics” is next on the menu…

If this new type of economics highly includes Bitcoin, this may fuel the rocket we need to reach the moon and beyond!

If not…well, I could always pick up another part time job. 😅

I guess we won’t actually know unless Trump does win the election…as always, only time will tell… ⏰

Crypto Market Projections 📊

Well, it appears that the “Moment of Truth” was spot on from our past editions…

I would celebrate, but this projected that Bitcoin’s price would break through support…

And well…here we are… 😬

Let’s go ahead and start with the image below, which shows the “Moment of Truth” and what occurred afterwards. 👇

We see that we were in a descending triangle which eventually did break support and continued downwards.

However, the big question is…how was the “Moment of Truth” located?

And how was it weeks in advance? 🤔

For those that read our newsletter on the 18th of May, that is when we brought that information…

Pretty cool to see how charting can be used in our favor! 😎

The way that the “Moment of Truth” was located was from the eventually crossing of a support and resistance line.

The pressure or “squeeze” makes the pressure go either up or down…but how do we decide which way?

Well…

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Determining the end result of the “squeeze” does have multiple factors…it could be even outside factors such as news or even rumors!

Speaking of formations, let’s take a look at the chart below as there is another formation we can spot.

(Spoiler alert)…this is where the downward pressure started!

Please welcome the “Cup and Handle” formation!

Well…the failed Cup and Handle… 😅

Prior to the forming of the descending triangle, we were tracking the cup and handle formation…

As you will see above, there is a large dip and then to the right a smaller one (that is the handle). 👍

As indicated by the green arrow, the cup and handle normally results in upward pressure to break resistance.

In this case, it would have broken resistance 2 and tested resistance 1…

Unfortunately, sometimes formations do fail… 😓

For our timeline moving forward, we project continued downward pressure…

Just a projection, of course…not financial advice. 😂

In the image above, the support level will be the next big focus!

By mid-July, we will have another “squeeze” of the support and resistance…however, this could be an upward movement after the squeeze…

Compared to the projected downward pressure of the last.

🧠 Don’t forget! Charting is like driving through fog. The further you try to see, the less clear it will be. Try to find shorter timelines to project!

Bull Market Bulletin 📌

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New Bitcoin Mining Project will Heat Entire Town in Finland! Never heard of this one…Marathon Digital Holdings, the world’s largest Bitcoin mining company, will use the heat from mining to heat an 11,000-resident town! 🤯

The Crypto Scammers are Back at it Again! 🤦‍♂️ Now, it appears that these scammers are trying to exploit the deposit system within crypto exchanges…what’s next?

Want to Mint an ETF Commercial? Bitwise is allowing NFT enthusiasts to mint their “First Spot Ether ETF Commercial” as they are saying it is capturing “a piece of crypto history” …Interested?

What Percentage of Bitcoin Holders are in Profit? 💰 Even though we are experiencing a dip in Bitcoin’s price, it is amazing to see such a high percentage of holders are in profit! 👀

Descending Triangle 📚

Oh…the descending triangle formation.

We should all be familiar with this one as Bitcoin just recently completed this movement…

Never a fun thing… 😅

With this formation, and others as well, there is something to keep in mind that will assist if it is bullish or bearish.

What is that something? 🤔

Bullish = Higher highs and higher lows.

Bearish = Lower highs and lower lows.

So, what does this mumbo jumbo above mean? 😂

It is talking about the price of the asset and how it moves. If there are higher highs, that means the price is moving consistently higher. 📈

If there are lower highs and lower lows, then we are moving in a downward movement. 📉

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

Above, you will see that we have a downward pattern that shows those “lower highs” along with a support test at #3.

Overall, this pattern is consolidating and squeezing until at the end of the cone it moves lower.

⭐ The descending triangle formation is a bearish formation.

Side note: Short sellers will normally enter their positions right before the breakout at #5

The video below shows a more exact of how the descending triangle acts in real time and the factors that qualify it as such.

Let’s take a look! 🔍

🧠 Remember! As we have said in the past, make sure that you are following the trend in trading. If a formation is bearish, that means a majority of traders in that moment want it to continue lower. Don’t be a lone wolf!

Lesson Review Question

📚 Make sure to review the lesson above before answering!

Question: What type of formation is the descending triangle?

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