🤯 The Next Crypto ETF has been Filed!

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Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where we give a fun and optimistic approach to the market…

Crypto is already too stressful!

Let’s Explore Today’s Highlights

🥳 Fun Fact in Crypto: First Bitcoin ETF Proposal

📰 Crypto Highlights: Solana ETF Filed!

📊 Market Breakdown: Bitcoin is actually bullish…

📌 Bull Market Bulletin: Bytes of news Insight

📚 Educational Segment: Falling Wedge Formation

Fun Fact in Crypto 🥳

The spot Bitcoin ETFs were a huge success, and many companies are breaking records!

I know everyone across the board is celebrating the ETFs success!

But did you know…the first filed Bitcoin ETF occurred over 10 years ago! 🤔

On the 1st of July in 2013, Gemini founders Cameron and Tyler Winklevoss filed the Winklevoss Bitcoin Trust.

This was ultimately planned to become a Bitcoin ETF. 🤯

Unfortunately, they were rejected along with their second attempt in 2018…

Interesting how the turntables have turned. 😂

Read the 10-year-old original article

Solana ETF Filed! 📰

Well, well well… it looks like we may have our answer for which cryptocurrency is the next to have an ETF.

Today, we won’t be mean and will skip straight to it… 😅

Solana seems to be the next selected one!

Just going to leave this here… 🤣

Jokes aside, we have the filing of the S-1 but again that is only halfway to an approval request.

Many are skeptical that the spot Solana ETF would be trading anytime soon but it is still a step in the right direction for crypto.

Our thoughts: Solana has been a hot topic and generating a large amount of revenue, especially with the meme coins built off their platform…

However, it does not have the best track record with blockchain uptime, which is very scary thought.

🧠 Remember: Cryptocurrencies serve their own purpose. Just because a crypto does not have an ETF does not mean that it is not relevant!

Market Breakdown 📊

June has been quite an interesting month for cryptocurrency…

With the technical analytics that we have provided for the past few weeks, we knew there would be a pivotal point…

I believe everyone remembers the “Moment of Truth” 😂

Unfortunately, the projection was downward pressure. (that isn’t always a bad thing) …

Let’s take a look below and see how Bitcoin has performed in June in the past years and then compare it to where we currently are. 👇

As you can see 3 of the last 4 years were red… so I would say that the odds were against us. 😂

Now to the fun part!

How exactly does this stack up against how Bitcoin has performed so far?

Well, let’s take a look, shall we? 👀

Well…at least Toncoin and Tron did okay…am I right? 🤣

So, June has not been the best month to us…so where does that leave us?

The best way to answer that question is to take a look at the charts.

With all of the prices dropping and bearish news, we want to give some exciting information to you lovely people!

Anyways, this is “Bull Market” Bytes! 😅

For this one, let’s switch it up and look at the daily chart of Bitcoin!

Here is the good news! 🎉 We have an ascending triangle! The formation above projects higher movement.

What we see on the daily candlesticks is that if it continues to follow the support line upwards, we could see a break of the all-time high by…

Drumroll, please! 🥁

The 19th of October this year!

Fingers cross, of course! 🤞 There is much that could occur in the meantime…

For reference: Below is how the ascending triangle formation should play out, 👇

For the ascending triangle, as it is a bullish formation, the price normally follows the support line.

Granted, it could break the support and start to form another formation…

Once the support and resistance squeeze, the price explodes through the resistance…which we all hope to see! 🚀

If you missed our educational segment on ascending triangles, click here to check it out!

🧠 Don’t forget! Support and resistance lines can be updated over time. Doing so provides a better update of what is now occurring.

Bull Market Bulletin 📌

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Cryptocurrency wasn’t mentioned at the US Presidential Debate. 😢 Unfortunately, crypto was not a topic of debate on Thursday night…could it possibly be in the next one? The world is wanting to know!

Deepfake Crypto Scams Set to Surpass $25B in 2024! The statistic on crypto scams is eye opening! Extortion, Fraud, and identity theft are just to name a few…protect yourselves! 🛡️

The Question of the Decade…Is XRP a Security? 🤷‍♂️ It may be years until we have the exact answer that we are looking for…in the meantime, XRP has claimed a small victory…is this possibly forward momentum? Time will tell…

The SEC has Selected a New Victim! …I mean a new case. 😅 The SEC alleged that this wallet hosting company acted as an unregistered securities broker…can you guess who it is? 🤔

Falling Wedge 📚

Welcome back to this week’s education lesson!

Grab your thinking caps as we dive into today’s formation breakdown… 🤠

The falling wedge formation!

This type of formation is actually very common in trading and if located, can be a great indicator to follow. 😎

What is unique about this formation is that it primarily consists of downward pressure but is overall a bullish formation!

Which can be confused…however! …

The reason for this is…a bullish formation indicates that the trader would be more benefited as going long on the position… 💰

Ultimately buying it for an upward movement! Let’s take a look at the formation below! 👇

As shown above, we have both the support and resistance sloping down. Which is showing…

Lower highs and lower lows (which is a bearish feature) … 🐻

HOWEVER! When the support and resistance merge, we have a strong push upwards to make this a bullish formation.

To piece together the movement in its entirety, let’s take a look at the image below. 👀

Here, we can see how a bearish movement is ultimately a bullish formation.

Where the red lines are converging is where a trader would enter into a long position.

Why is that? 🤔

Because the lower a price someone can enter in with a prediction of going higher, the more profit they will secure! 💰

⭐ Long position = entering a trade which a prediction that the price will go up.

At the top of the blue line with the horizontal bar, that is indicating the previous resistance area…

At any resistance area, there is potential for another break downward or sideways consolidation.

Let’s take a look at the video below for a real-time breakdown of the falling wedge formation! 🔍

🧠 Remember! Make sure to be 110% on board with your trade.

If you flip back and forth, you will lose and also rack up a lot of trading fees…DOUBLE LOSS!

Lesson Review Question

📚 Make sure to review the lesson above before answering!

Question: Why would someone enter a “long position”?

Your feedback is very important to us! ❤️

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