💎 Your Exclusive Bitcoin Analytics! (11 Sep 2024)

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Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where we provide a complete Bitcoin analysis to you, free of charge!

Oh, and there are memes here and there… 😄

Let’s Explore Today’s Highlights

🧠 Fun Fact: Buy a Lambo with Bitcoin?!

📊 Market Breakdown: Bitcoin’s Recent Movement

📌 Bull Market Bulletin: Current News & Stories

📚 Trading Strategies: Exiting Trades Strategically

Buy a Lambo with Bitcoin?! 🧠

When Bitcoin first launched in 2009, there wasn’t much you could do with it.

Even today, there are still people that question if you can use Bitcoin for anything instead of investing… 🙄

Well, believe it or not, Bitcoin is a highly desired currency that many people will accept as payment.

Why exactly is this? 🤔

Because Bitcoin is not only a currency, but it increases in value and the $5 you pay for a Pokémon today may be worth $10 tomorrow. 😂

Now, more importantly… we are always hearing people in the cryptocurrency world say, “when Lambo?” …

But imagine taking it one step further and actually buying a Lambo with Bitcoin!

Well, you don’t have to imagine it when it is a reality. There is currently a 2018 Lamborghini Huracan going for 12.7 Bitcoin! 😲

Click the link below and see everything that you can buy with Bitcoin.

Friendly note: this is not endorsement of the website or to spend your hard earning Bitcoin on random things. 😂

Use Bitcoin as a Payment Method

Market Breakdown 📊

Welcome back to the market breakdown, where we watch Bitcoin go lower in price…

I mean, analyze Bitcoin’s price. 😂

What a wild market it has been! It has us on the edge of our seat!

We have received many questions, especially regarding Bitcoin’s next movement and if it will ever “moon” …

Well, definitely a great question… 😃

All we can say is Bitcoin has been in worse spots and it still surprised everyone with its massive gains! 💰

To cover Bitcoin’s analytics more in-depth, we are going to be focusing on three primary areas:

1. Cryptocurrency Heatmap (7-Day)

2. Bitcoin’s Projected Movement

3. What to Lookout for 🤔

Before we dive into our first topic, a quick word from today’s sponsor!

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

Now, to our first topic!

Cryptocurrency Heatmap (7-Day)

To begin, let’s take a look at the overall market.

Even though it feels like cryptocurrency continues to go down in value with no end in sight…

Let’s see how the market is actually acting. 👀

And as we can see from above, the market is somewhat split.

We see that Bitcoin is down slightly, but there are various alternative coins that are up in value.

As Bitcoin normally sets the tone for the market, it shows that there is currently indecision.

Interesting… 🤔

So, what exactly does this mean for us?

This period of indecision could also mean that there is consolidation that is occurring in the market.

Consolidation equals stability, which we desperately need in the market! 🙏

With that said, let’s get to the primary topic for this market breakdown, Bitcoin’s analytics!

Bitcoin’s Projected Movement

Now to our favorite part, talking more about Bitcoin’s downward spiral…

I mean, Bitcoin’s projected movement. 🤣

Throughout the last few weeks, we have been keeping an eye on Bitcoin’s movement and a few key timelines…

Those timelines are:

1. 4 November 2024

2. 6 January 2024

The reason for these timelines is because that is when our support and resistance lines meet.

And when these two meet, this normally calls for a decision in movement, resulting in either:

1. Upward Movement

2. Downward Movement

3. Sideways Consolidation

Let’s go ahead and take a look at the Bitcoin weekly candlesticks and see how we are looking! 👀

Taking a look at the full candlestick pattern, we can see that there is a descending triangle that has formed…

Unfortunately, this is a bearish candlestick pattern… 🙄

We see that our current candlestick (to the far right) is in the red background, which ultimately means we need to move upward…

The reason being… we want to hold the support line as we get closer to where the support and resistance lines meet.

And the reason on top of that… we want Bitcoin to continue to hold support, so it moves higher! 📈

Which brings us to our final topic…

What to Lookout for 🤔

At the end of the day, we have to remember one very, VERY important thing…

When Bitcoin moves…IT MOVES! 🚀

As shown in the image above, we want to continue to hold support as we move closer to the 4th of November.

If Bitcoin were to move lower, then we would be on the lookout for a push downward to breaking $50,000…

Why exactly $50,000? 🤷‍♂️

Because this is where a hard support line is for multiple reasons…

1. Investors have set buy orders

2. It is a whole number, which is a “mental support”

Of course, we don’t want to think that this will happen…but we want to be prepared just in case. 😎

🧠 Don’t forget! When analyzing Bitcoin’s movement, keep in mind the volatility that comes with it.

Bitcoin moves quick! A slight downward movement could be followed up by a swift upward movement moments later!

Bull Market Bulletin 📌

Crypto Scams Target Older Investors. As much as we all love cryptocurrency, there is a dark side to it…scammers! According to the Federal Bureau of Investigations, people in the United States lost $5.6 billion to crypto scams! People under the age of 20 years old had the fewest complains issued as there was a total of almost $15 million that had been stolen, but that was pennies compared to people 60 years old and older… 👀

NFT’s Have Rights Too! It was recently announced that Opensea, one of the top NFT dealers, received a “Wells notice” from the SEC in August, suggesting that they would be pursuing action against them. Well, now there is a call to Congress to address NFT’s and clearly define them for the legal side…

Solo Bitcoin Miner Hits it Big! Mining can be a very costly venture where businesses will have “mining farms” with numerous high-powered miners in attempts to secure Bitcoin… but imagine being a solo miner! 😬

Well, even while competing against large mining pools such as FoundryUSA and Antpool, a solo miner received a mining reward of $181,000! 🤯

The People Demand Presidential Crypto Debate! The Presidential Debate has been a primary topic of interest. Maybe not so much by who is going to be the winner of the debate, but if cryptocurrency will ever be mentioned! 😅

Unfortunately, with the recent debate that took place, Bitcoin was not mentioned… but is there a possibility that it will be mentioned on a larger scale before the US Presidential election in November of this year? 🤔 It wouldn’t be far-fetched as 73% of voters want this to occur…

Exiting Trades 📚

Welcome back to another education lesson in the fun and exciting world of cryptocurrency!

Well, exciting when your portfolio isn’t down 99% 🤣

In our last newsletter, we covered the bearish pennant pattern, which is a bearish trading pattern…

I guess the name gives it away… 😅

For today, we are switching gears and talking about something that you rarely hear about in cryptocurrency…

Exiting your position! 😬

Yes, it seems like taboo to say that we will one day sell, but that is how trading goes…

And honestly, in crypto we are so set on holding that we forget that we need to sell to take profits.

Now, that everyone is done booing me 😆… the topics that we will be covering are:

1. When to Take Profits

2. How to Take Profits Correctly

So, without further ado, let’s dive into today’s lesson.

When to Take Profits

It may seem silly, but through the many years of trading in cryptocurrency, there has been people that missed out on profits.

And the primary reason for this…

They believed that the price would continue surging. 😬

For example: investor Glauber Contessoto invested $250,000 into Dogecoin back in 2021 when it was 4.5 cents.

Two months later, he became a multi-millionaire! 🚀

Awesome, right? Well, wait until the end of the story…

Instead of selling, he continued to hold the cryptocurrency and even buy when the price dipped further down.

At the moment, he is still in profit, but a better move may have been this…

Sell when Dogecoin had an astronomical spike, and then buy back in when the price dipped down to where it is now.

This way he would have been able to secure the massive profits and then buy back in with a portion of those profits…

Or he could be playing the long game for tax purposes. 😄

Even so, in the world of cryptocurrency things can change drastically.

Even though Dogecoin is well-established, imagine if it were another coin and then the coin exit scammed or went to 0.

He would have lost everything and been in the hole $250,000! 😮

How to Take Profits Correctly

For this portion, this is NOT financial advice… of course. 😂

However, when it comes to taking profits, we will mimic what many traders do to cover expenses and minimize risk.

A strong tactic that investors will do is cover the initial investment and “let the trade ride”.

What does this exactly mean? 🤔

It means that if someone invests $200 into a trade, and the trade goes up to $350, they will sell $200 worth.

That covers the initial investment, so if the trade does go south, they aren’t losing anything…

Well, except unrealized losses. 😬

And with that said, the difference is:

1. Unrealized Gain/Loss: Profit/loss not yet secured by closing the trade.

2. Realized Gain/Loss: Profit/loss secured by closing the trade.

Something else to keep an eye out for is “leaving money on the table”.

As investors and traders, we don’t want to lose out on any possible gains…

So how do we do it? 🤷‍♂️

After covering an initial investment, as stated above, “letting the trade ride” allows the trade to continue.

Instead of getting completely out of the trade, an investor may cover initial expenses…

And then cover 15% more, 10% more, and then closing it completely as the trade continues to raise in value.

It allows more profits to be accrued and lowering the risk size of the trade.

🧠 Remember! It is not only important to know when to enter a trade, but when to also exit the trade! You can’t buy a Lambo without gains!

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