💎 Your Exclusive Bitcoin Analytics! (14 Sep 2024)

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Welcome to Bull Market Bytes!

Your byte of cryptocurrency insight where Bitcoin’s price may go up and down…

Well, recently it’s been mostly down… 😅

But at the end of the day…

1 Bitcoin = 1 Bitcoin…

Yeah, that doesn’t make my portfolio feel any better… 🤣

Let’s Explore Today’s Highlights

🧠 Fun Fact: How Popular is Bitcoin?

📊 Market Breakdown: The Plan is Coming Together!

📌 Bull Market Bulletin: Current News & Stories

📚 Trading Strategies: Symmetrical Triangle Pattern

How Popular is Bitcoin? 🧠

When Bitcoin was first released in 2009, it wasn’t the most popular thing to hit the market…

Literally… 😂

It took many years for Bitcoin, and cryptocurrency in general, to gain a massive following.

2016 is a great milestone for the cryptocurrency community as the total number of worldwide crypto users reached 5 million! 😮

From there, we eventually doubled in popularity and reached 10 million in 2020, just in time for Bitcoin’s all time high break of 2021!

Today, there are over 617 million cryptocurrency users worldwide! 🤯

If we continue at the pace that we are going now, we should reach 1 billion before the year 2030…

But who knows, it could be much sooner… 😎

Number of Cryptocurrency Users

Market Breakdown 📊

It is that time again…time for another market breakdown!

Where we talk about how much Bitcoin has moved and our portfolio is still somehow going down… 🤣

Luckily, we are seeing positive movement from Bitcoin which is always a great thing… especially for my blood pressure. 😆

Today, our primary topics are going to be:

1. Cryptocurrency Heatmap (7-Day)

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

3. Bitcoin’s Projected Movement

4. What to Lookout for 🤔

But before we dive into our topics, a word from our sponsor!

Thank you to Vinovest for sponsoring today’s newsletter!

Now, where were we? 🤔

Ah, yes… the market breakdown! 📊

Cryptocurrency Heatmap (7-Day)

Well, this heatmap brings a smile to our face! 😃

It seems like it has been quite some time since we have seen a mostly full green breakdown… well, except for Tron. 😅

Let’s take a look below!

This shows to us that, well for one, that cryptocurrency is not dead… 😂

And two, that we are seeing a shift in buying pressure. And for this reason, that brings us to our next topic…

Bitcoin’s Long-Short Ratio (24-Hour)

Now that we have seen the heatmap and that there is a confirmed change in pressure, let’s now further confirm this…

The long-short ratio is our direct look into how traders are actually trading in the market… and it appears there is a confirmed bullish push!

At this time, there are only a couple of markets that have more bearish pressure, but it is only a slight amount under 50%.

We also have to keep in mind, this is for 24 hours… if it were 72 hours, it may be much higher…

But now that we have taken a look at the pressures in the market, let’s actually look at the market.

Without any spoilers… we are right on track to what we have projected, and I don’t know about you…

But this is very exciting! 😁

Bitcoin’s Projected Movement

Once Bitcoin made its decision to move downward in our previous analysis… we drew trendlines that encompassed that move.

Not only did that give us boundaries to look out for with pressure, but there has been a development of another trading pattern. 👀

But, before we get into that, let’s take a look below and see how Bitcoin’s movement looks in the “grand scheme of things”.

As we see from above, this current spike in pressure keeps us between the support and resistance trendlines, which is great!

Our next milestone area is the 4th of November, being that these trendlines will meet.

And as we saw last time… this is when a decision will have to be made, do we go up or do we go down… 😬

Now, with these new trendlines, we see the development of a new trading pattern, and interestingly enough…

This isn’t a 100% bullish or bearish trading pattern. 🤦‍♂️

As shown above outlined in blue, we have a symmetrical triangle trading pattern.

This doesn’t give us a clear expectation like the ascending triangle did as that is a bullish pattern…

For this trading pattern, a lot of the influence will be on the market that determines Bitcoin’s future movement…

Speaking of future movement! 📊

What to Lookout for 🤔

We ultimately want to keep this movement and as much as traders may not want to hear it, we don’t yet want an explosion in upward movement…

Why exactly is this? 🤔

Because a healthy movement is what we currently need. We need to build support and prepare the launch pad for Bitcoin…

And that is for when it gets closer to its all-time high.

If we had a break in pressure at the moment, we would be cheating ourselves as we are still needing to build support.

Patience is key! 🔑

🧠 Don’t forget! Bitcoin is still building support, stay motivated, the bull run has not yet happened… in our opinion… 😅

Bull Market Bulletin 📌

Bitcoin Mining Facilities are Expanding! CleanSpark has recently announced that it will be acquiring 7 Bitcoin mining facilities on or before 25 September 2024. Now, where exactly is this mining operation heavily investing? It came to as a surprise to me… and at the same time… it didn’t… 🤣

Bitcoin Giant Adds More Bitcoin! For anyone that is aware of MicroStrategy, they know that they are heavily invested in Bitcoin… that may actually be the only thing that a majority of people know about MicroStrategy… 😂

It has now been reported that MicroStrategy has bought an additional 18,300 Bitcoins and is now holding $14.14 billion in Bitcoin! Where did they get the money to fund this purchase? Click to find out!

United Kingdom is Bullish on Crypto. Unfortunately, we don’t hear too much about the UK and how much it loves cryptocurrency. However, it has been reported that a new proposal provides legal clarity for Bitcoin owners.

It is even said that the UK could become a “true global hub” for crypto. 😮 This new law has been proposed that affects the standing of Bitcoin, NFTs, and other digital assets.

World Liberty Financial Launches Soon! So, what exactly is World Liberty Financial? Well, the first thing to know is that it is backed by formed President Donald Trump. According to the whitepaper, this project is more in-depth that initially thought.

It is stated that within WLF, users can store money in digital wallets, offer a credit account system, and even borrow or lend money to other users… Interested? 🤔 If so, the launch date is much sooner than you think!

Symmetrical Triangle Pattern 📚

Come one, come all! Join around as we begin this newsletter’s education lesson!

In our last newsletter, we covered when to exit a trade affectively and secure some profits! 💰

For today, we will be going back to the various patterns that we see in trading.

And the lucky one for today is the Symmetrical Triangle Pattern! 📈

Throughout this lesson, we will be covering:

1. The Type of Pattern

2. The Variables in the Pattern

3. Real-Time Movement of the Pattern

So, without further ado as none of us are getting any younger… 🤣

Let’s dive in!

The Type of Pattern

Beginning with the type of trading pattern shows us what type of pressure we should be looking for in the formation.

If a pattern is bullish, we should see strong support and “higher highs” when it comes to the price. 📈

If a pattern is bearish, we should see a failing in support and sluggish movement upwards, hinting to a break downward in price. 📉

For the symmetrical triangle pattern, this is a bullish formation!

Well, it can actually be bearish too… 😅

This will ultimately depend on the market conditions…

So now that we know the type of trading pattern this is, let’s move on and take a look at something very important…

The variables to be on the lookout for when trading this formation! 👀

The Variables in the Pattern

Variables are very important to understand for a couple of reasons.

1. To ensure we understand the actual pattern that is forming

2. To understand when to enter/exit a trade

There are many more reasons, but these are the top ones. 😄

If we don’t recognize the pattern that is forming, we would have no understanding of how to trade it…

Which brings us to the second one of knowing when to enter/exit the trade. 📊

Let’s take a look at the image below and then break down the variables.

Breakout

The point that the price breaks the resistance line to continue upward.

Resistance

This is where the price fluctuates to but is pushed back down from selling pressure.

Stop-Loss

Where to exit the trade if the price falls below it after the trader has entered the trade.

Support

This is where the price fluctuates to and is pushed back up from buying pressure.

When looking at the pattern, the support and resistance lines are slowly getting closer until they meet.

Once they meet, this is where the price no longer wants to be kept down and will push up with a spike in volume…

Hence the “breakout”, and the recommended area to enter a trade. 👍

Real-Time Movement of the Pattern

Now to our favorite time… movie time! 😎

The video below breaks down the symmetrical triangle pattern in real-time!

🧠 Remember! A “Stop loss” needs to set to protect the trader. It isn’t recommended to have a set “stop loss”, but a mental stop loss.

The reason for this, if someone sets a stop loss in the system, a quick spike in momentum will close their trade. A mental stop loss does not have this flaw.

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