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Another week in the red for Bitcoin (BTC) and despite growing adoption in countries like Brazil, BTC miners are having to shut down due to soaring power costs. Ethereans as well as the larger crypto community remain positive about the future of ETH, yet some uncertainty prevails.
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Bitcoin correlated with stock markets this week in anticipation of the US jobs report coming out on Friday. BTC was down about 7% compared with the Nasdaq's 8% decline. Bitcoin failed to hold the $21k support line and is now trying to establish support at $20k.
Over the last 7-days, Bitcoin has slowly moved into a symmetrical triangle.
What does this mean? It's great for some grid trading! What happens after is a mystery since symmetrical triangles are known for being both a continuation and reversal pattern. We'll probably just have to wait and scalp.
Looking at Bitcoin's 50 & 200 SMMA, we can see the distance between the two lines is nearing all-time highs.
Our current situation is a "good news, bad news" scenario, where the bad news is we're deep into macro bear territory. While the good news is that price drops most likely won't be much worse.
Leading up to the Merge, Ethereum Founder Vitalik Buterin has been (overly?😉) active in social media this week, bringing up technical discussions on decentralization. Both Avalanche and Tether were dealing with accusations and FUD, with AVAX falling 17% and Tether publicly responding to the Wall Street Journal’s “misinformation.”
If we look at ADA on the Macro, we see a channel that has formed since May.
We are currently on the channel's lower side, meaning it may be a good time to stack some ADA, prepare some sell signals, and enjoy the late summer. Let's just say it's good Macro scalping!
ApeCoin and its ecosystem partners, BAYC NFTs, APEDAO, The Ape Foundation and Yuga Labs, have dominated the NFT space since launching in spring of 2022. Get a look behind the scenes as we dive down the rabbit hole on $APE.
Bitcoin correlated with stock markets this week in anticipation of the US jobs report coming out on Friday. BTC was down about 7% compared with the Nasdaq's 8% decline. Bitcoin failed to hold the $21k support line and is now trying to establish support at $20k.
Over the last 7-days, Bitcoin has slowly moved into a symmetrical triangle.
What does this mean? It's great for some grid trading! What happens after is a mystery since symmetrical triangles are known for being both a continuation and reversal pattern. We'll probably just have to wait and scalp.
Looking at Bitcoin's 50 & 200 SMMA, we can see the distance between the two lines is nearing all-time highs.
Our current situation is a "good news, bad news" scenario, where the bad news is we're deep into macro bear territory. While the good news is that price drops most likely won't be much worse.
Leading up to the Merge, Ethereum Founder Vitalik Buterin has been (overly?😉) active in social media this week, bringing up technical discussions on decentralization. Both Avalanche and Tether were dealing with accusations and FUD, with AVAX falling 17% and Tether publicly responding to the Wall Street Journal’s “misinformation.”
If we look at ADA on the Macro, we see a channel that has formed since May.
We are currently on the channel's lower side, meaning it may be a good time to stack some ADA, prepare some sell signals, and enjoy the late summer. Let's just say it's good Macro scalping!
ApeCoin and its ecosystem partners, BAYC NFTs, APEDAO, The Ape Foundation and Yuga Labs, have dominated the NFT space since launching in spring of 2022. Get a look behind the scenes as we dive down the rabbit hole on $APE.
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