Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
The crypto-verse, much like our universe, is vast, mysterious, and full of surprises. While some in Mexico are busy chasing shadows of supposed space visitors, we're here, laser-focused on the enigma that is cryptocurrency.
So, while the idea of little green men is amusing, let's dive back into the world of digital gold and blockchain brilliance.
What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. Web3: The Promise vs. The Reality
4. Funniest Meme of the Week
· MetaMask is now usable across non-EVM chains, thanks to Snaps!
· The BinanceUS CEO Brian Shroder resigned.
· The court gave a green light to FTX’s asset liquidation - a limit of $100M/week and withOUT prior public notice!
· The Base hits a record high for daily transactions.
· Hong Kong Monetary Authority funds on unlicensed “crypto banks” aren’t protected by the deposit protection scheme.
Do you want to read more about each piece of news?
Check out the News section on our educational platform here
Bitcoin TA Analysis
· Crypto Fear and Greed Index Update
· Bitcoin Weekly Time Frame
The last weekly candle close is bullish, finally. Previous ones were bearish or neutral so this is a positive change in the sentiment.
Why is this close bullish?
There is a long wick to the downside with a green (white) body that went even higher than the previous close - market structure break - which can be seen more clearly on the daily chart.
Weekly RSI is still below the yellow line which is bearish but you should know that RSI is a lagging indicator so the PA will show you the signs of bullishness/bearishness before the RSI does.
· Bitcoin Daily Time Frame
Here you can clearly see the previous high was ≈$26.5k. We broke above it - market structure break - but we can see there are a lot of wicks to the upside. This tells us bulls were in control and pushed the price up while the bears took the opportunity to dump and are now waiting for a lower price.
Those Capo maxis… still waiting for $12k.
How to position yourself?
Look at the green arrow to get an idea - it’s not FA but you could long $BTC once it gets back down to the bottom of the grey area marked as FVG (fair value gap) ≈$26.8k. Take some profit once $BTC reaches ≈$28k, where we got rejected from upon the Grayscale ETF news. From then on you have to asses if we go higher or lower.
Higher - we reclaim the support, consolidate above it → up.
Lower - we are rejected from the resistance OR we reclaim the support, show weakness, dip below the support → down.
Web3: The Promise vs. The Reality
When Steve Jobs, in that legendary black turtleneck, showcased the iPhone, it wasn't just a product launch; it was a paradigm shift.
Web3's Challenges: More Than Just Teething Troubles
Web3 paints a picture of a decentralized, user-centric digital universe. But the journey to that vision? Let's just say it's had its share of detours.
· Lost your private keys? That's your Bitcoin waving goodbye.
· Celsius's catchy "Unbank Yourself" swiftly turned into the less catchy "Bankrupt Yourself."
· NFTs were hailed as the future of digital art, but some seem more like expensive pixel experiments.
Nor is Mashinsky… but more about that another time
Apple vs. Web3
While Solana and Ethereum are making moves they are still not even close to what Apple is in the tech world. But Web3's core essence, aiming to disrupt and democratize, is undeniably crucial.
To wrap it up, Web3's monumental moment is somewhere on the horizon. And as eager spectators, we're rooting for its grand entrance, hopefully in the not-so-distant future!
Funniest Meme of the Week