Weekly Crypto Recap with NewsCrypto
Welcome (News)Crypto enthusiasts!
In today's edition, we're diving deep into the world of Bitcoin, breaking down its recent market movements, and revealing the insights you probably missed.
But that's not all!
We're not just here to give you the news; we're here to give you a guideline! By the end of this read, you'll have insights tailored to help you make informed decisions in this ever-evolving crypto landscape.
So, strap in and let's decode the Bitcoin matrix together! 🚀
What's on the menu today?
1. Beaking Crypto News
2. BTC TA Analysis
3. Ether Futures ETFs on the SEC's Radar
4. Funniest Meme of the Week
News Recap
· Valkyrie is requesting regulatory approval from the U.S. SEC for an ether futures ETF.
· Coinbase has secured regulatory approval to offer US customers access to crypto futures.
· Ledger announced its integration of Paypal payments for U.S. customers.
· Cheems Balltze (The Doge) has died at 12 following a battle with cancer.
· Dubai will offer subsidized licenses for Web3 and AI companies that want to enter the country.
· U.S. Congressman Warren Davidson has railed against CBDCs.
Do you want to read more about each piece of news?
Check out the News section on our educational platform here
https://app.newscrypto.io/news
Bitcoin TA Analysis
· Crypto Fear and Greed Index update
· Bitcoin Daily Time Frame
As you already know Bitcoin dumped aggressively and we warned you just before the cascade of liquidations happened. But don’t worry we will go through everything we discovered and can help you predict the next move.
Bitcoin is currently sitting above $26k which is a crucial support, if we lose it liquidations will happen, again… we will talk about it more later for now let’s focus on the daily time frame.
We can see BTC broke the uptrend (white diagonal line) but since we are not in an “official” bull market this doesn’t really matter in the long-term. We broke diagonal support lines in previous cycles, as you can see below we broke uptrends in 2015-2016 multiple times.
As long as we don’t close a daily or weekly candle below ≈$24.8k (lowest point before BlackRock announced Bitcoin spot ETF) Bitcoin’s chart doesn’t look bad. People are panicking because they got liquidated but this happens a lot - you can call it manipulation or a healthy market, whatever.
Let’s also take a look at RSI.
It’s in the most oversold territory since the Covid crash! You know what that means - it’s more likely we go up than down from here but doesn’t mean we can’t lose the support.
· Bitcoin Weekly Time Frame
On a weekly time frame we can see more clearly that falling below the previous low (≈24.8k) would mean we go below 200EMA which is a strong support and would turn into a strong resistance. Bulls would need a lot of firepower to push BTC above it once again so it’s better we don’t close below it.
· Bitcoin - Analysis with actionable advice
What’s going to happen with Bitcoin’s price?
Take a look at the price action below and remember it.
Now let’s take a look at the Bitcoin’s chart.
It could play out exactly as the chart above says but if you are thinking about a short wait until we close below the 200 weekly EMA and if you want to play it super safe wait until we get into the “Re-Destribution” zone/rectangle.
This theory gets invalidated if/once BTC pushes above the “Distribution” zone and holds it as support.
What could start the move to the downside?
Mass liquidations. Yes, it could happen again very soon. On the graph below you can see we are getting closer and closer to longs getting liquidated.
General Guideline:
Buy crypto on SPOT! You can’t get liquidated therefore you won’t be bothered by short-term moves but will catch all of the upside.
Use on of the two “DCA” strategies:
· DCA based on the time period (month, week,…) certain amount of money. Meaning = invest x amount of $ everytime you get a paycheck.
or
· DCA when prices go down - save money for the dump and buy when it comes. Don’t buy with 100% of what you have when BTC goes down 1% because it can always go lower but once it goes down 5-10% in a day → go in heavy.
First one is good for people who don’t want to pay attention to the charts and just want to accumulate over time. The second one is better for more experienced crypto people who want to maximize the returns especially when the market is in an uptrend. Note that it’s very uncomfortable buying when everybody is calling for lower prices.
Use strategy that you are the most comfortable with!
Ether Futures ETF on the SEC's Radar
The U.S. SEC, known for its rigorous scrutiny, currently has a stack of Ether futures ETF applications awaiting its verdict. What's intriguing is the regulator's silence this year. Unlike in 2021, when firms were gently pushed to retract their applications, this year there's been no such nudge. This could be a subtle hint that approvals might be just around the corner.
Among the contenders, Valkyrie, an asset management powerhouse, seems to be in the pole position. They've recently thrown their hat in the ring with an Ether futures ETF filing. If the winds are favorable, Valkyrie might be unveiling its BTC-ETH ETF as early as this October. And in the competitive world of ETFs, timing is everything.
But there's more on the SEC's plate. The decision on a U.S. spot Bitcoin ETF is still pending, with industry titans like Fidelity and BlackRock eagerly awaiting the call.
In the dynamic world of crypto, every day brings something new.
Keep reading our newsletter for all the latest updates and insights!
Funniest Meme of the Week
