Weekly Crypto Recap with NewsCrypto
Welcome back, Weekly Recap readers!
Picture this: the crypto world is a bustling bazaar, and we're your seasoned guide, leading you to the best stalls and away from the overpriced trinkets.
From shimmering insights to golden updates, we've got the best deals in town.
Ready to haggle? Let’s not waste any more time.
What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. Asia, specifically Hong Kong, new "Crypto Hub"?
4. Funniest Meme of the Week
News Recap
· X will never launch a token, said Elon Musk - we all know he could make a lot of money but by looks he doesn't care!
· Curve finance offering $ 1.85 million to anyone who can assist in identifying the exploiter.
· WorldCoin will open its ID system to governments and companies. You still don't believe Sam Altman will selll you just like Zuck did? 🤡
· MicroStrategy plan to buy another $750 million bag of Bitcoin.
· BALD hit the world. It allegedly has ties with Alameda Research!🙀
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 Monthly Time Frame
Bitcoin monthly chart is showing signs of bearishness!
July’s candle swept the highs and closed below the previous close telling us there is more selling than buying pressure. Pay attention, this could change very quickly with “the right” catalyst.
Stochastic RSI is telling us the same. There will be a down move before another up move.
How deep will the down move be? Let’s take a look at daily and weekly chart to find out!
· Bitcoin Weekly Time Frame
First thing that jumps out of this chart is the last weekly close. Here it’s obvious bulls were strong but even before the week’s end bears took control and pushed BTC down to ≈$29k.
Now let’s go through the next levels that could serve as support:
1. $28.5k - $28k (50 EMA)
2. $26k (200 EMA)
3. Previous low at ≈$24.7k
4. Doom scenario = Bitcoin breaks ≈$24.7k - wait for a bull trap and sell your crypto because we are going way lower
Stochastic RSI is also signalling a down move with this cross of the orange line above the blue line (bearish cross).
· Bitcoin Daily Time Frame
By analyzing the daily chart we can see that BTC swept the lows. The move wasn’t followed by an upside move that would break the local highs so this Bitcoin’s price action isn’t showing any signs of bullishness but rather bearishness.
We wouldn’t be comfortable in taking any long positions at this point because risk-to-reward ratio doesn’t look favourable but if Bitcoin sweeps the lows and we see a bullish price action we will try and profit off of this move, same with the sweep of the highs and a bearish price action.
Asia, specifically Hong Kong, new "Crypto Hub"?
Hong Kong, historically the gateway to Asia, is rolling out the red carpet for crypto companies, especially those catering to retail traders. This move comes as a refreshing contrast to some other countries (ahem, Uncle Joe) that are playing hard to get.
Interest in setting up digital asset operations in Hong Kong has surged since local regulators introduced their licensing program earlier this year. HashKey, a Hong Kong-based crypto exchange, proudly flaunted its shiny new license, becoming the first to facilitate spot crypto trading with retail customers.
And guess what? Galaxy Digital, the crypto bigwig, has been beefing up its presence in the city, hinting at Hong Kong's "newfound openness to crypto" as a magnet for fresh talent and capital.
But wait, there's more! Alvin Kan from Sei Labs spilled the beans, suggesting that Asia is gearing up to be the "very capable growth area for the entire Web3 industry."
And with the U.S. playing hardball, the opportunities outside its borders are looking juicier by the minute. Hong Kong's government has even set up a Web3 "task force" to research and provide recommendations for the development of Web3 in the city.
Now, here's the zinger: while Wall Street banks like Goldman Sachs and JPMorgan once strutted their stuff in Hong Kong, the city's influence in traditional finance has waned. But, like a phoenix (or should we say, a golden dragon🐉), Hong Kong is eyeing a resurgence, this time in the crypto realm.
So, while many of us were busy looking for Curve exploiter and securing the $1.85 million, Hong Kong was lighting up the crypto world.🎆
Funniest Meme of the Week
