Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the Weekly Recap newsletter.
Today we are going to analyze Bitcoin on monthly, daily and 4h time frame. We will give you a plan of what to do when $BTC hits certain targets.
We are not stopping here. We will also explain how Argentine’s presidential elections could impact other countries and most importantly Bitcoin and other cryptocurrencies.
What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. Pro-Bitcoin Candidate Won Argentine's Presidental Elections
4. Funniest Meme of the Week
· Coinbase says spot bitcoin ETFs could add billions of dollars to the total crypto market cap.
· The Monetary Authority of Singapore has announced a global tokenization initiative that seeks to allow tokenized assets to be exchanged by financial institutions across borders.
· Microsoft has announced that former executives from OpenAI, including CEO Sam Altman and President Greg Brockman will be joining the team.
· International Monetary Fund Managing Director Kristalina Georgieva says CBDCs can replace cash - it can but would be terrible for everyday people.
· Vivek Ramaswamy says the government is “threatened by the existence of Bitcoin”.
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Bitcoin TA Analysis
· Crypto Fear and Greed Index Update
· Bitcoin Monthly Time Frame
Bitcoin close on a weekly time frame was bullish but on a monthly time frame we won’t get a close for almost 2 weeks but it’s still important to analyze it so you know what to expect.
If we get a close above $36k it will be really bullish, there is no resistance up to $42k! And even this resistance is not that strong, yes Bitcoin will slow down here but monthly resistance is at $46k so we are expecting it will go this high before strong correction.
This could happen before the bull run really kicks off. Imagine the fear of people who will long at $45k-$46k and then $BTC drops back to $36k. Most altcoins will become cheap again, not post FTX cheap but the best price to invest all of your sidelined USDT.
· Bitcoin Daily Time Frame
Zooming in on the daily time frame we can see Bitcoin has been grinding higher (higher lows and higher highs) for almost a month now. This shows there are people who are willing to buy at these prices + every dip gets bought up - bullish.
What are those lines at $36k-$38k? Let’s take a look at 4h time frame.
· Bitcoin 4h Time Frame
You can clearly see these lines are supports and resistances. The one at $37k is from back of the first half of November, before $BTC dumped below $35k. That’s not all, it came into a bearish breaker and reacted bullishly - it found support at the bottom of the breaker and pumped above it. It could sell off to around $36.9-$36.7k before bouncing off.
If Bitcoin goes above $38k and closes there this would be bullish. We don’t suggest you long upon the breakout because it could be a fake out instead long (or buy spot - whatever suits your style) when $BTC retests the support. Be on the lookout if retest gets front run - people are anxious and don’t want to wait for a clear retest so the open positions/buy spot before it happens so they don’t miss out in short → FOMO. This most of the time won’t be a profitable strategy but once in a while it could play out nicely especially since fear & greed index signals a period of greed.
Pro-Bitcoin Candidate Won Argentine's Presidential Elections
In a significant political development, Javier Milei, a pro-Bitcoin and anti-central bank figure, has won Argentina's presidential election, securing over 55% of the votes in a run-off against Sergio Massa, the country's minister of economy. This victory marks a notable shift in Argentina's political and economic direction, with potential implications for the country's approach to cryptocurrency and economic policy.
Milei's Stance on Bitcoin and the Economy
Milei has been vocal in his criticism of Argentina's central bank, describing it as a scam and a mechanism for politicians to impose an inflationary tax on the populace.
His views on Bitcoin are particularly noteworthy; he sees the cryptocurrency as a step towards returning money to its original creator, the private sector. This perspective aligns with a broader libertarian philosophy that favors minimal government intervention in the economy.
Not a Legal Tender Move Yet
Despite his positive stance on Bitcoin, Milei has not indicated any plans to make Bitcoin legal tender in Argentina. His election, however, could signal a more favorable environment for cryptocurrencies in a country that has been grappling with severe inflation. The Argentine peso has seen a 140% increase in annual inflation over the last 12 months, highlighting the urgency for economic reform.
Massa's Contrasting Views
Milei's opponent, Sergio Massa, held views that were in stark contrast to Milei's. Massa had pledged to launch a CBDC to address Argentina's inflation crisis. This approach represents a more traditional and centralized method of economic management, which was ultimately rejected by the Argentine electorate in favor of Milei's libertarian approach.
The Global Impact
Milei's victory is not just a local event but has the potential to influence global markets, especially in countries where cryptocurrencies are seen as a viable solution to economic instability. His policies and their outcomes could serve as a model for other nations facing similar challenges.
Funniest Meme of the Week