The Wolf Den #251 - PayPal Ups The Ante
Bitcoin Thoughts And Analysis
DAILY CHART
Yesterday's daily candle did manage to close above $38,889 yesterday (slightly), which is a decent sign. Todays drop so far was bought up rather quickly as well. At the end of the day, it's all about 42K for me at the moment, but I would anticipate at least getting to test that area in the coming days.
4-HOUR CHART
Not much to see. The breakout through the descending resistance is still valid, and price appears to be consolidating under resistance, which generally means eventually it will break. That said, this is still sitting under resistance on the 4-hour chart with 42K not far above. Hard to trade this here.
Altcoin Charts
ETH/USD
We are seeing the same setup on a number of coins. If you watch the request stream below, you will see these inverse head and shoulders patterns showing up everywhere on both the BTC and USD charts. I showed one on BNB yesterday as well in the newsletter. This is technically confirmed, with a break of the neckline and retest. The target is based on the depth of the pattern measured from the breakout. The blue area above I expect to be very strong resistance if this heads up.
This depends almost entirely on what Bitcoin does next. I still view alts as risky here unless you are investing long term.
Chart Requests
Here is the livestream of your chart requests from yesterday. I got to most of them, hope this helps!
Carl Icahn Is Eyeing The Crypto Space
We just heard Ray Dalio come forward announcing he owns Bitcoin. In the same week Carl Icahn, one of the world's wealthiest investors, is showing serious interest in crypto. In an interview with Forbes, Icahn announced he does not own any crypto but that “I'm looking at the whole business. I'm not looking at what to buy necessarily at this time. I'm just looking at the whole business and how I might get involved in it with Icahn Enterprises in a relatively big way, because I do think it's here to stay in one form or another.”
The interviewer followed up by asking what defines a “relatively big way” and Ichan responded, “a big way for us, you know, a billion dollars, billion and a half dollars, something like that. That would be sort of a big way, I guess, for us. But sometimes we go bigger than that, sometimes a lot smaller, so I'm not going to say exactly.” Neither Ichan nor Dalio can move the market, but their influence is extremely widespread. Hedge funds and major institutions watch these men like hawks and will emulate their actions.
Apple is Hiring Cryptocurrency Experts
An official job posting from Apple was looking for the following requirements: “5+ years experience working in or with alternative payment providers, such as digital wallets, BNPL, Fast Payments, cryptocurrency, etc. Deep knowledge of the alternative payments ecosystem, understanding the complexities of funds flow, roles/responsibilities for settlement, relevant regulations and industry standards and the wide spectrum of FinTech products.” For Apple and their payment solution to remain in the lead, they will need to keep up with PayPal, CashApp, and other apps offered in their store that provide advanced payment services. It's only a matter of time until their new hires solve this problem.
Ripple Still Plans To Go Public
Brad Garlinghouse has confirmed that Ripple still intends to go public after their lawsuit with the SEC is resolved. After Coinbase's listing, I believe that we will see many more crypto companies listed in the coming years.
The Wolf Of All Streets Podcast Ft. Max Keiser
Following an onslaught of coordinated FUD attempting to pull Bitcoin and the crypto market to its knees, Max Keiser stood up to separate fact from fiction. Looking at these facts, he has no doubt that this wave of FUD will pass and adopting a Bitcoin standard is the most effective path out of imminent global financial ruin. Bitcoin, Keiser believes, will still achieve a $30T market cap and surpass $200K this year, even while the world continues to doubt it.
In this episode, Max Keiser explores:
Elon Musk’s narcissist behavior
The intellectual’s intellect
Bitcoin derangement syndrome
Central bank bloodshed
20% inflation rates
Adopting the Bitcoin Standard
The collapse of America
The truth behind Tether
The first Bitcoin VC fund
Zimbabwe and Venezuela
Hyperbitcoinization
PODCAST SPONSORS:
Nexo:
Try Nexo’s full-suite, instant crypto banking service, featuring: savings accounts with up to 12% interest on crypto, stablecoins & fiat; flexible crypto-backed credit lines at just 5.9% APR; an exchange with 75+ crypto and fiat pairs and best-price guarantee. All this and more wrapped up in a single Nexo Wallet.
---
Visit https://thewolfofallstreets.link/cosmos to learn about the Cosmos Hub and how the $ATOM can connect every blockchain. Cosmos is the port city connecting chains like Bitcoin and Ethereum to ensure your liquidity on any chain can be used anywhere.
Find new staking opportunities, applications, or build your own parachain at https://thewolfofallstreets.link/cosmos
My Recommended Platforms And Tools
This is where I trade with leverage and can also trade spot with no fees.
This is where I spend my days teaching and learning! Our Discord group is a one stop shop for everything you need to learn to trade and control your emotions. Feel free to DM me on Twitter or respond to this email for questions. Code Wolfsden50%off for a 50% discount on the first month.
This is where I invest, commission-free. They now let you earn interest on your Bitcoin held in Voyager, so you can compound while trading. Not only that, you’ll get $25 in free BTC when you download & fund.
Rewards Code: WOLF25
I use RoundlyX to buy small amounts of Bitcoin every single day. They automatically round up my credit card purchases (with 10x multiplier) and invest them in crypto. Absolutely brilliant. Passively invest money you don’t need without a thought. Further, they have integrated with Voyager (see above) to offer commission-free purchases.
Rewards Code: WOLF
Concierge Phone Service for Americans that protects your from SIM Swaps and other phone related hacks. I cannot stress enough how amazing this service is.
Follow me on Twitter at @scottmelker. This is where I am constantly updating my trades and sharing ideas.
On-chain and fundamental analysis, research, predictions and indicators, all in one place. Highly recommend.
The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.