The Wolf Den #281 - Crypto Market Cap Is Concentrated
Bitcoin Thoughts And Analysis
I have no idea whether Bitcoin will finally break this range today or in 3 months. I just know that worrying about it between now and then is an exercise in futility. It is fun to watch the charts as an educational experience, but I want to be clear once again that I would not even think of trading this and that there is nothing significant happening.
DAILY CHART
For now, price has lost the channel EQ with 13 hours left in the day. It is currently testing the ascending blue support, again. This is still just chop and of no real significance. Ranging.
4-HOUR CHART
Price lost the local demand zone in blue, which is not particularly meaningful. There are two levels of support you can draw with the black lines. The top one was the lows of the more recent price action, which have been lost and are acting as resistance. The lower line is another low that has been swept, with two candles (for now) above. Totally a matter of bias as to which you choose. I think the upper line is more significant, so would like to see it flipped back to support.
As you can seem price is simply trading in the middle of the bottom half of the range.
HOURLY CHART
I rarely zoom into the hourly, just showing this for fun. We have a small potential bullish divergence with extremely oversold RSI on the hourly. I still view it as "potential" because the elbow up on RSI is not clear enough for me. Either way, RSI hit 22, which is very oversold. Normally this means you get a nice little bounce, even if it heads down again. The hourly is only meaningful for scalps.
Legacy Markets
AAPL (APPLE)
Apple is set to open about 30 cents below the target from our trade 20% below, the bounce off of ascending support. Nice. A break above the all time high should send this into price discovery, much like we saw with Amazon. This is at resistance now, but I anticipate continuation to the upside. The safest entry if you missed it below is a retest of that $145 level as support, after a break.
Chart Requests
Below is the chart request stream from yesterday. Of course, altcoins were looking good across the board, which has seemingly become a signal that Bitcoin is about to move! Nothing lasts too long in this market of late.
Visa Handled $1B In Crypto Transactions
Visa reported that there was “$1 billion spent on crypto-linked Visa cards” in the first half of the year. Visa is currently working with many of the major crypto companies like Coinbase, BlockFi, and Crypto.com to allow card holders to spend crypto across 70 million merchants worldwide. The cards hold cryptocurrencies that are instantly converted to fiat at the point of sale. Visa is making some serious strides in the crypto space, and are planning to work with FTX, continue processing USDC settlements, and expand their crypto ecosystem. Mainstream adoption, here we come.
Argentina Is Considering Bitcoin Salaries
An Argentine deputy has submitted a bill that would let workers receive salaries Bitcoin
Argentina's national deputy for the Mendoza province, José Luis Ramón, proposed a bill for employees of the country to receive their full salaries in cryptocurrency. Not only would this benefit residents, but also citizens of the country who work overseas and have to convert their paychecks to pesos upon returning home for a fee. Below is the official comment from Ramón. You can tell he gets it.
“I presented a bill so that workers in a dependency relationship and exporters of services have the option of receiving their full or partial salary in cryptocurrencies. The idea is that they can strengthen their autonomy and conserve the purchasing power of their remuneration.”
“This initiative stems from the need to promote greater autonomy and governance of wages, without this implying a loss of rights or exposure to situations of abuse within the framework of the employment relationship.”
Central Banks Are Missing Out On Bitcoin
If 85% of central banks “do not expect cryptocurrencies to replace gold in their foreign currency reserves,” then 15% may have taken the orange pill. The 15% does not necessarily mean they see it happening, just that it could just be a possibility for them - still huge. Regardless, central banks will be the last financial entities to approve of and invest in digital assets. It is amazing that this article was cited as a reason to be bearish. When viewed from a different perspective, the news tells an entirely different story. Bitcoin and banks are like oil and water and will probably stay that way for quite some time. Give it a few years and banks will be forced to adapt or lose revenue to other innovative models that outcompete their services.
The Wolf Of All Streets Podcast Ft. Jeff Booth
Central Banks continue to endlessly print money in the name of “growth,” fighting the inevitable forces of deflation caused by technology and putting the global economy on a path of assured destruction. Jeff Booth, author of “The Price of Tomorrow: Why Deflation is the Key to an Abundant Future,” asserts that Bitcoin is the last free market and can serve as a bridge to a more abundant future for those wise enough to hold it through the impending collapse.
In this episode, Jeff Booth and Scott Melker explore:
The FED has to print
Can deflation be allowed?
Letting the system fail
Rich get richer, poor get poorer
Understanding the design of our monetary system
Bitcoin as the last free market
Where does Bitcoin fit in?
Bitcoin as the bridge to a new system
A Bitcoin system
The lies we tell ourselves
Why Bitcoin is required
What does a Bitcoin standard look like?
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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.