The Wolf Den #309 - A Force To Be Reckoned With
Bitcoin Thoughts And Analysis
DAILY CHART
Nothing happening with Bitcoin, it's just consolidating at the moment which is good for altcoins. As you can see, price has once again held the 200 MA on the daily and just below the 47K area of resistance. Very little to analyze.
As I've discussed, we once again had bearish divergence which is likely to be followed by hidden bullish divergence. Bullish, because it effectively cancels the bear div. You can see this in blue, which requires a daily close with a clear elbow up on RSI.
Altcoin Charts
Altcoins look good almost across the board and there are far too many to share. This is a good time to go through your charts and look at your favorites. I am trying to share a couple each day that have not yet broken out, in case they do. These are setups, not signals.
ATOM/BTC
This is at resistance, so no trade yet. We are looking for a break of the descending blue line, which would trigger an entry, targeting .0005495, bear the top of the descending line. Simple.
ATOM/USD
This pair is also at resistance, but looks ready to leave accumulation and the trading range. There's a supply zone ahead (blue) around $21 and ultimately the recent all time highs at $32.
This needs to leave the range before you buy! At that point, it should signal the down trend is complete.
RUNE/BTC
RUNE is an existing trade that is already doing well on the breakout through descending resistance. Now we have a potential inverse head and shoulders. Depending on where the breakout occurs (IF IT OCCURS, this is just an idea!), you would measure the target based on the depth of the pattern shown on the left. Very straightforward - this requires a break of the blue neckline on increased volume.
RUNE/USDT
This is a step ahead of the RUNE/BTC setup, having already broken out of the inverse head and shoulders. This is also an existing trade that is well in profit from a recent newsletter. Same idea as above, and this target lines up well with a key level of resistance.
Microsoft and Alibaba Use Ethereum To Fight Piracy
Project Argus (built on top of Ethereum), developed by Microsoft, Alibaba, and Carnegie Mellon University, will reduce internet piracy by becoming the “first public anti-piracy system.” How it works is complicated, but the premise is, “Argus will allow an owner to issue a license with a mechanism called oblivious transfer that contains a unique watermark unknown for third parties. Thus, when an informer wants to report a copyright infraction, this contract will retrieve the information stored on the watermark tied to the product.” Essentially, ledger technology recognizes copyright infringement in a transparent way, removing trust from the equation. Project Argus users are already calling it a “paradigm shift” in the piracy industry. Just another unique real-world use of the assets we are invested in.
Walmart Is Hiring A Crypto Expert
Walmert posted an interested job listing on LinkedIn. They may claim that they currently have no intentions of accepting crypto as payment, but they can't hide the fact that they are currently hiring a role that sounds just like that is their exact intention. The role they are looking to fill is titled, “Digital Currency and Cryptocurrency Product Lead.” Below is their description of this role:
“As one of the largest retailers and e-commerce companies, Walmart enables a broad set of payment options for its customers. As Digital Currency/ Cryptocurrency lead at Walmart, you will be responsible for developing the Digital Currency strategy and product roadmap. As an expert in Digital Currencies/ Cryptocurrency and Blockchain related technologies, you will drive the vision for the product and capabilities roadmap.”
Walmart isn't hiring someone to handle cryptocurrency giveaways, they are hiring someone to put the systems in place to accept it. All it takes is a few major retailers to accept crypto as payment and the hand of every other retailer is forced.
Don’t Be Fooled By Doge Proponents
For being an adamant proponent of Doge, one would think Mark Cuban owns a sizable amount of the token. The truth is he owns a little under $500 - $494 to be exact. Considering he has called it the “strongest medium of exchange” and praised it for quite some time, it feels a bit disingenuous to only own $500 worth when your net worth is almost $4.5 billion. Elon Musk also owns Doge, but has said he owns significantly more Bitcoin. Like Cuban, this could also mean he owns basically nothing. Robinhood retail traders could crush Cuban’s position, as $500 is a pathetic investment. Watch what they do, not what they say.
The Wolf Of All Streets Podcast Ft. Rich Rosenblum
With seemingly endless experience in both the legacy and crypto worlds, Rich Rosenblum has always been on the cutting edge of financial markets. In this episode, Rosenblum shares his perspective on the crypto markets, based on his experience leading one of crypto’s most established and successful trading firms. It is Rich’s belief that Bitcoin is far more than an asset - that it is a parallel ecosystem unlocking a new dimension of finance that the world is only just beginning to unravel.
We discussed:
From crude oil to crypto
Is Wall Street adopting crypto?
What is GSR?
Arbitrage opportunities
US Infrastructure bill
What does mainstream adoption look like?
Gold’s price action
Bitcoin ETF
Reputational risk of Bitcoin
Bitcoin, Ethereum, and altcoins
Our inflationary environment
Bitcoins 2021 rollercoaster
How high is Bitcoin going?
The truth behind China’s mining
What is most exciting about crypto?
Navigating crypto exchanges and DeFi
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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.