The Wolf Den #314 - Visa Bought An NFT
Bitcoin Thoughts And Analysis
DAILY CHART
Little has changed on the daily. Just pointing out again that we do have some bearish divergence with RSI. Each time this has happened, we have seen hidden bullish divergence follow and cancel, the div, so not a major concern but a good signal that we would at least see a bit of correction, as we are now.
4-HOUR CHART
Bitcoin formed an ascending channel on low time frames after the most recent push through resistance. This is NOT a bull flag, which is a descending channel after a move up. It is also not a bear flag, which comes at the bottom of a move. It is simply an ascending channel.
This tends to break down when you pair the price increase with decreasing volume, as we are seeing now. Not a big deal, just a signal of a small correction, likely back to the $48,190 area, but with a solid chance of hitting the local demand zone around $47,000.
42K STILL would not surprise me from here, but as a bullish retest, not as a bearish move.
Altcoin Charts
I am watching quite a few setups, but Bitcoin looks like it is going through a small correction, so better to watch and wait for the moment.
KAVA/USDT
We have seen a number of coins break their previous all time highs and enter price discovery over the past weeks, namely SOL, LUNA and ADA. In each case, these coins continued to pump, making huge moves into price discovery.
That does not mean the same will always happen, but technically you expect a new all time high to lead to continuation to the upside.
KAVA just made a new all time high on the USDT pair and is currently retesting that level as support. Assuming the market remains stable, this is a major candidate to be the next big mover into price discovery. Keep in mind, this will drop below for a bit if Bitcoin corrects.
Bitcoin Is The Needle
There is a popular quote that says, “Bitcoin isn't the bubble, it is the needle."
The quote is aging like a fine wine, becoming richer in value and more evident with the passage of time. With each passing day, Bitcoin is exposing the gross underbelly of our modern financial system. The Fed is digging itself into a deeper hole, the Delta variant looms, our dollar is weakening, the money printer is going Brrrrr, and Bitcoin is slowly proving itself as the ladder to the light. People around the world are beginning to question what money is, where to store their value, and how to escape the predatory fiat system. This grand awakening is happening in real-time - Bitcoin isn't the bubble, it is the needle to pop the bubble.
Daily News And Market Recap
Europe Launching Bitcoin ETF As USA Falls Further Behind
A Bitcoin futures ETF is launching in Europe on Eurex, the continent's largest derivatives market.
“This move will allow a greater number of market participants to trade and hedge Bitcoin, with this new future being treated in the same way as any other derivatives contract in terms of central clearing, netting, and risk management.”
The United States continues to kick the can down the road as regulators in other countries adopt Bitcoin EFTs. SEC Chair Gary Gensler has hinted that they would consider a Bitcoin Futures ETF, much like the one we are seeing launched in Europe - perhaps this will offer a road map.
SBF Is Cautious About NFTs
In a recent interview, Sam Bankman-Fried shared some cautiously optimistic insight into the craze we are seeing in the NFT space. Everyone is trying to make sense of what is happening right now in the NFT world, so luckily we have Sam to weigh in and perhaps save us from what could be around the corner.
"It’s almost going mainstream faster than the mainstream understands what it is they’re adopting, which is a weird phenomenon. It could lead to just incredibly fast and giant adoption. It could also lead, frankly, to sort of a sour taste in people’s mouths if there’s a crash, and no one ever quite figured out what it was."
We have seen some small adoption cycles of NFTs, but we haven't seen a drawn-out bear market of the asset class. I have no doubt that one will eventually come, but guessing its depth and breadth is nearly impossible. If you aren't exposed to NFTs that's okay, the safer play right now is owning Ethereum - the token responsible for it all. Investing in Ethereum puts you in a position to capitalize on the craze from the outside, reducing your overall risk. Don't feel pressured to jump into the NFT craze, find opportunities that appeal to what you know, and stick with those.
The Wolf Of All Streets Podcast Ft. Bobby Lee
THE YOUTUBE VIDEO VERSION WILL RELEASE AT 1:30 PM EST!
Bobby Lee immediately saw the promise of Bitcoin when he was first introduced to it, and set out to build the first crypto exchange in China. Bubbling with passion and a desire to build, Bobby went on to write one of the most popular books in the space, The Promise Of Bitcoin, and also built a revolutionary wallet called Ballet. Throughout this episode, Bobby made a number of insightful predictions bound to both excite and surprise everyone, including where he sees Bitcoin going this bull run. Don’t skip this episode - Bobby has the ability to inspire the Bitcoin investor in all of us.
Bobby and I discussed:
Bobby Lee and Charlie Lee
Learning about money
Learning crypto in 2011
From hobby to opening an exchangeCrypto in China now
Is regulation a threat or positive
Bitcoin will be worth $1 million
China coin and CBDCs
The irony of China’s ban
The threats to Bitcoin
Building a wallet
Exploring the Ballet Wallet
What if you lose the Ballet Wallet
Poker and Bitcoin similarities
Bull market phenomenon
Bitcoin and what else?
Bitcoin predictions
Bitcoin has already made it
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