The Wolf Den #360 - Stranger Things
Bitcoin Thoughts And Analysis
MONTHLY CHART
Quick reminder that the monthly chart looks insanely bullish, with only 3 days left before the candle closes. After a successful flip of the channel EQ, we expect a move to the channel highs - six figures.
DAILY CHART
A quick look at the Bollinger Bands shows that price is currently working on holding the centerline as support. If this happens, we expect a move back to the upper bands. If not, watch the lower bands for support, which is still in play along with the other arguments for 53K that I made yesterday.
4-HOUR CHART
Bullish divergence with RSI on the 4-hour chart is my favorite signal of all time. I mentioned on yesterday's video that I would be watching for it, and there it is. Perfect indicator that we were going to see a bounce.
I prefer when RSI first hits oversold, which did not happen this time.
The 4-hour candle is not yet closed, but it looks likely to troll traders and invalidate the head and shoulders. Anything above the red line would effectively eliminate the pattern from existence.
Classic Bitcoin!
Chart Requests
Here are yesterday's chart requests - enjoy! As I said again and again, alts still look fine - they were largely testing key levels of support. I will revisit tomorrow after we see what Bitcoin does.
El Salvador Is Buying The Dip
President Nayib Bukele previously said that he was not done buying Bitcoin. He was telling the truth. The El Salvadorian government has just announced another purchase of 420 Bitcoins, increasing the countries total amount to 1,120 BTC. Like all good investors, Bukele knows that buying a dip is a good idea, especially in a bull market. Could they have potentially bought earlier at lower prices? Sure. But hindsight is 20/20. When funds become available, buy the dip.
Cream Finance Hacked - Again
Cream Finance, a popular DeFi protocol built on Ethereum, has once again been hacked, resulting in more than $130 million being stolen and over $1 billion worth of funds quickly exiting. All of the Cream pools are now nearly empty, which serves as a reminder of how early we still are in yield farming and DeFi. I won’t discourage anyone from exploring these avenues, but will continue to warn how risky they can be. You can make a lot of money, but also lose it all in a matter of moments.
Ethereum Is Deflationary
Another deflationary day for Ethereum
This is not the case every day, but we are seeing this happen more often. As coins are burned with each transaction, and transaction volume rises, it is inevitable that more Ethereum will be burned than mined.
Simple supply and demand - if demand stays the same or rises, and supply decreases, the number is bound to go up.
Ethereum Whales Are Hungry
"Top Ethereum wallets have been adding Ethereum steadily since August and keep doing so even as the price is approaching the all-time high reached in May.
Santiment on-chain data provider has tweeted that Ethereum wallets holding from 1 to 10 million Ethereum have been purchasing massive lumps of Ether in the past three months.
Over this period, they have acquired 13.9% of the Ethereum supply and keep adding more, even though the Ether price has soared to the $4,200 zone, inching closer to surpassing the May all-time high of Ethereum."
Do what the whales are doing!
The Wolf Of All Streets Podcast Ft. David Grider
Finding well-researched information about crypto can be challenging. Most retail investors dig through the haystacks of Twitter and YouTube in search of a rare valuable needle. Thanks to Grayscale and their dedicated research team, tens of thousands of investors can enjoy free access to incredible material if they so choose. Today’s guest, David Grider, leads Grayscale’s research team and is developing a deeper understanding of what it means to participate, invest, and build in a cloud economy, aka the crypto universe.
Who and what is Grayscale?
What is Grayscale interested in?
How does Grayscale get involved?
A bullish Q4
When will everyone invest in crypto?
Crypto is similar to the internet
Facebook getting into crypto
CBDCs and their role
Saving the unbanked
What is lacking for big money?
This episode is sponsored by: ARCULUS and KAVA
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