The Wolf Den #389 - How To Become A Full-Time Trader
Bitcoin Thoughts And Analysis
WEEKLY CHART
WEEKLY CHART
Eyes are on the 50 MA, which is the blue ascending line. This is a key level for Bitcoin to hold on the weekly chart, one that has not been broken since the covid crash in early 2020. For now price continues to range after last week's drop, with key levels being 53K and 42K. Everything in between is effectively chop, but losing the 50 MA would indicate that we will likely test the bottom of that area.
For now, this still looks like corrective price action, with a 39% drop from the 69K high down to 42K.
DAILY CHART
Bitcoin is currently retesting the demand structure in blue, after piercing it on the drop last week. Price is still trading above the 200 MA, with the 50 MA turning aggressively down, viewed as a bearish sign. You can see the huge zone in blue below, between 42K and 39.6K or so. This is a major area of support, where price has traded on highs and lows of various time frames. If we continue to drop, this is really the key area. A drop below it would make a lower low, which we do not want to see.
Yesterday's daily close was actually the lowest of this correction, because the big drop last week wicked down and closed higher. This happened with no potential bullish divergence, as RSI also made a lower low. RSI is STILL not oversold on the daily, which I would like to finally see. Then we can start looking for bull divs and a reversal.
DAOs Are Incredibly Effective Fund Raisers
FreeRossDAO successfully raised $12M to purchase Ross Ulbricht’s first NFT collection, dubbed “Genisis Collection.” In order to decentralize the NFTs, the DAO has structured itself to fractionalize the winnings and distribute $ROSS tokens to the participants. DAOs are a new concept, but they hold some serious potential for diverse groups to form around common goals. I think we are going to see a lot of interesting developments spawn from DAOs, and well beyond the crypto space.
Florida Is Becoming A Bitcoin-Friendly State
Inspired by crypto adoption in Miami, Florida governor Ron Desantis is actively working on ways to adopt Bitcoin at a state level. In a recent interview, Desantis said, “our view as the state government is this is something that we welcome and we want to make sure that the state government is crypto-friendly.” Having state support will help facilitate more adoption in Miami and will lead to further experimentation across the state. The current plan is to allow people to pay state fees in Bitcoin and crypto, but more ideas are in the works.
BlockchainSpace - Infrastructure For PlayToEarn Guilds
Guild Hub of the Metaverse: Enabling PlayToEarn Guilds to scale in the Metaverse.
I recently invested in this project and also participated in the auction (around .36-.40 cents) that is currently running. As always, I like to share the projects that I am interested in with you, but this is not meant to compel you to invest yourself.
BlockchainSpace is a leading data and infrastructure provider for Play-To-Earn Guilds in the Open Metaverse, already serving 2,600+ Guilds and 675,000+ players. Their product helps save guild operators time, providing valuable data and metrics, as well as giving guilds access to capital thus allowing them to focus on scaling and performance.
At the moment, investors have a few ways to obtain financial exposure to play-to-earn projects. They can either buy metaverse-related tokens such as $AXS (Axie infinity) and $MANA (Decentraland) or invest in guilds partaking in these ecosystems, such as $YGG (Yield Guild Games) and $MC (Merit Circle). BlockchainSpace is creating a new sub-sector by developing an infrastructure to support both the metaverses and the guilds to push the play-to-earn sector further; hence its $GUILD token gives investors a new way to invest in this market.
BlockchainSpace is backed by some of the industry's favorites like Animoca, Morningstar Ventures, Crypto.com, Alameda Research, Coingecko, YGG and more. Most importantly, their Angel Investors consist of Jihoz & Aleks (co-founders Axie Infinity) as well as Sebastian Borget (The Sandbox).
BlockchainSpace are currently conducting their IDO for their $GUILD token through a Balancer Liquidity Bootstrapping Pool (BLBP) on Copper Launch. The IDO is currently in progress, having started Dec 8 13:00 UTC and ending Dec 11 13:00 UTC.
Follow the auction at:
https://copperlaunch.com/auctions/0x4ddf308520864ecfc759c49e72acfc96c023ed90
They also announced a partnership yesterday with SAND.
For more information on the project, here are the links.
Website | Twitter | Medium | Gitbook
My Recommended Platforms And Tools
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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.