The Wolf Den #445 - Caught In The Middle
Bitcoin Thoughts And Analysis
MONTHLY CHART
Indecision.
The candle has not closed yet, but we are 12 hours away. The monthly candle is a doji at the moment, potentially closing at the same exact price that it opened. This is considered indecisive, a clear pause in the action. It slightly favors bulls.
As you can see, price is clearly trading in the bottom half of the ascending channel. That slightly favors bears.
We will see how it closes tonight.
WEEKLY CHART
The weekly close was decent, but could have been much better. As you can see, we have a long wick down and small body, generally considered a potential reversal candle to the upside. It would have been better with a close above $39.6, which has clearly remained the key resistance. No 4- hour, 6-hour, 12-hour or daily candle has been able to close above that line, even with all of the wicks above.
The weekly has been a tough read. We had two beautiful candles up that should have signaled a reversal. These were followed by two down that should have signaled continuation down. Now we have more indecision.
39.6K and 42K remain the key resistances.
DAILY CHART
Struggling mightily at the 39.6K resistance, with a few wicks stopping there and 3 in a row breaking above but failing to close. There's not real bullishness below that line, but there's hope when price consolidates below a key resistance. We will have to wait and see.
4-HOUR CHART
Bearish divergence with RSI at resistance. The drop should not have surprised anyone who was watching this indicator. Price was trading right below 40K before this confirmed.
Millions in Crypto Donated To Ukraine
Thousands of anonymous donations are being made to the Ukrainian military in Bitcoin.
Millions of dollars in donations are pouring into the Ukraine, after their official government twitter account shared Bitcoin and ERC-20 addresses. Last time I checked, over $19M in crypto donations had been sent to the official addresses of the country, not including separate funds set up to support the defense effort. After Ukraine’s official Twitter account tweeted out a crypto address and doubts of legitimacy subsided, money began to pour in. This is the first time in history that a government has raised money via crypto at scale. The power of crypto to do good is clear, and outweighs any of the negatives being discussed. This is a huge moment.
NFTs Are Way Ahead of Their Time
A $70M mint for an NFT collection promising a Web-3.0 gaming experience flopped over the weekend. The entire Pixelmon project was flamed when the concept art was revealed. The highly anticipated mint came in at a cost of a whopping 3 ETH per NFT. This was supposed to be a massive hit, hence the "successful" sellout. The floor price has dropped over 90% in less than 48 hours. Even the "experts" missed the mark on this one. Be careful out there.
Rakuten Launches NFT Market
Rakuten is looking to cash in on the NFT craze by launching a marketplace. This is no small event - they are one of the largest e-commerce platforms in the world. Not only will users be able to buy, sell and trade NFTs, but IP holders will be able to build their own websites supporting the issuance and sale of NFTs.
Another huge move towards mainstream adoption of NFTs.
eBay To Accept Crypto?
eBay may finally be adding crypto payments after many years of entertaining such an idea
eBay could start to accept crypto as soon as March.
"CEO Jamie Iannone says that the new payment option is meant to attract younger customers:
On March 10, we're going to go deeper on all of these things, payments, advertising, our focus categories.
A slew of surveys shows that millennials tend to be the most crypto-friendly demographic, which explains eBay's upcoming pivot to crypto.
The popular e-commerce platform has so far shied away from fully embracing cryptocurrencies despite starting to dabble in non-fungible tokens last May."
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