Over the past few weeks, the markets have been dropping like flies... but with the recent lows seemingly in, are we about to see Bitcoin target new highs?
Flooz
5 min read โข Jul 16, 2024
Todayโs issue โคต๏ธ
1. ๐ Today in markets
2. ๐ Bitcoin is hitting back!
3. ๐ Educating your investments
4. ๐ฎ Flooz Top Picks
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Introducing Roaring Kitty, which is a memecoin on the Base network, looking to onboard as many Base Kitty Soldiers as possible! ๐ค
Next up we have another memecoin on the Base network... with Based USA, who donate up to 4% of the supply to US veterans! ๐ค
And last but certainly not least, we have Kaldi who are looking to revolutionize global supply chain solutions! ๐ค
The markets are looking much healthier, with a big climb this week. Will we see that $70k area hit soon?
As usual, let's take a look and see what the chart looks like! ๐
The green candle we have been waiting for, has arrived... but before we get too excited, we are not in the clear just yet.
As you can see in the chart above, we are now about to break the trend line (white line), and if we do so, it will also break the bullish resistance too (green line), which we haven't seen for a while.
A close above that price would be bullish for the markets, and we could see Bitcoin push even higher in the short term, which would also allow altcoins to move up from their recent pullbacks too.
The reclaim area was easily beaten which puts in a great position, and with the fair value price also rising, things are looking up.
We now need to focus on holding these prices, and closing above the retest area at around $60k for the week. If that happens, we may see the next leg up shortly after.
For the short term, we are just looking to hold this bullish move, as a drop is likely at some point, the question is... by how much?
As long as we do not fall below the danger support, we should be prepared to test the $70k area in the next few weeks and push for a new all-time high for Bitcoin, which would also see the rest of the market follow.
The timescale on these movements are unknown, but we are certainly seeing positive movement again, and interest in these prices.
All we can do now is wait and position ourselves in the best possible way. So, stick to your plan, and take any opportunities that fit. As always, only invest what you can afford to lose, and let's hope to see more green candles in the future!
We have finally seen some strong movement on Bitcoin...
But will this rally continue to new highs?
The last few weeks have been rough, especially with a drop all the way down to $54k.
However, with the German government selling off the last of their Bitcoin, and with US inflation figures dropping, we could be set to see some excitement entering the markets.
Now... while we are looking much more positive, there are still some concerns with the Mt.Gox Bitcoin still to be distributed (around $9B worth) and the fact we have seen a big green candle...
There is a chance we see a small pullback, but this would still be bullish, as we can't simply keep going up without any minor corrections, and as much as a price drop is never nice to see, it could be a good thing for the longer run.
Our next step is to break the $70k mark, but that may still be some time before we see a retest.
In the meantime, it's time for some patience as we await the markets to do their thing.
We aim to give you a short educational topic each week to help you on your trading and investing journey.
This weeks topic: Fear of missing out (FOMO)
As we move deeper into the bull run, there will be many opportunities to get in at great prices, however... sometimes we miss out.
This can be a problem.
Usually, the main reason is, you see the market shooting up but you are still sitting on cash to spend as you thought it would drop lower.
Now you're panicking that you've missed out and instead throw some in while prices are much higher.
The market then proceeds to drop again, and your buy is now in a loss and the panic continues, causing even more mayhem.
But luckily, there is a way to keep FOMO at bay.
And it requires a plan.
Now we already know prices go up and down, especially with altcoins.
So to avoid FOMO and jumping in at higher prices, you need to know what level you are happy with.
The best way to do this, is to wait until the token has a pull back. This will often occur within a few days after a bigger price rise.
If a token sees a 30% gain for example and you didn't buy in... there is a good chance this will drop again very shortly.
But avoiding FOMO is a mental game. Knowing what price you are comfortable buying in at is important.
And knowing your average buy in price is also vital too.
If you know nothing about a token and you see it surging in price, it is recommend that you don't invest...
Purely because you have no idea why it is pumping, and the likelihood of it dropping after is high.
So to avoid FOMO, make sure you are doing research, and that you're trying to catch the price drop after it has risen, and it has had time to settle with less volatility.
Remember, you may not be able to make the perfect decisions...
But you can be in control if you choose to do so.
Quick money in crypto is possible, but very unlikely, and even more unlikely if you don't know what you're investing into.
So... stick to a plan, and only spend what you can afford to lose, frens!
Here are our three crypto picks of the week ๐
๐ First up on our list is $VELO
Velodrome Finance is a next-generation AMM that combines the best of Curve, Convex and Uniswap, designed to serve as the liquidity hub for the Superchain.
On top of this, Velodrome has NFTs which are used to vote on token emissions and receive incentives and fees generated by the protocol.
With a gain of over 35% in the last 24H, this is gearing up for a bright future and could be one to add to your watchlist.
๐ Next up on the list, we have $QI
Benqi is a finance platform on the Avalanche blockchain in which you can lend, borrow and earn with crypto.
The finance sector in Web3 has been growing rapidly, and $QI is another project looking to excel in this space.
In the last 7D, $QI has seen a price increase of over 16% and is sitting on a $72M market cap.
๐ Our final pick of the week is $WOJAK
This is one of the memecoins directly linked to a real world meme, and saw a big rally earlier in the year.
Currently it is up 48% in the last 7D and could be a strong contender for memecoins in the future.
Market News
It seems the worst could be behind us as Bitcoin and the market seems to have recovered and is aiming at hitting new highs this year... especially with the Ethereum ETFs now trading live.
7 min read โข Jul 23, 2024
