๐ Crypto crackdown bullish?
Todayโs issue โคต๏ธ
1. ๐ Today in markets
2. ๐ Crypto crackdown bullish?
3. ๐ย Whatโs next in Crypto?
4. ๐ฎ Flooz Top Picks
โBullish sentiment still?
There have been many ups and downs recently, and it is causing some confusion and even panic from some investors.
But not all is bad... in fact, the market is still in an uptrend, we have reclaimed some price action back after the recent drop and we still have more positive events to occur such as the Ethereum ETF approvals.
So, right now it seems we are still heading in a positive direction and more adoption than ever is occurring. And yes... the ETFs are playing a big part in this, but that is expected, and as more adoption and trust occurs, we will see a larger amount of people entering the markets too.
Oh... and did we forget to mention that we still have a bull run in the process?
That alone should keep you excited, because it seems the markets want to keep pushing and surpassing the previous all-time high, so let those beautiful green candles commence, we say!
But remember, the bull run is never easy, you just have to have patience and embrace the ups and down, because in the end, we will be much higher than we are now, and our bags will be laughing... and our banks!
๐ Today in markets
After a brutal drop last week, we seem to be back on track and in a safer area...
But are we ready to push to new highs yet?
Let's see what the charts are saying about the market ๐
First of, from a technical point, Bitcoin closed bearish on the daily close, with it seeing a drop from around $64k to $61k area, however, not all is bad here as we need healthy corrections for a continuation upwards, and this would definitely fall within that range.
With an pretty clear intraday double top formed, this correction should set us up to start moving towards the $73k area again once the market is ready to wake up.
As for the chart, you can see the retest line to help us do that is just under the $63k area and you can see the wicks and candles falling in line with it over the year so far (highlighted with red circles), so if we can hold that in the short term and start pushing upwards, we are definitely in bullish territory and that $73k mark may come quicker than some expect but holding above the $61k support is vital.
The fair value is still around the $60k area, so we are still in good shape from that point, indicating that we are not overperforming by too much in comparison. We are also currently around $5k away from exiting the danger zone, and if we can do that, we may be targeting new all-time highs shortly after, but it needs to hold on a longer time frame first.
Currently we are 17% down from the all-time high, and with the market correction seemingly over, we are now focusing on holding support and slowly pushing towards the higher targets.
The next area of interest is the $73k mark, so if we can hold the support on the weekly, and we see clear movement upwards, this could spark the momentum to push us into new highs and hopefully see the year on extremely bullish moving into 2025.
As always, patience is needed even during a bull run as the plan is simple but the execution is never in our hands, so all we can do now is sit and wait, but we are definitely on the right path and hopefully the next few weeks are more bullish for the markets.
๐ Crypto crackdown bullish?
We've seen some troubled times for many users in the crypto space over the years...
But are we finally on a path for a bullish future?
It certainly seems that way, especially with some of the major events involving the law and protection of users in the past year.
In fact, even in the last 30 days alone... we have seen CZ, the founder of Binance found guilty and receive a 4-month sentence, Sam Bankman-Fried get 25 years, Alexander Vinnik, the co-founder of the crypto exchange BTC-e found guilty in a $9B money laundering conspiracy, former Cred (Cryptocurrency lender) execs face wire fraud and money laundering charges, and now we have Coinbase facing a new lawsuit for alleged investor deception.
Yes, that was a lot to take in...
But it shows that we are moving onto a path of protection, where these hidden and illegal events can not be done so easily anymore, and as a result is slowly but surely making the crypto space healthier.
And it is the best possible outcome too, because many are already sceptical about crypto and blockchain technology, which is most definitely halting new parties from getting involved... so, any protection like this and the constant cracking down and reduction in illegal activities can only help the cause and allow those involved and wanting to join to feel safer.
Which if you couldn't tell already, this is SUPER bullish for the markets... and for good reason. We are seeing crypto and blockchain adoption increasing around the world, with major companies getting involved too. So for this growth to continue, there has to be more protection.
Luckily for us, it seems it is increasing and will slowly but surely prevent the number of illegal attacks and disruptions from happening, and with the likes of Blackrock being involved and the approval and release of ETFs, it seems crypto adoption is becoming more mainstream by the day. And guess what? The more people involved, the more money that gets injected into the markets... And yes, you guess it. That means those bright green candles that we love to see.
But this is still a work in progress remember, so it will take time. However, we are certainly on the right path and things are getting better by the day.
So for now, we just need to buckle up and enjoy the journey we are on, because we are still super early to this game.
๐ Whatโs next in Crypto?
Runes have been the talk of the town recently... and no we are not on about a gaming term, we are talking about Runes protocol, a new token standard on the Bitcoin blockchain.
Now if you haven't heard of them before, not to worry, they are fairly new to the scene, but that doesn't mean they are not taking off, in fact... Runes have actually been congesting the Bitcoin blockchain recently as a result, with them taking over a 60% share in all transactions on the Bitcoin blockchain since their introduction.
Quite impressive...
This has led to an even bigger issue which is transaction fees and waiting times. But the good news is, these Runes are finding interest very quickly and could be a massive opportunity as we move further into the bull run.
Currently, many of the Runes are down from their highs, in fact, over half of them are... but that presents a new opportunity to get in on a good price, and remember, these are recently released so a price high followed by a drop shortly after is fairly common.
So, if you are looking to get involved in this new and glowing opportunity, expect some ups and downs as the market navigates its way through the bull run, these are no different to any other investment, except from the fact it's brand new and could have incredible potential.
Afterall, the earlier you get involved, the more you tend to make... but remember, nothing is a guarantee when investing, so only invest what you can afford to lose, and let's continue this bull run charge to a better financial future!
๐ฎ Flooz Top Picks
Here are our three crypto picks of the week ๐
๐ First up on our list is $FORT
Forta is an AI-powered threat detection and prevention solution for blockchains and applications. Essentially, $FORT are the police within the Web3 world, finding and defusing the threat and some of these so far have included Yearn Finance, Sushi Swap, and Euler Finance, these three alone was over $200M worth.
The threats will always be there and this is a fantastic prevention solution and is likely going to see some big interest as the Web3 space continues to grow.
๐ Next up on the list, we have $HGPT
HyperGPT is a marketplace for all AI solutions and seamless SDK where you can access integrated AI solutions.
AI is an integral part of many Web3 projects and is continuing to grow by the day, and $HGPT which is on the Binance network, is looking to provide more options for these companies to choose from and implement.
They are also backed by some major companies, including BNB Chain, Ton and Microsoft, which makes this even more bullish.
๐ Our last pick of the week is $TAKI
Taki Games are a gaming platform powered by the players which have some impressive numbers already, including over 5M downloads and 300k monthly active users.
The gaming market is massive and is not slowing down anytime soon, with $TAKI looking to cement their place in this gamified world.
Currently, $TAKI which can be found on the Polygon network, has seen a 23% gain in the last 7D, with a $28M market cap and lots of room for growth as the bull run continues to add fuel to its journey.
