🧘♂️ALERT: Will This Save $BTC?
Market Meditations | September 24, 2021
1 Metric Tells An Important Story…
Dear Meditators
“The Road Not Taken’ is a famous poem by Robert Frost. The poem suggests that the paths we take in life are equal and the implications are really about the same.
Unfortunately that’s not the case for BTC. We want the bullish road. And what happens next will have important implications.
Today’s Meditations:
? Technical Analysis: BTC, ETH and SOL
? Everything You Need To Know About Twitter & Crypto
? Asia’s Impact on Crypto Markets with Joseph Young
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⏰ In A Rush?
? Solana-based Grape protocol raises $1.2 million in seed funding
? TIME magazine’s NFT collection sells out in one minute, bot activity suggested
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
1️⃣ BTC/USD
Market Structure: Bearish. As mentioned last time, we are seeing lower lows and lower highs.
Price is currently re-testing the previous break at the $40k level. And what fundamental factors can we thank for this recent dip? An obvious contender: China FUD. Today, China strengthened its anti-crypto stance; specifically, the People’s Bank of China said Bitcoin, Ether and stablecoin Tether do not qualify as legal tender and cannot be used in the currency market.
For the market structure to start to shift, we would want to break the pattern of lower highs, and therefore we would have to break the $45k level.
Regular readers of the Market Meditations may rightfully think that for a full analysis, we would like to use multiple data points. That’s correct. So we ought to also consider Moving Averages.
The 100 Day MA looks better than our other analysis and is confluent with the $40k support level. Re-affirming the importance of the level.
2️⃣ ETH/USD
Similar story, the $3k level was important for us to hold.
We’ve managed to just about stay above the $2.6k level.
To shift the market structure, we would want to get above the $3k level.
For the first time in a while, it looks like BTC is a better play compared to ETH.
3️⃣ SOL/USD
The 100 Day MA shows a much more established uptrend.
We shared an entry at $120 which we hope was helpful to readers.
In these conditions, we prefer BTC to SOL as well.
The trend is no longer as strong as before and as such the probability of successful plays has also decreased.
The $100 level is the next obvious buy level but the key issue is that it will be harder for it to bounce as high.
For now, we might prefer to wait for stronger momentum. Specifically, for the $170 to break.
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?Tweet the Deets
CryptoTwitter just earned its moniker in the most literal way possible. By allowing users to tip creators in Bitcoin, Twitter has nudged social media closer to full-blown mainstream adoption. Going a step further, the social media outlet also revealed its ongoing experimentation with a feature allowing users to authenticate and showcase NFT collections on the platform.
Twitter will now allow users to tip content creators using the world’s largest cryptocurrency, Bitcoin. This feature is only currently functional in iOS, but Android users will have their turn soon, according to Esther Crawford.
Twitter’s BTC payment integration will be done using the Strike lightning wallet operating on Bitcoin’s Lightning Network.
Jack Dorsey, CEO of Twitter, has been an outspoken proponent of Bitcoin. The inclusion of crypto into the platform hardly comes as a surprise given his tweet just over a month ago predicting BTC’s effect on the world.
Twitter is also planning to “Soon” explore supporting NFT authentication, allowing creators to connect their wallets to track and showcase NFT collections.
It might be tempting to discount Twitter’s crypto manoeuvre as another big company ape-ing into the trend, but Jack Dorsey has been a bitcoin bull and visionary in the industry for quite a while; Cash App, owned by Dorsey, introduced bitcoin trades in early 2018.
As Crawford said in the briefing yesterday, this move may be more about encouraging people to participate in the economy while reducing friction caused by fiat moving across borders. Seeing as how Twitter does not take any cut of currency sent through the Tips feature, it may just be that the fundamental advantages of supporting BTC payments were too profound to ignore.
? Asia’s Impact on Crypto Markets with Joseph Young
Joseph Young is part of Hashed, the biggest crypto venture capital firm in Asia. He is also a contributor to top crypto publications including Cointelegraph and Forbes.
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??♂️✍️ Stories in this newsletter were written by Kyle F., Max P., Nick T., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
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