🧘‍♂️Big Change of Plans

Market Meditations | August 12, 2021

Here are the dips we’re watching.

Dear Meditators

Change of plans ?

We were planning to share our EIP 1559 update today. Then we saw the markets.

? Too many opportunities not to comment on…

So please enjoy today’s crypto market update and stay tuned until tomorrow to deep dive EIP 1559.

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⏰ In A Rush?

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.

? 3 Crypto Plays

1) BTC/USD

Testing key structural level at $44.8k.

Assuming continuation tends to be profitable in crypto, the 0.236 or 0.382 levels would provide nice entries..

This play would be invalidated at $42k. Losing $40.7k would then begin to invalidate the entire move up.

Ethereum offers similar and arguably better plays.

2) ETH/USD

Price is directly at the 0.236 level. We’d prefer an entry around the 0.382 or 0.5 level. With a bounce and break of the current key resistance level.

This retracement play would be invalidated at the $2.7k level.

For a breakout play, we would take the $3,150 level, which is acting as a major resistance.

3) FTT/USD

FTX is the best place to trade FTT and is also our preferred crypto exchange. Make sure to use our link to get a 10% discount. Based in the U.S? Here’s a discount link for you: FTX.US. FTT is FTX’s utility token.

When crypto does well, exchanges get more attention. Imagine we have a Bull Market 2.0, FTT as a higher beta asset should be able to outperform BTC and ETH. It’s got a very strong team and very good media hype around it.

On the One Day, it is on the path to really flipping the trend. Potential entries at around $46 which is the 0.236 level. Option to also select the 0.382 level.

The 0.5 level would pose a good invalidation level confluent with the 100ma.

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⚽ Crypto Football Transfer

Which current Barcelona FC player is transferring to a new team and has reportedly had crypto fan tokens included in his contract?

‎Lionel Messi
‎Marc-André ter Stegen
‎Martin Braithwaite

? NFTs Rock!

As many of you know, NFTs are getting more popular by the second. There are some pretty awesome digital art pieces on marketplaces such as Rarible and SuperRare that you may have seen. While you may have seen some stunning 3D pieces from these marketplaces, have you heard about EtherRock? People are actually paying big bucks for these NFT rocks (yes – rocks).

What is EtherRock?

They are different digital rocks. These mere rocks are so valuable because of their scarcity. There are only 100 EtherRocks (not counting the ones that have been invariably lost). EtherRocks were created in 2017 around the same time CryptoPunks was created. Like CryptoPunks, EtherRocks are also on the Ethereum blockchain (the name might have given it away)
While the price floor (roughly $210,000) for all rocks is extremely high, there are some rocks that are especially more valuable than others. Specifically, collectors are after rocks with distinct colors. In particular, there is one blue rock (Rock ID 55) that is currently being listed for 500 ETH! Some say that rocks being sold and purchased is insane. EtherRocks is not pretending to have something amazing. On their website, it says that their NFTs “serve NO PURPOSE beyond being able to be [bought] and sold, and giving you a strong sense of pride in being an owner of 1 of the only 100 rocks in the game 🙂”

Are NFTs the Future?

NFTs most certainly have an important role and will become increasingly important as they gain more functionality in our everyday lives. It is important to remember that while NFT prices are currently soaring, there are ebbs and flows to every cycle.

Want to learn more about NFTs? Check out our newsletter where we cover everything NFT!

1. Lionel Messi

I’m sure some of you who are avid football fans will know this already, but Lionel Messi’s transfer to Paris St Germain reportedly includes an undisclosed amount of NFT crypto fan tokens provided by socios.com.

According to Socios.com “Fan Tokens give you the power to influence decisions of your favourite teams, unlock VIP rewards and access to exclusive promotions, games, chat & a superfan recognition”. Socios.com is currently working with Barcelona, Juventus, Atletico Madrid and Manchester City. Yet as we have seen with NFT’s so far, it surely won’t be long before more teams start joining in.

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??‍♂️✍️ Stories in this newsletter were written by Gerasimos P, Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.

Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.

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🧘‍♂️Big Change of Plans