Breakouts Everywhere #102
Market Meditations | February 19, 2021
? Coins we are trading and the key levels we are watching
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Friday’s exclusive technical analysis letters give you insight into the coins we are trading and the key levels we are watching.
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Bitcoin Market Value Tops $1 Trillion ?
The trillion-dollar market value comes after a flurry of new institutional investor interest from public companies like Tesla buying $1.5 billion in bitcoin, leading financial institutions like Deutsche Bank and BNY Mellon announcing crypto custody offerings, and bitcoin-laden business intelligence company MicroStrategy flush with $1.05 billion in fresh cash to buy even more of the cryptocurrency, per CoinDesk’s prior reporting.”Sure there are speculative excesses, like in all bull markets,” Bloomberg senior commodity strategist Mike McGlone told CoinDesk in an email. “But the bitcoin tide is rising on the back of it becoming a global digital reserve asset.” Read more.Ripple’s XRP Sales Suppressed Coin Price ?
The SEC alleges that Ripple executives misled investors and manipulated the XRP coin price by creating an “information vacuum.” They claim that Ripple Labs executives Bradley Garlinghouse and Christian Larsen manipulated the XRP price by ramping up or slowing down their coin sales depending upon market conditions.The complaint claims that Ripple received legal advice as early as 2012 that its coin could represent a security offering and it chose to ignore it. From a financial perspective, the complaint notes, the strategy worked, with Ripple going on to raise “at least $1.38 billion” in the following years. Read more.Ethereum Core Developers Eye Mid-April for ‘Berlin’ Hard Fork ?
Ethereum developers have scheduled the Berlin hard fork for April 14 at block height 12,244,000, according to the Ethereum All Core Developers meeting Friday. The hardfork includes various optimizations for contracts including gas efficiencies, updates to how code is read by the Ethereum Virtual Machine (EVM) and other changes to protect against denial-of-service (DDOS) attacks. The Berlin hard fork was originally scheduled for June or July 2020, but was pushed back mainly due to centralization concerns around the Geth client that most Ethereum nodes run on. Moreover, developers working on the current baselayer blockchain, often called Eth 1.x, have expressed strain from maintaining the client. Read more.New Bitcoin ETF with Galaxy as Subadvisor ?
Canadian investment firm CI Financial, which manages more than $230 billion worth of assets, has filed for a new bitcoin exchange-traded fund (ETF). CI is seeking approval to list the bitcoin ETF on the Toronto Stock Exchange (TSX). If approved, the firm would manage the ETF with Mike Novogratz’s Galaxy as subadvisor and charge an annual management fee of 1%. CI already operates a bitcoin fund named CI Galaxy Bitcoin Fund, which manages about $172 million worth of assets. Read more.
Breakouts Everywhere
1) BITCOIN / DOLLAR
One Day
$58150 – Extension Target
$50,000 – Structural Level / Support
$45,000 – Bias Invalidation
Upside target is ~$58,150. Directly before the psychological resistance at $60,000 which would provide a logical area for a pullback.
? Don’t let that come as a surprise.
As long as we can stay above $45,000 this week, I will favour longs.
If you’re considering owning your first cryptocurrency, check out our Bitcoin 101: Beginner’s Guide to Owning Cryptocurrency ?
2) ETHEREUM / DOLLAR
One Day
$2000 – Pivotal Point
$1700- Structural Level / Support
We’re approaching our key level of $2000. Following bitcoins leadI expect an aggressive breakout as we close above the presented trendline.
? This presents current levels as a potential aggressive entry in anticipation.
Want to learn to trade like Koroush AK? Check out our Introduction to ? Technical Analysis Course ?
3) LINK / DOLLAR
One Week
$40 – High Time Frame target
$35- Structural Level / Key Resistance
$30 – Key Psychological Support
✅ Structure and gameplan here is similar to Ethereum.
As we approach our previous medium term target of $38 I’m extending my target to $40. Current market conditions remain aggressively bullish, Chainlink has somewhat under-performed and I expect it to catch up.
Ready to level up? Check out our Leveraged Trading Guide ?
4) FTT / DOLLAR
One Week
Congratulations if you entered when we mentioned this gem in our January 22nd Edition. Now comes the time to start considering some profits depending on your risk tolerance. Personally I can afford the risk so I won’t be selling much, for those who can’t here’s a video on potential profit taking strategies ?
How to Prepare for a Bear Market with Peter Saddington
Today’s guest is Peter Saddington, a 3x founder, holds 3 masters degrees, he’s an angel investor, a father, an author, certified scrum trainer, founder of the agile community and overall amazing person.
Key Takeaways:
Make principle-based decisions. Deliberately consider your key values, write them down and make sure every decision you make is aligned with these principles. Doing so will create unbreakable internal discipline.
Do not invest money you cannot afford to lose. Investing money that you need to live is a sure-fire way to bring emotions into your decision-making process and increase the risk of financial ruin. Avoid this at all costs.
Dollar Cost Averaging can be a powerful tool for long term investment. It creates an easy to stick to system for your investing and helps manage your emotions.
Take personal responsibility and make your own decisions. Every time you make an important decision in life, think to yourself, is this my choice or is there an external factor influencing me.
The time is now! Thinking “I will start tomorrow” guarantees that your “tomorrow” will never come. Take action today.
Have a long-term vision. This allows you to deliberately focus your actions on your ultimate goal.
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