Welcome to the Weekend!
We got a lot to unpack - Let's Begin
Weekends in Crypto can be a bit unpredictable at times. It becomes even more unpredictable when Friday offers some relatively good Price Action or the breaking of Key Levels on either Support or Resistance.
First things first – Bitcoin climbed to $62,910 today on Coinbase. The ATH on CB is $64,899 – so we were just barely $2000 away from hitting the ATH.
April 16th, 2021 was the last time we even traded over the $60K threshold.
While all of the $4335 of this Bitcoin Daily candle was happening, Dominance on Bitcoin rose higher in a single day more than any other candle since June 21st, 2021 – that was the day before Bitcoin put in its Lowest Local Low at $28,800. That day we lost 11% on the Bitcoin price.
Dominance also broke through its trendline resistance and if it can maintain above resistance for a few days, we feel the next major stop can be 50%. I am not convinced just yet but the local trend does look very good so far.
Global MCAP on the RISE
Price is rising, Dominance is Rising, MCAP is rising and we are headed into the Weekend…
Hold onto your hats because we have a recipe for volatility and in BOTH Directions.
The Bullish side of things sounds like this – there is a lot of good news surrounding a possible Bitcoin ETF to start trading this Monday that has a lot of people buzzing. Bitcoin has been putting in some really good Bullish Candles. Bitcoin just rose 53% in only 16 Days. And, of course, the Dominance and the MCAP adding to the story.
On the Bearish side – we completed some technical patterns that call for a cool-off period. Some technicals indicate overbought territory may be too much for Bitcoin to continue. And the scariest of them all – GOOD NEWS. When Grandma starts asking about Crypto – well, that means the TOP is usually in.
Who is NU?
NuCypher is a decentralized encryption, access control and key management system (KMS), encryption service for public blockchains. NuCypher offers end-to-end encrypted data sharing on public blockchains and decentralized storage solutions.
NuCypher allows users to share private data between a number of participants in public consensus networks, using proxy re-encryption (PRE) technology. This decryption technology makes NuCypher much more secure and protected than traditional blockchain projects based on public-key encryption, according to NuCypher.
NuCypher (NU) are the native tokens used on the larger NuCypher network. The tokens are used to incentivize network participants for performing key management services and accessing delegation/revocation operations on the network.
NU shot up an impressive 851% in 7 hours. It has since lost 60% of that move and may have another 10% to drop if it plans to retest its Listing High.
These types of trades are very, very special and very, very dangereous. It’s best to stay away from these unless you have a strategy to tackle them properly.