Daily Crypto Byte
Weve got some interesting price action happening today, pretty much across the board, and i think we could see some continued interesting price action this weekend. So without further ado cj. What do you say? We dive into some charts here today, yeah a lot of uh me. Sorry about that, but yeah a lot of interesting price action, um, also uni, swap being probed by the sec. Evidently im just going to start off by saying: hey, i dont they, they cant, shut it down. Um they cant shut down the smart contracts of uni swap, but what they can do is make it extraordinarily difficult, basically as difficult as transacting on a dark web websites uh, you know similarly to how they they would do that in their jurisdiction. So they can make it extremely extremely difficult, but they cant overall shut it down, which means say: if somebody else embraces it, you know country or europe or not in the united states. It will still see relative volume um. Those volumes just wont be as great, of course, if the u.s is participating so thats, something thats uh definitely is interesting to take note of, but uh thats. Why were seeing a lot of the d5 assets either flat or a little bit down amongst uh, otherwise really booming market as bitcoin nears 51k? Here, yes, cj, and this today has kind of been like a micro instance of what weve been seeing all throughout the last month.
I mean not in terms of the you know, regulational probe, but in terms of d5 kind of compressing relative to the rest of the market. Uh weve mentioned this earlier in the week, but largely due to the nft craze and the amount of speculation that nfts have been seeing. D5 assets like uni, like ave, like com like ceelo, have not been seeing the typical amount of speculation. Youd expect to see when we have the market performing like it is right now but yeah like i said. I think that has a lot to do with the amount of speculation weve seen in nfts what thats kind of done to the ethereum network in terms of gas fees, but also just kind of the retail speculation has been focused elsewhere. That being said, those d5 assets do seem like theyre, at a very good value, right now, relative to the rest of the market. Any thoughts on that yeah um. They definitely are uh not doing well. I guess you can determine for yourself whether you think that means that theyre undervalued, but it also opens the door to other things like serum or kind of assets, with more efficient uh transaction fees or lower transaction fees overall, when youre dealing with a decentralized exchange so That could be a potential alternative. There could also be other alternatives when it comes to lower gas fees, but uh. I i just i still think defy – is going to be around whether it be in the united states or elsewhere.
So we might be seeing some undervalued assets here, but of course, that doesnt mean were just going to jump into them all at once. We want to watch, for you, know, kind of a gradual, uptick and potentially crossing over breakout levels. But what do you think monty is are any of those d5 assets like ave or comp. The ones have who have been down as a result of the high gas fees. Do you think that those are any potential opportunities in the coming months here yeah? I definitely see those as opportunities um. This has been a really weird month for crypto, largely because of nfts and what theyve done you know to the ethereum network in terms of gas fees and that has brought about you know. Massive other powerhouses, like solana, solana, has had a tremendous month. Maybe the story of the month, in my opinion, is the amount of speculation, both institutional and retail. That solana has seen and like bill parker points out. You know, solana is now releasing nfts on their chain. As well, i know one that mike the investor was talking about on his channel. Is the degenerate ape nfts? Those are for sale on the solana blockchain officially starting today, so i think that that could definitely you know, steal. Some speculation then allow the gas fees to come back down and allow people to start speculating back into those d5 assets that have really just been cooling off over the last couple weeks.
So its going to be interesting to note, but i think that, given the fact that solana is starting to kind of really creep up in terms of the amount of price action its seeing, i think that the eth network is going to cool down a little bit And that will allow d5 to start seeing some, you know more speculation, all right. Well with that speculation. Why dont we jump into the charts and talk about bitcoin, because we have had a lot of very exciting price action last evening and to start the day as well. But i want to begin by talking about kind of momentum and some bearishness that we had discussed earlier in the week because with a lot of the oscillators, including the rsi, including the macd and many others, we had been focused on. You know that short term bearish divergence as price kind of increases, but now were actually starting to see, with more volume coming in a tick up in things like the rsi, as well as the macd were almost reaching another bullish cross there. So when you zoom out, i think it lends a better perspective of this overall trend here, which is that were seeing a massive instance of actual strength and convergence. As long as we can remain above this kind of upward sloping trend line on the oscillators. So this is actually showing a lot of strength um, despite the fact that we have been talking about a lot of bearish divergences from a lot of these common oscillators.
You know in the very recent times. One thing i do want to highlight, though, is that were testing some critical levels here i will go ahead and add the prices so that we can see those more specifically, but you know beyond 55k, roughly 56k as well. There really isnt a lot of volume that occurred and not a lot of resistance until new all time highs. What we have to struggle with or get over now is really this 51k level, specifically 50, 700 overall. So these are the critical fibonacci levels i am going to be watching for um, but overall, i think were still seeing a lot of strength in the overall market. Monty youd mentioned how were finally actually breaking some of these cup and handle patterns to the upside when it comes to larger assets like bitcoin. So i think theres a lot to be excited about in these coming weeks with bitcoin, especially with i guess ill just jump into this. As i finish my point as well, this one other glass note item i wanted to share, but this has to do with spent output age bands and were looking at specifically long term holders here. Anyone whos been holding really longer than six months and, as you can see aside from kind of a one off spike earlier in the week when we saw those massive inflows, its kind of just a one off. But we saw that last week and ever since we havent seen you know a major take up in spent output bands, people are are still holding their bitcoin theyre, not taking profits, which means, like long term bulls, just arent taking this exit liquidity like they were doing In 2018 and 2019.
, i mean we got one reaction rally after our blow off top and it looks like the entire long term holders like really got out here and took profit thats, not really what theyre doing at our current time. So i think this lends more evidence or momentum. I guess to the bullish case, but thoughts on bitcoin or any of that data. Monty yeah thats a great point cj i feel like thats been another one of the themes of like the last couple months is talking about the amount of illiquid supply with bitcoin, and so much of that has to do with the long term holders. You know that was really the most important market dynamic of the last three months, in my opinion, was their kind of distribution of assets into the strength of the market on the way up and the re accumulation of assets on the way down, and the fact that You know theyre still accumulating assets at a steady rate. Uh, while were at this current price point. I think just lends credence to the strength of the market and to the fact that were just kind of at the the midpoint of this market cycle. Here, i think, were still like you pointed out yesterday, not quite at the point of that retail mania that typically comes with um. You know a massive bull run so watch the google trend data once we get that uptick in you know: bitcoin searches. Once we get people texting us asking us if now is the time to go long, bitcoin thats when well start to get those real crazy, daily candles, but for now its just a sustained grind up, because long term holders are accumulating, locking away bitcoin and cold storage.
Uh with no intention of putting it back on the open market, so thats kind of been, in my opinion, the driving force of the market over the last couple months. Here absolutely. I definitely think that the snowball is beginning to roll and its going to be obvious when retail participation is in, like you said, youre going to get calls from people that you dont know who know that youre in crypto and three assets in my mind, are gon Na rally hard, which are doge, shiba, inu and then ethereum classic, not for really any fundamental reasons, but because retail loves to buy those assets for some reason and we likely see them fly at the tail end of these mania cycles. But with that being said, speaking of doges, would you like to get to your doge of the day, yeah sure thing um? I will be happy to start us off today, um. So yeah like, like we kind of said at the start of the show. Today, lots of assets, you know reaching critical levels today, particularly all coins um and my doge of the day today is going to be bittorrent. So let me pull up this chart right here and ill show you guys what im taking a look at here. So i had this level marked on my chart, um for the last week or so um. Basically from the time we came up here and put in this uh, you know higher or lower high right here.
I marked this as a critical level and kind of wanted to watch it for a breakout um. This does kind of fit the criteria of a cup and handle got a nice rounded bottom here i formed this, handle off this level and came down to retest the 20 period, smooth moving average, which we got a nice bounce from and are now breaking above. This critical level uh the thing that really sold it for me, though, was the relative trading volume, as you can see here, were getting a nice build in volume, which is what i like to look for when were reaching breakout levels. That to me implies that we could see a continuation above this level and a nice nice breakout, because, as you can see here on the way up in march, like many other assets, we moved up so quickly. We necessarily didnt establish many critical levels, so i think that that bodes well currently for bittorrent its been in a period of accumulation over the last uh two months or so uh. But now its looking ready to run the volume paradigm has kind of shifted at the start of the month of august, as you can see, um and since this uh local bottom here, weve been steadily trending up in volume and im just encouraged by what ive seen Over the last four days here, nice, steady uptick from this moving average and, like i pointed out, we are now breaking above this critical level.
So this is just one of many assets that are showing similar technical formations today. But i like what im seeing for from bittorrent so thats, why ive chosen it as my doge of the day today? Absolutely definitely fitting a lot of those or, i should say, satisfying a lot of those requirements for an entry off of the cup and handle strategy. But i do have a few dodges of the day. The first two i want to highlight just have to do with volume and were seeing massive volume. Spikes in ftx token ticker, symbol ftt. This is one that has just really trended well with solana and a lot of the assets that have been related to the ftx ecosystem um. You know as more users come onto that platform. I think that this token is going to do really really well. I think its one of those that metcalfes law applies to from a macro perspective. Also, we had news earlier this week that ftx is acquiring ledger x, so theyre going to be able to have a lot more funding into ledger x, which is already in the united states, has a regulated options and derivatives platform for bitcoin and ether options and futures. So i think if ftx can really bring, you know, options to the us mainstream and make them as ubiquitous as say, buying a call option in gme or amc. Then i think that you know ftt is going to benefit a lot from that, as well as the entire ftx ecosystem.
But aside from that long term, fundamental rant, i do just want to point out the massive spike in volume that we are seeing as we make new all time highs here. So i think that uh ftt can definitely trend for say a couple more a couple. More weeks, potentially up into the 60s or the 70s and 80s specifically, but that ones seeing a lot of volume. I also like uh montys gon na laugh. When i talk about this one – because i i dont think ive brought it up in over a year but iota is yeah, i noticed this volume cj. This is this things. Uh talk about a lightsaber candle. Look at that yeah, the yoda, the yoda candle here ill. Go ill even change the color there we go so yeah nice lightsaber candle in uh in iota a lot of volume, spiking um. So those are my two first picks because i do like the volume in both of those. I think that iota is likely poised for continuation up to potential new. All time highs as well. I remember mike the investor when we had him on wednesday talked about iota as one of his interesting picks for the year. Also, my last one is going to be link because i really like this technical formation, somewhat similar to bittorrent in the sense that it is finally breaking out above those previous highs. I like the fact that were seeing increased volume thats above the average, so you know weve had four days of consistently strong volume and link as price continues to trend.
I think thats a great sign for potential continuation and just just to be curious. I do want to draw some retracement levels, so yeah i mean literally the the most critical level here is likely going to be 37, but i think if we can break 37 theres a very high likelihood that link continues to new all time highs and then potentially You know, i think some of these extension targets are really helpful for a potential target for link like say, 76 dollars here. If i continue to add some, you can see thats the 1 618 critical golden ratio, fibonacci level lining up for link and an extension of about 75 so might watch for that one as an interim target as well. If the trend is actually to be strong enough and break into new, all time highs, but i like link um good projects, solid fundamentals and nice volume. So overall those are going to be my three doges of the day. Great pick cj um, those are all showing some really interesting technical strength there, and i think that, coming into this weekend, a long holiday weekend, we could definitely see some interesting price action. The signs right now are all pointing to strength, but you just never know with these holiday weekends, i think on monday morning we could see a bit of profit taking if we get some continued bullish price action today and tomorrow, but that has yet to be seen.
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