Bitcoin remains in the same range. We need the range to resolve before any trend can resume.
Issue 24
March 31, 2023
Bitcoin – Tapped Resistance 7 Separate Days
Contents
Introduction
By The Moralis Research Team
Welcome back, everybody. It’s been another exciting week in crypto, and we’re pleased to bring you the next edition of Moralis Research. Today, we will be interested in getting your feedback on the content of these reports. Please take a few minutes to give us your feedback here.
This week, the biggest storyline in the Macro environment was concerned with a potential de-dollarisation as we saw more and more countries sign trade agreements in currencies other than the dollar.
China and Russia are made headlines for their efforts to reduce the use of the US dollar in international trade. China and Brazil have agreed to trade in their own currencies rather than the US dollar, while Saudi Arabia has joined the Shanghai Cooperation Organization as a “dialogue partner.” Meanwhile, the US is holding a Summit for Democracy with over 100 countries, though over Zoom. While de-dollarization has been discussed since the 2010 banking crisis, its effects remain largely propaganda. China has launched the Cross-border Interbank Payment System (CIPS) to process yuan transactions, but the scale of global trade carried out in USD or euros is vastly different from that of CNY. While China holds more dollars in reserve than is traded globally in CNY, the US dollar was used in over 88% of all foreign exchange trades worldwide in April 2019.
Furthermore, we continued to see regulators push back against crypto. US Senator Elizabeth Warren has reiterated her strong anti-crypto stance in a recent tweet, stating that she is building an “anti-crypto army” to counter the growing popularity of cryptocurrencies. Warren has been vocal in her opposition to the cryptocurrency industry, calling for greater regulation or even its removal. This comes at a time when the US government has been cracking down on the cryptocurrency industry, with the closure of crypto-friendly banks and increased SEC regulations, leading some to suggest that this is part of a larger effort to bring down the industry known as Operation Choke Point 2.0.
We’ll always provide you with our research to help with your education. We’ll keep close track of the main developments and evolution of the niches in blockchain so that you get the best of the new knowledge. When you’ve finished reading your report, please remember to fill out the feedback form, your feedback is valued, and we’re always open to suggestions.
Cryptocurrency Market Overview and Analysis
By CTO Larsson
Friday 31st of March, 2023 11:00 UTC
For those new to my analysis, I do trend trading over long timeframes.
Global tech only has two outcomes: Giant success or catastrophic failure. Tech either does a 100x or goes to zero, with little in-between. Before reaching either end point, the asset price will trend for extended periods.
My process aims to give exposure during those periods of established trends. That way I can enter with more capital for any given risk, compared to a hold only approach. I don’t try to catch tops or bottoms. I don’t worry about intraday movements. My style of analysis is not suitable for day traders or range traders. When it comes to tech, the big gains come from catching big moves over long periods of time.
This is an analysis at one moment in time. Market structure can change in an instant. When presented with new information, I will adjust my opinion accordingly. Technical analysis of historical data is not a prediction of the future. It is a tool that can aid in finding setups for favorable risk-reward and points of invalidation.
FOR GENERAL INFORMATION PURPOSES ONLY, NOT FINANCIAL ADVICE.
All information presented in this report references an opinion of the author and is for general information purposes only. You must not construe any information presented as legal, tax, investment, financial, or other advice. Nothing presented constitutes a solicitation, recommendation, endorsement, or offer to buy or sell financial instruments. I am not a licensed financial advisor or registered investment advisor. For financial or investment advice, seek a duly licensed professional in your jurisdiction, who can take your specific situation into account. Past performance does not indicate future results. You are always at risk of losing all invested funds. I don’t give advice to buy or sell specific assets. The education and software tools are timeless and generic for any asset. Rather than relying on subjective market opinions, I apply the principles of technical analysis formulated in 1930s on historical charts. Anyone can apply the same process and get the same result. Technical Analysis does not predict the future. It is a tool to find setups for controlled risk/reward. Larsson Line does not predict the future. It is a mathematical formula for trend expression. My objective with this report is to help you reflect on your own analysis, not to replace it.
Disclosure: I hold Bitcoin and Ethereum exposure through company ownership and in my personal capacity, as ETP price tracker certificates through my bank.
Trend Analysis
Bitcoin (BTC)
Trend is up. 7 separate taps on $28,600 resistance.
Ethereum (ETH)
ETH/BTC is ranging. Moving towards range bottom.
Binance (BNB)
BNB/BTC looks bad. Trend down on all timeframes. Broke key support.
Cardano (ADA)
ADA/BTC looks bad. Trend down. Broke all supports.
Solana (SOL)
SOL/BTC is right at support. Trend is down. I took a gamble entry.
XRP
XRP/BTC is ranging
Polygon (MATIC)
MATIC/BTC got rejected at range resistance
Bitcoin (DOMINANCE)
Moment of truth.
Gold
Trend is up. Moved up to the range top
Uranium
Trend is up. Parabolic rise still intact
Bitcoin
Tapped Resistance 7 Separate Days
Bitcoin has tested $28,600 resistance on 7 separate days now. If the supply at that level eventually exhausts, the move up can be explosive. Compare the breakout through 25k on March 17th.
We can’t know how much supply is there, and if the demand will be enough to eat through it.
But as the trend is up, the advantage of probability is with the bulls. My bet is therefore that we will eventually break through this one too. I will keep buying dips to support, if we get them.
It’s really that simple. If the situation changes, I’ll change my actions then.
Web3 Wallet: Start Guide
Metamask Wallet
In this overview we are using Metamask, the most popular Web3 wallet and ID system. Alternative methods do exist but are not explained in this overview. For a more detailed tutorial navigate to Moralis Blog.
STEP 1 Download and install the Metamask wallet
The first step to getting started with Metamask is to install either the browser extension wallet or the mobile version for iOS or Android.
(in the upcoming steps we will cover the browser extension version, but the steps are similar if using a mobile option)
STEP 2 Get Started
Once downloaded and installed, we are presented the option to [Get Started].
STEP 3 Import or create new wallet
Once downloaded and installed, we are presented the option to [Get Started].
STEP 4 Opt out of Data collection
Once downloaded and installed, we are presented the option to [Get Started].
STEP 5 Set up your password
Next we must specify a password for our wallet, this password will be used when signing transactions (we specify a password and agree to terms in order to continue). This is not a private key.
STEP 6 Watch the instructional video
Next, the wallet displays an instructional video on seed key security. The video is highly recommended for new users, or anyone generating a seed for the first time.
STEP 7 Create your seed phrase
Selecting the [Next] button, prompts the generation of a new seed phrase, a related warning is displayed.
STEP 8 Verify your seed phrase
After revealing our seed phrase and storing it securely, the [Next] button becomes selectable. Proceeding from here, we are asked to confirm the phrase as a final security check, to make sure that you have stored the seed phrase accurately. By simply selecting the words in the correct order, our seed phrase is verified, and the [Confirm] button becomes selectable.
STEP 9 Complete wallet setup
Once selected, the final confirmation page indicates that our wallet setup is now complete. Here we select [All Done] and our wallet is ready.
STEP 10 Start using your wallet
When looking to receive funds (cryptocurrency or NFTs), the public address can easily be copied from the top of the browser extension wallet.
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