Bitcoin NFTs are all the rage lately. What are they, and how do they work? In this issue, we answer
Issue 24
March 3, 2023
Bitcoin Going to $20k next?
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.
Last week, SEC chairman Gary Gensler declared that everything in crypto is security except for Bitcoin. Of course, The immediate response from Crypto Twitter was that Gensler’s opinion is just that: his opinion. That crypto tokens are securities is a legal matter yet to be settled in American courts. Nor is Gensler’s opinion reflective of lawmakers in Congress. The Digital Assets Subcommittee, a body in Congress, is scrutinizing the SEC’s increasing aggressiveness and style of “regulation by enforcement” against the crypto sector. We even saw prominent crypto enthusiasts sue the SEC in court, asking the Court to declare that Ether and the Ethereum Network are not securities.
Additionally, the week saw Silvergate – one of the largest crypto-friendly banks, lose its biggest crypto customers. This comes amid market concerns about its financial sustainability following FTX’s collapse last November. The fallout Silvergate’s clients fleeing in droves. Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy Gemini, and LedgerX have announced that they are each cutting ties with Silvergate.
On the Bullish side, the ETHDenver conference was held last week, and the number of attendees was more than double that of the previous year. This same conference was held in a more favorable crypto market in previous years than this year’s continued bear market, yet we still saw a record number of attendees. There is no denying the continued devotion and interest in this industry.
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
February 24th, 2023 | 09:30 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 still up
Ethereum (ETH)
Still Consolidating below resistance
Binance (BNB)
Trend is down
Cardano (ADA)
Trend is down
Solana (SOL)
Trend is consolidating
XRP
Ranging
Polygon (MATIC)
Got rejected at range
Bitcoin (DOMINANCE)
Hesitating
Gold
Trend is up
Uranium
Trend is up
URNM/U.UN
Miners vs Spot
Bitcoin
Trend up, rejected at first resistance
The picture is clear: Bitcoin got a rejection at the first real resistance 25k.
Today’s dump doesn’t really change anything in the picture. The fact that we hit 25k in Feb means we have a lot of leeway to form a right shoulder of an IH&S pattern, for example to the main support of 18,600.
What would change the bullish picture would be a solid close below the 2022 lows, which doesn’t quickly revert back as a Wyckoff style head-fake, with the trend down. If that happens, I’ll change my mind. Until then, I’ll hold my Bitcoin exposure.
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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