Insight
It’s a quiet day in the crypto markets as Bitcoin and a few of the major layer ones (ETH, AVAX, SOL, ADA, FTM) are coming down to test support levels. The week began with a strong break-out for BTC raising optimism, which was quickly quilled by the Evergrande news debacle. Bitcoin is testing support around the 63.5k level. This price action is healthier than typical strong run-ups, which we have become accustomed to. The more Bitcoin tests supports, the more sustainable its uptrend. Fundamental metrics in bitcoin are still very bullish and with the major Taproot Update on Nov 15, Bitcoin and crypto are in great position to continue the upward trends next week. We’ll continue to monitor the situation and update if any major trendlines are broken.
Market Update
· Bitcoin continues in a strong uptrend on the 4H charts despite of today’s pullback. Stochastic is entering oversold area. BTC looks to be setting up for a strong move during the Taproot upgrade.
· Total Market cap is at 2.93 trillion, down 1.7%
· Total 2 and Total 3 are down, .62% and .50%
· Decentraland (MANA) has strong move out of its pennant. If you took this trade, start to zero out your stop-losses and let this trade run. If the market stays in an upward-trend I would expect MANA to hit all-time highs. Chart below.
· Polkadot (DOT) is hitting two-week lows. It’s a great time to pick up some DOT and participate in Crowdloans.
Fear and Greed Index 74 Greed
Google Trends 40 (significant rise)
Major Market News
· SEC rejects VanEcks’s Spot Bitcoin ETF proposal. This was expected and was given a 200/1 chance. A spot price ETF would be a game changer for Bitcoin but SEC doesn’t seem prepared to approve one any time soon. We will see how they feel in 2022.
· Cosmos and Solana Ventures join in a $725 Series B for Crypto Gaming Platform Forte. Games and NFTs are beginning to get tons of funding.
Trade Set-ups
Harmony one (ONE)
Harmony One is a solid layer-one that hasn’t received much attention but is quietly making many upgrades and has many more in the pipeline, including a trustless Ethereum bridge in the next couple of weeks. Harmony One is fast, scalable, well-funded and has lots of room to grow with a market cap of 2.9billion. Users pay near zero gas fees and they plan to release a wallet in the short term with a 20% apy on a stablecoin.
One is setting up nicely on the 1-day charts with a bounce off a very well tested trendline. The stochastic is in the oversold zone. Wait until a strong move off Friday’s pinbar rejection.
Notable Events
· Registration for Defi Land Token launch on Raydium AcceleRaytor is open.
· Bitcoin Taproot upgrade Nov 15
NOOB lesson of the day
Exchanges
I’ve recently been messaged by a few people asking which exchange to use to buy crypto. So, for today’s Noob section I will provide a list of widely used exchanges, which accept US customers. Listed in no particular order.
- Gemini – The Winklevoss twin’s exchange. I personally use it because they can connect to your bank directly and transfers are free. Their security is top notch. On the downside, they do not have a very large selection of tokens.
- Kraken – US based. Great selection of tokens with top-notch best security. You can do no-fee wire transfers. Trading fees are a little high.
- Coinbase – US based. The most widely used exchange. Lots of coin listings and ease of use. Upgrade to Coinbase pro for free and save on trading fees. I stayed away from Coinbase because they have a history of not working when the market is crashing. Plus, they are known for bad customer service. Maybe they fixed the issues by now.
- Crypto.com – This exchange is making big moves and even has a token (CRO). They are an app with lots of coins, crypto wallet and various other services.
- FTX – They have an (FTT) token. This exchange is predicted to surpass Binance in value one day. They offer tons of products, have lots of coins and are top-notch. I have never personally used FTX, but I hear good things. And they have Tom Brady.
- Kucoin – Singapore based. One of the best selections of coins. I use this exchange to grab a lot of those hard-to-find tokens. They have low fees, no KYC and offer an array of products.
I know I promised a Polkadot Crowdloan update but I decided to save it for Monday. It’s a great investment for beginners and I wanted to give some people the chance to pick up some DOT on some of the exchanges above before I talk about it. We still have plenty of time to get in. Stay tuned!
Hope everyone had a great Veteran’s Day! Enjoy your weekend!
- Gabi
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Disclaimer
Any information provided is strictly opinion. I am not a financial advisor, please DYOR and all actions are on your own accord.
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