🧘♂️ALERT: Will BTC Keep Exploding?
Market Meditations | October 18, 2021
Key level we are watching.
Dear Meditators
✅ Welcome to a highlighly anticipated week in crypto.
➡️ All eyes on potential approval and launches of various Bitcoin ETFs. But let’s not lose sight of other important developments.
Today’s Meditations:
? Square and BTC Mining
? Key Technical Updates: BTC, ETH, SOL, FTT and LINK
? NFTs and Fashions
? Weekly Crypto Calendar
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? Square Looking to Reinvent the Wheel?
Jack Dorsey, CEO of Twitter and Square, Inc., posted on Twitter Square is “considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”
Many of us don’t put much thought into participating in the decentralization of any cryptocurrency. It’s usually taken for granted, or only an afterthought.
One of the primary reasons for this is inconvenience. We are all creatures of habit.
The path of least resistance is taken most often for good reason.
Jack Dorsey is trying to bring mining to the masses by re-imagining the process.
Mining isn’t accessible to everyone. Dorsey argues that Bitcoin mining should be as easy as plugging equipment in and flipping a power switch.
Incentives are disproportionately skewed toward rewarding large mining operations, alienating average consumers from participation.
Dorsey has put together a team aiming to reinvent the mining process, hoping to lower the difficulty of participation.
Soon, mining a few extra Sats may be as easy as making your morning coffee.
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
? Come Chart With Me
1️⃣ BTC/USD
Floating just below $62k on Bitcoin.
Pivotal point. Play close attention to this coin, more so than any other coin.
Big breakout of psychological level at $60k.
Retested the $59k peak and bounced right off it.
The question becomes, is this a trap? Will we see a breakout or a climb back down.
As long as the price remains above $56k, we maintain a bullish bias.
2️⃣ ETH/USD
Ethereum is looking less bullish than Bitcoin.
There is a very possible scenario whereby we test support at $3.4k and go sideways until BTC has made its move.
All of this changes above $4k. Remember, $4k is the breakout level.
3️⃣ SOL/USD
$140 looks like a decent support level.
Strong momentum continues and we continue to view $SOL as a buy opportunity.
4️⃣ FTT/USD
Strong fundamentals and tied to the success of FTX.
Doesn’t show the same momentum as Solana at the moment.
$60 is an important level to hold. Until we see $60 reclaimed, we might be lighter FTT and heavier coins that already have that momentum built up.
5️⃣ LINK/USD
Also doesn’t have that clear momentum so far.
Key breakout level at $35. Very significant resistance level to break.
Aggressive entry at $30, more converstive at $35.
Beyond $35, could see further upside to $42.
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?Fashion NFTs Are Booming!
Though NFTs are often related to digital art, we know that they can extend much further than that. There are many application cases, and the fashion industry is the most recent industry taking advantage.
Dolce and Gabbana (D&G) is the most recent to get involved, but what exactly are they selling?
Wearable, digital collectibles.
D&G is pairing physical items with their NFT equivalent.
D&G recently sold the “Doge Crown” as a physical item with the NFT equivalent and it sold for $1.275 million.
They have sold physical jackets paired with NFTs for $300,000.
If the fashion industry continues to seep in and take advantage of NFTs, it will continue to grow the [fashion and NFT] industries exponentially.
If Augmented Reality (AR) continues to develop, fashion NFTs could continue to grow even more. Not to mention, companies like Dolce and Gabbana can also now cater to blockchain games that allow NFTs.
On Mondays, our ‘Scan The Week’ section is designed to show our community what events and headlines we will be keeping an eye on.
Monday, 18th October
?Acala Twitter Space
Acala, an Ethereum-compatible smart contract platform optimized for DeFi on Polkadot, recently launched a novel product, Liquid Crowdloan DOT (lcDOT). The product joins Acala’s suite of products including its KSM Liquid Staking product (LKSM) and DOT Liquid Staking (LDOT). Join co-founders @bettechentt & @XiliangChen and VP Growth @danreecer_ for a Twitter space on Monday 18 Oct at 7pm UTC.
Wednesday, 20th October
?Terra Voting Ends
Vote on “Prop 128” to enable IBC transfers on Terra. Voting will conclude on 20 October at 20:51:38 PDT.
Thursday, 21st October
?”Crypto Talks” Event
Crypto Talks is a series of online events that deal with current crypto topics. Join Celsius Network, Algorand, and Collider VC for a free virtual crypto event. Hosted by Social Wisdom CEO, Ariel Shapira, this event will give the community an opportunity to discuss Web 2, Web 3, and what challenges and opportunities the blockchain revolution provides.
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??♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
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