🧘‍♂️WARNING: This Changes Everything

Market Meditations | February 14, 2022

Dear Meditators

Assuming we’re all a bit sleepy having stayed up to watch the Super Bowl?

Even if you’re not a football fan, perhaps you were waiting for the wide range of crypto ads that featured during the Super Bowl: Coinbase, FTX, eToro and Crypto.com!

Today’s Meditations: 

  • Top Headlines 
  • BTC and ETH Technical Analysis 
    • We have noticed key changes. Specifically, we’ve gone from bearish to more neutral!
  • South Korean Politics Incorporating Crypto 
  • Cent Marketplace Updates 
  • Our Crypto Calendar of the Week

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⏰ Top Headlines

? How to (BT)See The Markets


Macro Structure: Steady downtrend has been broken and the recent uptrend has not retraced much. Specifically, it was broken by the 4th Feb candle: notice how the candle broke both the 30 Day Moving Average (purple line) and the $40k level. These movements have taken us from a downtrend to a neutral trend. We wouldn’t say we are bullish yet.

Key Support: Invalidation level at the $40k support. If this is broken, we consider the trend more bearish again.

Key Resistance: Difficult to say we are bullish given the number of resistance levels that still remain on the way up. Such as $45k, the 100 Day Moving Average (black line) and the $50k level. Hoping to get above $50k to look bullish again.


Macro Structure: Similar to BTC, perhaps slightly weaker. 4th Feb candle broke the 30 Day Moving Average taking us to a more neutral trend.

Key Support: At the moment, the 0.382 level appears to be holding. Below that we have the $2.6k level for support. $2.6k is a key invalidation level.

Key Resistance: For the trend to look more bullish, we want to overcome the $3.6k resistance level as well as the 100 Day Moving Average.

Highest Probability Bet: It’s much more difficult to trade neutral trends. If the upside on BTC and ETH did continue, it’s likely we would see a test of the respective 100 Day Moving Averages. That being said, in neutral conditions, it’s not so fruitful to try to predict where we are headed. Instead, we prefer to be reactive: waiting for a breakout, test of a support etc.

? Crypto For President

There are many reasons people invest in crypto, but in South Korea the price of real-estate may be king of causes. As the cost of living rises, so does interest in cryptocurrency markets, and it’s having implications in the political arena.

Real-estate has become one of the country’s most controversial issues amongst politicians and voters because housing costs have forced citizens to seek out methods of increasing income, resulting in increased stock and crypto market speculation.

Political candidates have begun adopting either a neutral or pro-cryptocurrency stance to avoid losing crypto-centric voters.

Three candidates for South Korea’s presidential election, set to take place next month, have made stances on cryptocurrencies a central part of their agenda.

  1. People Power Party candidate Ahn Cheol-soo has announced his desire for the party to run on blockchain technology.
  2. Lee Jae-myung, running for the Democratic Party, alludes to the possibility of bringing back IDOs. He has released NFTs, and publicly said he would accept crypto donations to fund his campaign.
  3. Yoon Seok-youl, another People Power Party hopeful, appeared at the 2022 Virtual Assets Conference, speaking on the need to review unreasonable regulations.

The political climate is undeniably warming up to blockchain technology.

? Down To Your Last Cent

NFTs are becoming widespread. Still, some do not understand them, but they are at least in the know that they are valuable [for some reason]. Much has been said about an NFT being simply a JPEG and this weekend Cent shut down buying and selling to avoid scams and counterfeits.

  • There were reports of scams and counterfeits so all buying and selling stopped.
  • Some people were minting copies of NFTs and Cent was committed to consistently banning offending accounts. Cent mentioned that for every account they banned, two or three more would pop up.
  • As a result of these scams, OpenSea originally limited the number of NFTs a user could mint for free. That was until users complained.

OpenSea said last month that over 80% of NFTs minted for free were “plagiarized works, fake collections and spam.”

Remember that while NFTs are digital, one can trace their history on the blockchain. While two NFTs may look the same if you can identify the seller and trace back where the NFT came from then you know you will not be scammed. Remember that many times if it seems too good to be true, it probably is.

Monday, 14 February

Tuesday, 15 February

  • Ari10 Bitcoin Widget UX

    Ari10, a group specializing in building bridges to the new financial world, continues adding features to its app including a Bitcoin widget facilitating buying and selling.

Wednesday, 16 February

  • ?️ Blockchain Gaming Event

    Crypto Valley Association to host “Blockchain: a Game Changer in the Gaming Industry” featuring CEOs from AlienWorlds, Cartesi, DEXgame Labs and more. Virtual attendance is free.

Thursday, 17 February

  • Filecoin AMA

    The Filecoin community will host an AMA over the OhSnap upgrade and Deal Making on Filecoin.

Friday, 18 February

  • Everise Daily Community Chat

    Mondays, Wednesdays, Thursdays and Fridays at 2:00 PM EST from 1 Feb – 29 Apr, EverRise to host community chats on Twitter Spaces.

  1. Watch our Technical Analysis Course if you struggled with today’s technical section.
  2. Read the following Technical Analysis guides for more insight:
    1. Moving Averages 
    2. Fibonacci Retracement  
    3. Volume and Open Interest  

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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 Ellen B.

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