🧘‍♂️What Next For Bitcoin?

Market Meditations | April 11, 2022

Dear Meditators

Prices are sliding.

This comes despite LFG adding $173 million in Bitcoin to its wallet over the weekend, bringing its total holdings to a jaw-dropping 40,000 BTC.

The bid pressure from the purchases was seemingly not enough to outweigh the selling pressure from the Federal Reserve’s statements. Specifically, the calls for a faster pace of interest rate increases. This is evidenced in the DXY rally (tapping into 2-year highs).

The dollar is considered a safe haven asset and therefore a DXY rally is considered more in line with a risk-off sentiment. A climate that tends not to bode well for our crypto sweetheart, Bitcoin.

Today’s Meditations: 

  • BTC Technical Analysis
  • More Big Moves from Binance
  • Monero Keeps Losses on the Down Low
  • Our Crypto Calendar of the Week

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⏰ Top Headlines

? Back in a Range


Macro Structure: Lost the key structural level at $45k. That’s the level we wanted to hold to maintain a bullish bias. We’ve now invalidated the big movement up we experienced in March. We are seeing a daily close now where we have lost the 100 Day Moving Average. The circle now looks like a deviation returning to the mean of the 100 Day Moving Average.

Key Support: $36k.

Key Resistance: $45k.

Looking Forward: Back into the $36k and $45k tight range that we were in before. The first test of $36k might prove a decent opportunity for a bounce play. Bitcoin is not looking strong. Could be time to be more risk-off than in March.

?Binance Gets Green Light in Abu Dhabi 

Over the weekend the world’s biggest crypto exchange [by trading volume], Binance, received approval from the Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in digital assets. Let’s take a closer look at what that entails.

  • Though they are approved, they must now complete an application process to be officially accepted as a digital assets broker.
  • According to Binance’s co-founder and CEO Changpeng Zhao, Dubai will be the company’s base or headquarters. This new hub would also be used to bring on new talent.
  • This comes in addition to Binance receiving the Dubai virtual asset license last month. At this time, they were able to offer limited exchange products to pre-qualified investors and professional financial service providers.

This kind of news could benefit the Binance coin (BNB) in the long run as it will be offered in more places. Binance continues to make big moves — Binance.US just closed an initial funding round wherein they raised more than $200 million.

While Binance is already a major crypto exchange whose reach stretches across over 140 countries, every new major city added is a big win for crypto as a whole. Not only will this help make crypto widespread in terms of investing, but it will also encourage people to work in this growing sector.

?️ Monero Keeps Losses on the Down Low

Even during crypto dumps, we tend to see some tokens outperform the rest of the market. These outliers usually have a reason behind their performance. The latest round of exceptional resilience finds Monero in its ranks.

  • Monero (XMR) has been in a rally since late February, consistently outperforming BTC since 29 March of this year, and gaining more than 10% before upward movement abated on Saturday.
  • Monero was one of the first cryptocurrencies to focus on cryptography to achieve its goal of advancing privacy. It’s different from most other digital assets in that it facilitates transactions without making the data available for anyone to examine on the blockchain.
  • Privacy coins have been heavily criticised by governments due to their ability to obscure transactions, making them useful tools in the world of money laundering.
  • Speculation surrounding the possibility of entities using Monero to bypass sanctions could be the cause of investor interest.
  • The IRS has offered $625,000 to anyone able to crack the privacy protections of popular privacy coins like Monero and Zcash.

The privacy features of XMR make a truly private currency possible, but with great power comes great responsibility – and regulators may never give the public the chance to decide how to use that power.

Utility and value aside, Monero will always run the risk of catching regulators’ attention if its popularity rises too sharply.

Monday, 11th April

  • Oasis Upgrade

    Oasis Protocol will halt the network today at 8:30 AM UTC with services unavailable until the Damask upgrade is complete. Damask has a number of upgrades included including changes to governance and technical improvements.

Tuesday, 12th April

  • NFTs in Paris

    Paris NFT Day is an experience focusing on the business of NFTs and the Web3 ecosystem in the genres of luxury, metaverse, art, sports, and gaming.  

  • ? CPI Release

    The U.S. Bureau of Labor Statistics will release CIP data for March of this year at approximately 8:30 AM EST.

Wednesday, 13th April

  • Polkadot Ecosystem Talk

    This event during Paris Blockchain Week will feature Polkadot parachain teams to mingle and discuss the current and future state of their projects in the Polkadot ecosystems.

  • Immutable AMA

    Immutable X will host a Discord AMA at 11 AM UTC on Discord surrounding Developer Launch Rewards with 3.7 million IMX in prizes. Registration is currently open, with the event ending on 30 June this year.

Friday, 15th April

  • ✨ Elrond Metabonding

    Metabonding of new tokens begins Friday for snapshots taken in April on 15 March. Metabonding is a bootstrapping product for Web3 startups in the Elrond ecosystem.

  1. Watch our How to Get Rich Trading Crypto 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.

Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.

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