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- Crypto Saving Expert Newsletter - Issue 107
Crypto Saving Expert Newsletter - Issue 107
Good afternoon! Bitcoin has regained its bullish momentum this week, with the price surging back into its multi-month consolidation range. Let's dive in for a closer look at what is going on behind the scenes with bitcoin and the overall Web3 market. 👇
This week's issue will feature technical analysis of bitcoin, Ethereum, Solana, as well as important dates and key news stories:
Table of Contents
Sponsored by:
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Bitcoin Rediscovers Its Mojo
Bitcoin has refound its bullish momentum as the price surged back into the multi-month-long consolidation range.
Bitcoin Outlook
Bitcoin found local resistance at the $64,500 level after breaking through the troublesome $61,000-$62,000 region.
Bitcoin may retrace down to test the key level from the upside, confirming an S/R flip.
It is imperative that bitcoin holds above and bounces if this comes to fruition. Then, the price must break through the local resistance to open the door for higher.
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Back In The Range
The upside move last week moved bitcoin back into its high time frame range that it has traded within for the best part of six months, minus several breakdowns.
This is significant as it gives bitcoin the safety of trading within the range and having a support level for bulls to defend.
Bitcoin now has the ability to move up towards testing the range highs again, which could occur in September. Although the possibility of a break back below the range remains.
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Ethereum
Ethereum is still struggling to gain upside momentum to reclaim the $2,800 level.
This level is key to Ethereum’s structure and separates the ability for ETH to retrace the losses sustained in August.
A break above would allow for a move above $3,000. Still, the price must hold the lower support if dragged down.
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Solana
Solana is also facing its own battles. The price has yet to conquer the $160 level.
This separates the route towards $190 for SOL and is proving to be where bullish momentum meets supply.
If bitcoin takes a tumble, Solana could move down before attempting to cut through the level.
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Fear & Greed Index
The Fear and Greed Index responded well to bitcoin’s rally last week as it moved out of Fear and into Neutral.
The Index resides at 48, demonstrating the uplift in investor confidence since bitcoin pushed over $62,000.
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Important Dates
Thursday 29 August, 12:30 UTC - Gross Domestic Product (GDP)
The GDP demonstrates the monetary value of all US goods, services, and structures. The GDP is a critical measurement of the economy's strength as it demonstrates economic growth or slowdown.
The GDP is forecasted at 2.8%, with the previous data at 2.8%.
Friday 30 August, 12:30 UTC - Core Personal Consumption Expenditures (PCE)
The US Bureau of Economic Analysis releases the core PCE data, which measures the average amount of money consumers spend monthly in the economy.
PCE is released in two formats: month-over-month and year-on-year. The data also removes volatile products, such as energy and food.
The month-on-month data is forecasted at 0.2%, with the previous data the same.
The year-on-year data is not forecasted but came in at 2.6%, with the previous data the same.
Gainers
Sign up to Kraken and browse this week’s top performers here.
Losers
Sign up to Kraken and browse this week’s weaker performers here.
Elon Musk Condems Telegram Founder's Arrest, Emphasises Free Speech
Elon Musk has made several posts on X in support of Pavel Durov.
Tesla CEO, Space X founder and X.com owner Elon Musk has criticised the arrest of Telegram founder Pavel Durov in Paris.
Through multiple posts on X, Mr Musk stressed the importance of free speech guaranteed by the First Amendment in the US Constitution. He also expressed concern about Europe’s overreach in reducing freedom of speech.
“POV: It’s 2030 in Europe, and you’re being executed for liking a meme,” the X owner wrote.
In another post, Elon Musk pointed out that the right to bear arms guaranteed by the US Constitution's Second Amendment was the only way to protect freedom of speech.
He said, “The 2nd amendment is the only reason long-term that the 1st amendment will be upheld.”
Durov’s Arrest is Likely Linked to Lack of Censorship on Telegram
In a similar show of support, former US presidential candidate Robert Kenny Jnr said there was an urgent “need to protect free speech” after Durov’s arrest.
Similarly, controversial American political commentator Tucker Carlson explained on X that Pavel Durov had “left Russia when the government tried to control his social media company.”
Mr Carlson pointed out that Durov was ironically arrested in a Western country that should ideally uphold the right to free speech.
“Pavel Durov sits in a French jail tonight, a living warning to any platform owner who refuses to censor the truth at the behest of governments and intel agencies,” he wrote.
Toncoin and Notcoin Dip by Double Digits
Regarding effects on the crypto industry, the news of Pavel Durov’s arrest immediately impacted the Telegram-linked cryptocurrencies Toncoin (TON) and Notcoin (NOT), which dropped by 23% and 24.5%, respectively.
The four-hour TON/USDT chart below shows that Toncoin has entered bear territory below the 50 (red), 100 (yellow) and 200 (green) moving averages.
However, the four-hour MFI (green), MACD, RSI (red), and the green background of the Stonksy indicator suggest an oversold scenario that could result in a slow push towards the $6 resistance once the dust settles.
Source: Tradingview
In the case of Notcoin, the Stonksy indicator on the four-hour NOT/USDT chart below has a red background suggesting a continuation of the dip to the $0.008527 price area.
Source: Tradingview
Binance Founder CZ "Almost Free" after Transfer to a Halfway House
CZ has reportedly been moved from federal prison to the RRM Long Beach halfway house in California, where he will complete the remainder of his sentence.
Binance founder and former CEO Changpeng Zhao, commonly known as CZ, is closer to earning freedom.
According to a Protos report, CZ was moved from the FCI Lompoc II federal prison to the RRM Long Beach halfway house in California.
The crypto community initially interpreted CZ’s transfer as an early release.
However, as the name suggests, a halfway house is an in-between facility that prepares prisoners for reintegration into society through additional rehabilitation.
The RRM Long Beach halfway house is classified as a “residential reentry management (RRM) field office” that houses inmates in home confinement, those serving short-term sentences, long-term boarders and even juveniles.
Therefore, CZ will serve the remainder of his four-month sentence in the RRM facility until his release on 29 September.
CZ is Facing a New Class Action Lawsuit
But CZ’s woes might not be over.
He, alongside Binance, is facing a new class-action lawsuit that claims that during his reign as CEO, the exchange did not recover stolen digital assets and, hence, failed to prevent money laundering.
The lawsuit, filed in a court in Washington, Seattle, by Philip Martin, T.F. (Natalie) Tang, and Yatin Khanna, also claims that CZ and Binance intentionally did the following:
● Targetted the lucrative US market and ignored numerous US laws
● Failed to register as “a money services business”
● Willfully violated the Bank Secrecy Act
● Was unable to implement and maintain an effective anti-money laundering (“AML”) program and KYC (know your customer) rules
● Became the preferred platform for bad actors due to lax rules
● Generated “substantial amounts of proceeds” by offering bad actors a gateway to move funds
● Created Binance.US as a distraction for US regulators
In a commentary on X, Bill Huges, a senior counsel and director of global regulatory matters at Consensys, explained that the lawsuit, in short, claims that CZ violated the RICO (Racketeer Influenced and Corrupt Organisations) Act.
He added that CZ will likely “open up that wallet and make [the lawsuit] go away at some point.”
But if it were to go to court, it would put blockchain analytics and on-chain asset recovery on trial.
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