🚀 Bitcoin Keeps Growing With Trump's Odds

Let's Dive Into It!

Author

Crypto Rand
October 21, 2024

Happy Monday dear subscribers! In today’s Newsletter, Bitcoins Keeps Pushing!

In today's bulletin, we are covering:


This will be a key week for the Big Caps Index, approaching the key confluence of horizontal resistance with the main downtrend resistance. A breakout here would trigger a major bullish reversal:

Meanwhile, the Mid Caps Index continues consolidating nicely after the double-bottom reversal on minor timeframes. The $4 is the key level to beat before the real test at $4,5. Great setup overall:

 

Bitcoin Nears $70K Amid U.S. Election Anticipation and Trump’s Rising Odds

Bitcoin is approaching the $70,000 mark as investors monitor the upcoming U.S. presidential election.

The cryptocurrency hit a high of $69,450 early Monday before slightly retreating. Analysts highlight the election's significance, with Donald Trump’s rising odds contributing to the price surge due to his positive stance on crypto.

  • Bitcoin approaches $70,000, close to its all-time high of $73,700.

  • Investors are closely watching the U.S. election, with Trump's rising odds supporting Bitcoin’s increase.

  • Trump’s pro-crypto stance, especially on NFTs, bitcoin mining, and DeFi, is a positive factor for the crypto market.

  • A Republican win could enable crypto reform.

  • The Fed’s potential rate cut may drive further Bitcoin momentum.

Expectations of a 25 basis point interest rate cut from the Federal Reserve also provide optimism for Bitcoin's further growth.

Crypto Trader Turns $3K into $9M Amid Memecoin Frenzy

A cryptocurrency trader made over $9 million by investing in the Solana-based memecoin Numogram (GNON), achieving a 3,000-fold return within three days.

The token saw a 233% rise in a single day following its listing on the Moonshot platform, which caters to retail traders seeking speculative gains.

  • Trader turned $3,000 into $9 million in three days by investing in GNON memecoin.

  • GNON rose over 230% following its listing on the Moonshot platform.

  • Memecoins are driven by speculation and social media, with little intrinsic utility.

  • Memecoins reflect a disillusioned generation similar to the Punk music movement, criticizing the fiat financial system.

  • The Solana memecoin craze may boost SOL’s price, with predictions up to $180.

Despite the lack of fundamental value, memecoins continue to attract investors with their extreme volatility, fueled by social media hype and a broader sentiment of disillusionment among younger generations.

0G Labs

The Origins:

0G Labs is a Modular AI Chain featuring a scalable programmable Data Availability (DA) layer tailored for AI dapps.

Data availability ensures that all transaction data is accessible to nodes or validators, enabling them to independently verify transactions and update the blockchain without needing to trust each other.

The Operative:

The project is aimed at facilitating high-performance applications such as on-chain AI, gaming, and decentralized finance (DeFi) through an advanced data availability and decentralized storage system.

In order to provide that it has three main characteristics at work:

  • Modular Design: 0G Labs is building a data availability system that is modular. This system includes a general-purpose storage layer and a data publishing lane. Each part has a specific role, making the system more efficient.

  • Scalability: By separating the storage and publishing of data, 0G Labs can handle more data without slowing down. This separation makes it easier for the system to grow and manage larger amounts of data.

  • Focus on AI Applications: As the use of decentralized AI applications increases, the demand for robust data availability solutions grows. 0G Labs aims to meet this demand with its modular AI chain. This chain is designed to support AI decentralized applications (dapps) by providing a scalable and programmable data layer.

Summary & Competitors

0G has raised $35M in a funding round with Hack VC as lead investors and participation from Stanford Builders Fund, Delphi Digital and GSR, among several others.

Modular blockchain developers are growing in popularity and the field of data availability providers has other projects that includes the likes of Celestia, EigenLayer, NEAR and Avail.

Why study Technical Analysis (TA)?

When one approaches the market, they find different ways to analyze investments and make decisions. One of these is Technical Analysis (TA), which is as criticized as it is praised in the market. Let’s explore why this happens and why it’s important to know how to use it.

Disclaimer

First of all, everyone should apply the method of analysis that yields the best results for them, whether it’s TA, Fundamental Analysis (FA), or even lunar phases—it doesn’t matter as long as the outcome is positive. That being said, in my experience, those who master TA have a significant advantage over other market participants.

Why?

The most important reason is the ability to interpret a chart, whether of a stock or crypto, in just a few minutes. This gives us a quick overview of where the company or crypto stands, what has happened in the past, and, if the TA is done well, what could happen in the future 🧠 

A chart contains all the available information at the time and all the decisions made by buyers and sellers. Yes, all of that is reflected in each price candle, which is why knowing how to interpret it is crucial.

How?

Within TA, there are several branches:

  • Chart Patterns

  • Price Action

  • Elliott Waves

  • Fibonacci

  • Moving Averages

None of these is inherently better than the others; the real potential is unlocked when we manage to combine all of them into our setup. It will depend on each individual to find their own style and apply these techniques to achieve a clean and precise analysis 🎯 

The first thing anyone starting out in this world must learn is how to analyze charts. Afterward, they can move on to FA or even algo trading, but knowing how to interpret a price chart is essential as it can save us from a bad investment or lead us to the one that changes our lives 💰

In this sense, it’s advisable to start with the free information available on the internet to see if it interests you and then move on to specific paid courses since we can’t always trust the quality of free content online 😒 

It’s even more advisable to take courses from people who actively trade in the market rather than from simple teachers. If we can know their track record, even better. This is because the experience they can share is invaluable and far superior to a thousand pages of cold theory that never left the library.

As for TA books, while they can give us a theoretical foundation, the truth is that most were written many years ago. I believe it’s more dynamic and up-to-date to study TA through courses with modern digital tools 🤙 

Then comes the part of putting what you've learned into practice, dedicating many hours to testing, making mistakes, and trying again. This not only helps you understand how the theory works in practice but also helps you find your own style and approach to analysis.

Conclusion

So, studying TA is an investment in ourselves as investors, which then allows us to invest in the market with better preparation and a higher probability of success! 🚀

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