Crypto Daily Digest — April 17th, 2021
Table of contents
Introduction
Welcome to the VirtualBaconDAO Daily Digest! In this issue we will be covering Bitcoin updates, Binance Smart Chain, NFT news, Polkadot news and more! If you like this content and want up-to-date news and gem picks, join the VirtualBaconDAO Discord.
Bitcoin Update
Bitcoin Analysis by Wwoonka
As usual fellow traders, we go from top to bottom so we can dissect the puzzle as much as possible — see all the potential plays and stick to the one that will play out. Trading is to be able to see all the scenarios and play accordingly, so you catch the price action in the box and whichever wall it hits, you give the force there so it bounces off — imagine table tennis game
Weekly scale:
- Price action — the candle that I am pointing out is NASTY — indicating bears are taking over. Now don’t get doggy when I say bears, they are just sellers — that’s it.
- Weekly 21 ema stands around 44k region, indicating last floor of this bull. I am keeping a close eye on it
- RSI is making lower high. Remember RSI chart from yesterday ? I told you if we don’t break the high there, then probabilities of major correction is upon us
- Nothing really about MACD, been losing momentum since 8th of March
This is RSI weekly chart — if the lower line is broken, and most likely it will, we are going to revisit 50k level regions. This is bold statement, this is just to keep in mind and keep track of it
Daily scale:
I am taking out the uptrend channel, this is most likely ending fifth diagonal triangle. Check out RSI — you will see bear flag there, I am watching daily RSI closely
We are still above 21 ema on daily scale, indicating bulls are in favor
We will go deeper on daily chart in the following messages
The retest that happened after breakout was beautiful. But guys listen — when breakouts happen, I know we all trade breakouts, but you want convincing candle after breakout, what do you see here ? We are getting bearish spinning top pattern, this does not look like retest to me anymore
If it is that we break down from Daily 21 ema, then this is what I am expecting us — we will stop at first at 56k region, and waves structure still will be fine. I will provide my invalidation zone in wave analysis
Now, remember I have been saying don’t try to catch falling knife ? Good if you did not, because I also thought we were gonna uptrend, but no, we are rejected.
Now I am sending the first correction type that we had, in the next message I am sending new one, new one formed to due to the dip that we have at the breakout zone (yellow box)
Actually, wave A came in 5 wave form, therefore I am expecting us to move up from here. I believe bulls we get trapped in this pump. Actually this is going to be wave B only. I don’t know in which structure it will come or how long it will take to form, but I know that this is wave B.
I will tell you how I am going to play this — I will be longing alts most likely, maybe BTC as well, but It won’t be my swing trade or major long or anything like that — it will be scalp trades, targeting small percentage movements.
Now, I don’t know where C will end, it is very much possible that we land below 60k and trap bears there with shorts, but we will see, I am not worried about third wave for now.
The invalidation of waves is at 56k to 55k region, and that’s where daily 55 EMA is at, and I mentioned we are going to stop there if we dip below 60k
Moreover, I believe we will reach fib 0.5 0.618 ratio and get rejected there, therefore shoot downwards. As a teaser, this is what I believe will play out, I drew the path that the price might take, as long as structures keep simple form, I am betting on this exact movement
Summary: in a nutshell, I believe bulls are getting trapped. this is just my belief, as long as we are above 56k, we are in uptrend
- Invalidation zone 56k 55k region
- No uptrend yet, we are still in correction — second positive wave in play right now. Bulls will get trapped here
- Watching weekly 21 ema closely
- Watching daily 55 ema closely
Thanks for reading gangsters, take care
Token Sales & Catalyst Events
Binance Smart Chain (BSC)
Binance Smart Chain (BSC) Analysis by Viperr
Due to the nature of BSC and the parabolic growth of the platform over the last few months, there are and can be a lot of rug-pulls. Be cautious and always DYOR.
And if you’re new to BSC and want to set up a wallet, check this quick guide HERE. Also, we have a BSC resources document which can be found HERE.
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BSC News & Updates:
Today, we hosted our first BSC event where we covered topics such as how to spot a potential rug, yield-farming strategies, and other hot topics. Although this event was not recorded, we are always happy to answer any BSC-related topics in the BSC chat.
Top 10:
Flop 10:
Beefy Finance Update:
BSCPAD Update:
KelVPN launched on BSCPAD today. Disappointing allocations since the presale cap was only $50,000. Really hope they make up for it later this week with the next IDOs.
DuckDAO Update:
New presale tomorrow, April 18th, at 4pm UTC. First come first serve as always. Remember there will always be a gas war.
Also, DuckDAO announced an AMA with their new strategic partner @stars_chip which will be hosted Monday, April 19th, at 3pm UTC.
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NFT News
Code-generated artwork For Those Who Know By @x0rart
AS$P ROCKY’S FIR$T NFT! 4/21 7PM EST
“Planet Paris” Collection — @ParisHilton x @blakekathryn
@chissweetart “Mother of Dreams” Collab with @ZexonONerotaki
2/2 “Melted”
Boy#boi , the @RAC — collab -
‘THE-RAINBOW-2’
“Disaster Girl” @ZoeRoth8 Collected for 180 $ETH (~$411,000 USD) by @3fmusic
Polkadot News
Robonomics Network Kusama Parachain Lease Offering
Equilbrium Will Launch Genshiro — DeFi Parachain on Kusama
$RAZE Is Trading on Pancakeswap and Uniswap
The Polkadot Dao Alliance is Adding Projects
KodaDot NFT Marketplace Demo
The Darwinia Virtual Network is Going Live on Crab Network
Phala Network Has Partnered With Polkafoundry
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Disclaimer
IMPORTANT! DO NOT SKIP!
The following report is EDUCATIONAL RESEARCH MATERIAL.
It is NOT FINANCIAL ADVICE.
VirtualBacon and team is NOT A FINANCIAL ADVISOR.
This report is a summary of our educational research.
It is provided for educational and informational purposes ONLY.
YOU ARE UNDER NO OBLIGATION TO INVEST IN ANYTHING.
VirtualBacon does not provide individually tailored investment advice, as we do not understand the readers’ financial situations, investment goals, risk tolerance, etc. All investing decisions should be made under consideration of your own circumstances. We are not responsible for any losses you incur, or profits you make.
Cryptocurrency investing comes with extremely high risk. YOU COULD LOSE ALL OF YOUR MONEY WITHIN A DAY!
If you choose to invest, consider the following advice:
- Do not risk money you cannot afford to lose.
- Perform due-diligence and understand your investments.
- Use common sense.
