Introduction
Welcome to the BaconDAO Daily Digest! In this issue we will be covering Bitcoin updates, Binance Smart Chain, Polkadot news and more! If you like this content and want up-to-date news and gem picks, join the BaconDAO Discord.
Bitcoin Update
Bitcoin Analysis by Wwoonka
Hello guys, let’s do it as usual, from top to bottom, so we dissect the puzzle better. For a more in-depth analysis please come and join us in the BaconDAO Discord, where I will be using more advanced techniques to analyse BTC. You can also come and ask questions! Let’s get started!
Weekly Scale:
Bitcoin remains below the weekly key level, which is not good — failure to breakout from 32.2k will likely result in more of a sell off.
EMA’s are providing real resistance on the way up, they are all pointing down except the weekly 200ema.
RSI remains still, while MACD is showing signs of fading, from bearish to bullish.
We need to take out 32.2k on weekly scale to be confident in bear rally.
Bitcoin Daily Scale:
On daily scale we have resistance at 31.6k, that is the daily close range. So far, by price action, I see that we will break through, because the candle stick is printing piercing bullish pattern
The weekly resistance on daily is the D55ema, 32.6k
If you can tell we have resistance confluence in the same region in different time frames, we need to take them out for bear rally
Price made lower low (arrows), but RSI double bottomed, indicating further upside.
Key Points:
- We need to take out 32.2k on weekly scale to be confident in bear rally.
- So far, by price action, I see that we will break through, because the candle stick is printing a piercing bullish pattern.
Token Sales & Catalyst Events
Low Cap Updates
Low Cap updates by Luke.
This is the Low Cap updates section of the Daily Digest! First we’ll be covering Bitcoin dominance and then going into the Low Cap news for today.
BTC.D Analysis
Weekly:
On the weekly, after the bounce from the weekly support, BTC.D slowed down as it approached the weekly trend line. These next two weekly candles will decide the fate of BTC.D. BTC.D will likely challenge the trend resistance and break through, or BTC.D may continue to follow the descending wedge and challenge both the resistance and support.
Daily:
On the daily, BTC.D has challenged the weekly trend resistance, as it has wicked through, but failed to make a convincing close past. BTC.D has pulled back within the support zone, and it looks like BTC.D will pull further back to the weekly support, continuing to range within the descending triangle.
4 Hour:
On the 4 hour, BTC.D failed to make a meaningful bounce off the trend line. Instead, BTC.D fell back within the range, and currently doesn’t show signs of slowing down. BTC.D may catch support at the bottom of the support zone, otherwise, BTC.D will likely pull back to the weekly support before bouncing.
Conclusion
BTC.D looks like it will continue to reject, given Bitcoin can continue to hold 30k. Alts seem like a strong play to enter in the term time frame, however, Bitcoin still hasn’t had a meaningful close past key resistances. If Bitcoin were to have a pullback below 30k, then it may destroy alts.
The R:R is not as impressive as yesterday, as Bitcoin is still in an unclear region. This last relief bounce may be a bull trap, before Bitcoin breaks back below 30k. Either continue to DCA, or wait for a better R:R.
News
A list of projects partnering with Digitalax
Drife closes a successful funding round
Neon Labs will connect Ethereum with Solana
Binance Smart Chain (BSC)
Binance Smart Chain (BSC) Analysis by Viperr
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:
Top 10:
Flop 10:
Beefy Finance’s Stable Coin Vaults:
Venus’ New Governance Proposal:
Wault Finance Announces Another Alpaca Pool:
ApeSwap’s New Pool:
JetFuel Partners with Siphon Finance:
Polkadot News
Bifrost Finance Has Won The 5th Kusama Parachain Slot Auction
Karura Update
Polkadot DeFi Talk 7/21
Kylin Network Producing Blocks on Chachacha
Polkadot Ecosystem Top Gainers (24h)
Polkadot Ecosystem Top Losers (24h)
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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.
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If you choose to invest, consider the following advice:
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