Week 1 | 1/2/22 - 1/7/22
By Matthew BrienenNews Flash
Tuesday 1/4/22: The SEC has again delayed giving a "yes" or "no" to what could be the first spot market Bitcoin exchange-traded fund (ETF) in the U.S. NYDIG, a subsidiary of asset manager Stone Ridge Holdings Group, applied in February last year for its "NYDIG Bitcoin ETF". The SEC was initially going to approve or reject it on January 15 of this year but today said it will extend the deadline for an additional 60 days.
Wednesday 1/5/22: Crypto behemoths Mark Cuban, Sound Ventures, and Polygon announced today that they had raised a $9 million seed round led by Animoca Brands for data and analytics platform, CryptoSlam. CryptoSlam tracks sales data for hundreds of notable NFT projects and collections across various blockchain protocols, including Ethereum, Solana, Polygon, Flow, and Binance Smart Chain. It also tracks the sale of sports industry fan tokens, such as those launched by soccer teams Paris Saint-Germain and FC Barcelona through the Socios platform.
Thursday 1/6/22: Electronics giant Samsung is venturing into the metaverse with the opening of a virtual store in Decentraland, called 837X. The metaverse experience will consist of three areas, the Connectivity Theater, the Sustainability Forest, which comprises a "journey through millions of trees" to mark the company's sustainability initiatives, and the Customization Stage. Following its launch in Decentraland, the company plans to take 837X on the virtual road to other metaverse platforms.
Friday 1/7/22: Chainlink announced that they will launch staking this year, allowing LINK holders to secure the network by locking up some of their LINK into the protocol, and earning rewards. Chainlink has been working on a staking solution for years, and it's April 2021 white paper laid out how it would work. Nazarov, CEO of Chainlink Labs, says the team is now finally satisfied with the security and scalability of the system they’ve designed, which has been audited and is currently in test mode, but he declines to specify when in 2022 it might launch.
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Bitcoin Technical Recap
The virtuous "Bearlin Wall" that was providing support in the $44,000 region has fallen... (Don't tell David Hasselhoff). On Wednesday Jan 5, cryptocurrencies & risk on assets sold off sharply following the release of the Fed Minutes, showing that the Fed is ready to dial back accommodation aggressively. This includes a potential rate hike in March, as well as reducing their Bond holdings shortly after. Using an inverse Fibonacci retracement tool, we can see that if the $40,000 level is lost as support, we will likely see $37,500 before seeing a bullish reversal. On-chain data shows that long term holders, or cohorts of individuals who have owned their coins for 150 days or more, have not done any aggressive selling.
BTC/USD Daily Chart
Ethereum Technical Recap
ETH has taken a bigger punishment than BTC, selling off at nearly a 2x rate. Using an inverse Fibonacci retracement tool, we can see that our next support levels will come in at $2,920 & $2,659 respectively. If BTC is able to find a bottom sooner than later, ETH may be harbored from lower levels. Examining the ETH/BTC chart, which measures the strength of Ethereum against Bitcoin, we can see that price has now fallen back into the breakout structure. Price needs to reclaim the purple band as support to avoid further deprecation against BTC.
ETH/USD Daily Chart
ETH/BTC Daily Chart
Project Breakdowns & Daily Update Recaps
Didn't catch all the daily update streams? We've got you covered with highlights & links to the full episodes. Sunday 1/2/22: Matthew Brienen kicked off the new year with the Introduction to Trends & Market Structures masterclass webinar. The class consisted of a detailed dive into timeframes, trends, flag & pennant structures as well as the head & shoulders pattern. Take your investing to the next level & experience the charts we present on stream for yourself.
Monday 1/3/22: The work week commenced with Dan Habib presenting a price study of Bitcoin's Q1 performance in the past as well as some on-chain data. Brian brought some big news to the stream, with Matt closing out the show with an update on the CryptoCharged portfolio.
Tuesday 1/4/22: Decker wished Bitcoin a happy belated birthday & gave us a small history lesson on BTC's inception. Part one of the Fantom project ($FTM) was presented, highlighting this non-blockchain protocol & its speedy consensus mechanism.
Wednesday 1/5/22: The fundamental news master Dan Habib rejoins the team to shed some light on the aggressive sell offs for risk on assets, highlighting the Fed suggesting an escalated rate hike timeline. The technical duo Matt & Dan closed out the show tag teaming the charts & forecasting some potential next moves.
Thursday 1/6/22: Analyst Matt Brienen provided a price study of the 2017/2018 cycle, showcasing large bearish corrections in macro uptrends, as well the altcoin rotation in that cycle. Decker brought the team part 2 of Fantom breakdown & showed members how to stake their FTM for up to 13.5% APY.
Friday 1/7/22: Habib brought somejobless claims news & analysis on stream as well as some critical on-chain metrics indicating that long term holders are, well, holding strong. Brienen presented a graphic comparing other major markets & pointed to just how early we are to the cryptocurrency space.