Weekly Wrap Up | 11/8/21 - 11/13/21
By Matthew BrienenNews Flash
*Monday 11/8/21:*Last week, newly elected mayor of New York City,Eric Adams, announced that he will be accepting his first three pay checks in Bitcoin. Adams followed this up by expressing his desire to follow in the footsteps of his Miami counterpart Mayor Francis Suarez, who has introduced "CityCoins" as a form of digital payment for residents of New York City. The narrative & push for adoption of digital assets for day- to-day transactions is increasing at an exponential rate.
*Wednesday 11/10/21:*In an interview with Decrypt.co, Giorgi Khazaradze, the CEO and founder of crypto trading terminal Aurox, and Glenn Barber, head of sales at institutional crypto trading platform Copper, talked about what’s keeping institutions out of crypto markets. “The amount of work a compliance department has to do to become acquainted with the cryptocurrency ecosystem and get comfortable is fairly significant for a lot of these players.” Institutions are interested in holding digital assets on their balance sheets, however not though futures contracts.
*Friday 11/12/21:*After freshly approving the ProShares Bitcoin Strategy Futures ETF, the SEC hastily shot down VanEck's application for a [Spot Bitcoin ETF](https: //dashboard.cryptocharged.com/news/sec-rejects-vaneck-bitcoin-spot-etf/) Friday afternoon. The SEC said the Cboe had not done enough to demonstrate it could prevent fraudulent trading to protect investors. Chairman Gensler continues his frivolous & nonsensical ETF approval/denial process in an effort to "protect investors".
Bitcoin Technical Recap
On Wednesday Nov. 9, Bitcoin rallied to a new psychological threshold of $69,000 before selling off sharply. We discussed throughout the week how a retest of the $63,000 level was not only expected, but very healthy for an overheated market. Price briefly wicked down as low as $62,400 on Nov. 11th, however failed to close any daily candles below the $63,000 region.The retest that's in progress right now is also a retest of the broken inverse head & shoulders pattern that's been forming since Oct. 20th. We'd like to see the $63,000 level continue to hold as major support to avoid a further spill towards the $60,000 region. The measured move from this completed structure suggests a target in the $72,000-$74,500 area. Check out the technical analysis section for updates & the Bitcoin Exit Plan.Dan Habib, EVP & CTA of MBS Highway, discussed some on-chain metrics to point towards a BTC top coming in the near future. Habib showcased how long term holders have just begun taking their first initial profits as they sell into strength, however we still have some gas left in the tank. See the full highlight here.
Ethereum Technical Recap
Ethereum volunteered some market volume to Bitcoin & spent the entire week pulling back into the ascending channel we've been tracking since mid October. We saw price wick as deep as $4,450, however the channeling structure was never violated.Price has continued to hold the $4,600 zone as key support, looks as if it's ready for another breakout move towards take-profit 1-target at $5,100. Have your exit rails ready. Check out the technical analysis section for updates & the Ethereum Exit Plan.
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.Monday 11/8/21: Decker & Brienen spent the majority of the episode discussing investing mindset & strategy. Short term, long term & combination strategies were presented, alongside some history of the 2017/2018 cycle. Huge thank you to our members that shared their goals with us on social media; we're excited to arm you with information to bring you to the finish line!
*Tuesday 11/9/21: *Dan Habib broke down some key inflation metrics & explained the impact this may have on both the macro economy & more granularly, the crypto space. Brian took us down the rabbit hole on staking in Kucoin. He also gave us an in depth look at the Seedify (SFUND) protocol's use case & tokenomics for the gaming sector.
*Wednesday 11/10/21:*Matt & Brian took time to cover some prime entry points in the [altcoin market](https: //dashboard.cryptocharged.com/updates/the-crypto-charged-live-show-11-10-21/), as the bloody market was presenting buying opportunities. A mini educational lesson on dominance charts and market cycles was provided & specifically the XRPBTC chart, furthering the case for XRP reaching our $10-$13 targets.
Thursday 11/11/21:In this episode, the guys tag-teamed a hot project that's gone parabolic: [Kadena (KDA)](https: //dashboard.cryptocharged.com/updates/the-crypto-charged-live-show-11-11-21/). Brienen & Decker drilled down on the research provided by CryptoCharged analyst Luke Nobiensky, highlighting the roadmap that Kadena has laid out: wrapped tokens, asset settlements, consensus models & real world utility.
Friday 11/12/21:The week got wrapped up with special guest Ryne Ratti, an NFT expert. Ratti did a beautiful job explaining the basics of non-fungible tokens & how you can hash almost anything to the blockchain. We discussed the future of real estate as NFTs, a couple hot projects & how you can do your own NFT research. Check out the full interview.