Bitcoin Hits The Target, What's Next?

Last Wednesday, Bitcoin rallied to its highest price ever, reaching just over $67k. The minimum bullish target at the previous all-time high that was preset at the start of the month has been hit. The majority of readers guessed it right.

Did you book the profit?

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What's next? I see at least two opposite perspectives. Let us see them one by one.

Bitcoin Daily Chart

The chart above is based on the assumption that the next significant move is kicking off now after a considerable retracement from April to June this year. Continue reading "Bitcoin Hits The Target, What's Next?"

Crypto Market Cap Hits New All-Time High

Digital enthusiasts should be happy as last week, the total crypto market capitalization established a new all-time high of $2.5 trillion, surpassing the previous top of $2.4 trillion reached this spring.

Crypto

It coincides with the current move in Bitcoin, which is approaching an all-time high. Is it the main coin that contributes the most to pumping the market cap? Let us check it in the next chart of the total crypto market cap excluding Bitcoin. Continue reading "Crypto Market Cap Hits New All-Time High"

Bitcoin Triggered Buy Setup, Plus Gold And Silver

Bitcoin is a true modern hero in the financial world as it stands no matter what. Let it be the Chinese government's ban or US regulators and financial elite's rejection.

It is amazing how Bitcoin follows a conventional chart structure as it acts like matured instruments over time but at a higher speed. The predicted drop in leg 2 down hasn’t kept us long as it emerged the same day when the previous update was posted.

Most of you thought that this drop could be just a part of a pullback ahead of another Bitcoin rally.

Bitcoin Daily Chart

The collapse in red leg 2 down was close to hitting the preset target of $38k, as it bottomed at the $39,600 mark. The structure looks completed as it has met the minimum requirement to travel an equal distance with leg 1. Continue reading "Bitcoin Triggered Buy Setup, Plus Gold And Silver"

New ETF To Play Bitcoin And Cryptocurrency Market

Just as Bitcoin and the cryptocurrency markets are once again heating up and hitting new highs, a new ETF opened up, which offers investors another way to play the industry. The Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ) is a very interesting ETF that just launched on July 20th, 2021 and offers investors a sort of backdoor play into the cryptocurrency world, without fully relying on cryptocurrencies increasing in value in order to realize a decent return.

RIGZ offers investors the ability to invest in cryptocurrency and semiconductor firms located in developed countries that focus on clean energy and environmental sustainability. The cryptocurrency firms that RIGZ invests in are crypto-miners.

These crypto-miners also are the ones that have reportedly switched to "cleaner" energy sources than what other miners or miners in the past have been accused of using. As you may know, mining for cryptocurrency is, in most cases, a very energy-demanding operation. The amount of electricity the mining rigs (The main components of any crypto-mining rig are power supply, a motherboard, an operating system to run on your motherboard, computer memory, and a graphics processing unit) need has been estimated by the Bitcoin Energy Consumption Index at one Bitcoin transaction takes 1,544 kWh to complete, or the equivalent of roughly 53 days of power for the average US household.

So, if a miner is using clean energy, that is advantageous to the environment and potentially could even make the company more profitable, especially if the company is producing some of the energy themselves with the use of solar panels or small wind-powered turbines. Continue reading "New ETF To Play Bitcoin And Cryptocurrency Market"

Gold Builds Buy Setup, Is Bitcoin Next?

Gold follows the map posted in an earlier update.

Daily Gold Chart

Gold dropped within two visible legs close to the area of 61.8% Fibonacci retracement level located at $1,738. The second leg down has overshot the size of the first leg reaching almost 1.272 of its distance. The RSI has shown two legs down either. Initially, the 50 level in the indicator’s sub-chart acted as a support, and then it turned resistance for the joint between two legs. Continue reading "Gold Builds Buy Setup, Is Bitcoin Next?"