Binance invests in Elon's Twitter takeover.
Bitcoin is finally being held by strong hands.
And CZ issues a warning on Twitter.
My name is Deezy.
And this is your crypto news wrap-up.
Let's get it!
Want to know what's next for a project?
Just follow any founder on Twitter,
and you'll probably find a breadcrumb trail of hints leading to upcoming project announcements.
For example,
Charles Hoskinson recently tweeted about something special coming to Cardano next month.
And if you've been paying attention to Binance CEO's Twitter account,
you'll have seen hints pointing to his support for Elon Musk's Twitter takeover.
As it turns out, Binance not only supports it, the company now has an equity stake.
Its goal is to work with Twitter and its new company structure
to bring social media and Web3 together for more blockchain adoption.
In fact, in yesterday's Twitter post,
CZ said that as he was being asked his opinion about the takeover,
an intern at his company was wiring over $500 million.
Wire some my way.
I won't need to go over the details of the takeover,
but I know you've seen it on the news everywhere.
To finalize the deal,
he fired the CEO and other top execs.
And Dogecoin holders put back on their spacesuits
for what they believe could be their next flight to the moon.
Rumors are swirling about decentralization and the use of crypto with Twitter.
And many wonder what all this could mean for new use cases
and the future of blockchain adoption.
Now, let's turn it over to Frankie Candles for the market watch.
Thanks, Deezy!
Alright, guys. Let's jump in and do a little market watch here.
We got Bitcoin coming in at $20,593.
Up about 1.4% on the day
We've got Ethereum coming in at $1,554.
Up about 2.5% on the day
Now, guys, I do want to bring you over to the Bitcoin chart
just so I can show you guys kind of what's going on here.
Obviously, we did hop above this daily point of control and flipped it to support,
which is what made me get into my long position right here at $19,329.
I was able to ride this all the way up.
But now we are coming up to an interesting level of resistance.
And that is the daily Value Area High.
Now, typically, these levels do act as resistance.
So if we are going to cool off here,
this would be a decent place to do it at the Value Area High.
But now, I do just want to bring up a very specific level here that I am looking at.
And this level is going to determine if I remain bullish or if I flip bearish.
And that main level is going to be the 4-hour Value Area High right here
with the confluence of a local golden pocket,
and this is coming in between about $19,630 and about $19,550.
So if price does happen to come down and get a harsh correction,
and we are able to break back below this level,
this is where I'm flipping bearish.
Because once we get stuck below that Value Area High,
it is likely that we will work our way down towards this POC
coming in at about $19,150.
But there's no guarantees that we're going to make it all the way down there.
And with the way that the higher timeframes are looking,
if we could come down and we can hold support above that 4-hour Value Area High,
I do think those higher timeframes could give us another move to the upside
after a little bit of a pullback.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Thanks, Mafia.
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Bitcoin is being held by strong hands, and even Morgan Stanley can't deny it.
In a recent report, they found
that most investors left holding Bitcoin they bought in '21 aren't likely to budge
until they see higher prices.
It took a lot of shaking out for the weak hands to finally sell the last of their Bitcoin.
But now the price is shrugging off poor Q3 tech earnings.
And things that are going on in the stock market seem to have less effect on the price of Bitcoin.
Founder of blockchain consultancy firm IBC said
that while it's too early to confirm whether Bitcoin has bucked its correlation to the S&P 500
and broader macro economic conditions,
there is the possibility that it has.
Now, it seems that the value of gold is more strongly correlated.
As with any asset including stocks, crypto and even NFTs,
price can finally stabilize once moonboys, buyers who want to get rich quick,
and holders who overextend themselves have finally thrown in the towel.
At this point, it looks like all we are left are Bitcoin investors
who know what they bought
and are comfortable with how much they spent on it.
Hold crypto safely with a Ledger cold storage wallet.
Click the link in the description for a great deal.
But let's get back to CZ for a minute.
The Binance CEO took to Twitter yesterday with another kind of announcement.
He said that Google-based phishing attacks are becoming more common.
And when googling tokens on CoinMarketCap, they are being targeted with fraudulent links.
Adding a smart contract to MetaMask from one of these malicious sites
can cause users to unknowingly buy scam tokens.
One of the best ways to lose money in crypto is not just buying high and selling low,
or making moonshot investments in tokens that include the words
"Elon" or "Mars" and "in within you,"
clicking the wrong website or a phishing link can mean handing your crypto
right over to the scammers.
A few things are becoming synonymous with blockchain---
major investments into the future of Web3,
Twitter and all its crypto content,
including all your perfectly worded good morning posts,
scams,
because we may never get rid of those,
and love it or hate it,
it looks like we're stuck with Elon Musk.
That's all I got.
Deezy out.