Brazil spends some serious dough on crypto.
Sorare teams up with the NBA to make a Web3 basketball game.
And despite the bear market starting to show its ugly side,
there are some still some positive things to hold on to
as long as you keep a long-term mindset.
My name is Frankie Candles.
And this is your nightly crypto news wrap-up.
Let's get it!
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We've seen the charts.
And we know the macro.
It's no secret that the infamous "Septembear" is starting to show its face.
And it's highly likely that there's more downside to follow.
But that doesn't change the long-term plan.
And there's more than enough facts to back that up.
As we've seen this year and even last year,
more and more countries are starting to greenlight crypto
as well as passing legislation to regulate the asset class.
We know that Brazil has taken a heavy interest in crypto,
and since many of their politicians were inspired by Miami,
Rio de Janeiro specifically plans to be the main hub of their ecosystem.
It's recently been reported that there's a significant uptick in Brazilians buying in.
And in just May this year,
they've purchased over $910 million in crypto.
They're also testing out a prototype for a digital dollar known as the digital real,
which will begin real-world testing by Q2 next year.
Although the timeline is unclear on when it will roll out nationwide,
the Brazilian Central Bank made it clear that this will help boost financial inclusion in a digital age
and it will benefit unbanked individuals.
Until everyone's long-term bullish mindset pays off,
right now, we have to face the hard truth of the bear market we're in,
so let's throw it to Frankie Candles for a little market watch.
Thanks, Frank!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $19,309.
Up about 2% on the day
We've got Ethereum coming in at $1,635.
Up about 4.3% on the day
Now, guys, I do want to bring you over to the chart.
If you guys watch these videos,
you will know we were waiting to have the Value Area Low at about $18,825 to get hit.
And we got it almost to a T.
We broke down a little bit.
But as you guys know,
when you break below a Value Area Low
and you don't have new volume coming in on your volume profile,
it's likely that you get sucked back into the value area,
which is exactly what happened.
Now, the key levels that you're going to want to watch right now
are going to be this spider line coming in at about $19,615
for a potential rejection.
It'll probably going to get a little bit of resistance there.
However, if you are able to get above this level and flip it to support,
I do think it will be likely that we could come up and visit that point of control,
in which case we would potentially find some serious resistance.
If we do wind up coming down, you do have that same level at $18,825.
That Value Area Low is going to be your key support.
If you guys want to learn more about things like volume profiles,
you can follow me at Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
Looking good today.
Earlier this year, Web3 NFT platform Sorare,
who originally started off back in 2019 with an NFT version of fantasy soccer,
announced that they were expanding into Major League Baseball.
Released this summer,
the gist of the game is that you collect, play and win official licensed NFT baseball cards
and you create 7-player fantasy teams and compete against the world.
After much success and hype surrounded the project,
they have continued to expand even further into the sports world,
and Sorare has partnered with the NBA
and plans to roll out the NBA game for this season that begins on October 18.
There is a free version of every game Sorare has to offer,
but obviously the ETH and NFT rewards increase the more you play the game for real.
Now, I understand that the idea of this isn't for everyone,
but the sports fans eat it up,
and it goes to show
that the crypto and NFT space continues to crank out new innovative ideas
regardless of price action.
Like I said before,
it's completely obvious that "Septembear" is starting to show its face,
and there's likely more downside to come.
But that doesn't mean there isn't a silver lining to this.
If you don't want to hold through a downtrend,
and you want to find a smarter way to trade your way through this,
then you can head over to my channel Frankie Candles.
But at the same time, especially if you're new,
you have to differentiate the difference between a trading portfolio and a long-term portfolio.
Most traders like myself have both.
With a long-term mindset,
it's okay to DCA into a long-term portfolio
as long as you know you're not going to sell for years to come.
You wouldn't be alone if you did this,
and there's stats to back that up.
A recent article from newsbtc.com shows us that long-term holders,
defined by those who hold 155 days or longer,
are only about 30,000 users shy from an all-time high.
That means regardless of intense negative price action,
there's a sea of people out there with diamond hands.
They believe in the long term,
they have conviction,
and a bear market isn't enough to send them packing.
This all stems from the belief that, in the years to come, they're going to win.
And if we don't believe we're going to win in 5-10 years, even 20 years from now,
what are we doing here?
Finbold even released an article this morning titled 47% of Bitcoin holders remain in profit
despite its 60% drop in 2022.
Obviously, there's a more optimal way to trade crypto than taking a 60% dent,
but not everyone out there wants to actively trade every day like me.
My point is,
even if you go against my trading advice and you just want to accumulate and HODL,
on a long enough timeframe, you're still likely to win no matter what.
That's all I got.
Frankie Candles out.