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Gate.io AMA - Weekly Analysis, Feb.11th
03月18日 10:42
Q: Hi, it's time for weekly analysis again.
A: Thank you and let's check it out.
Record time 10AM BKK.
1.Major coins
BTC
1M/1W/1D
- From the following pictures, there's the uptrend.
- Volume is going up.
- MACD is getting stronger.
- From 1W pattern, there's the head&shoulder form.
1D/8H/4H/1H
- Basically below shows uptrend.
- Volume is getting a little lower, and MACD is not strong enough.
From Fib Retracement
- It was a good pull back at0.718, now it is pulled back, the direction is uptrend.
- The volume is not stable, MACD is not strong enough.
Summary:
- Overall, it is going in the direction of uptrend.
- The resistance is at $43134.
2.Let's check out SAND as altcoin.
1M/1W/1D
- From following, is uptrend.
- The volume is still low.
- MACD is not strong enough.
- Feb.4th, open price $3.684; Feb.11th, open price $4.3888.
- It is an obvious uptrend.
1D/8H/4H/1H
- From the following, basically it is the uptrend.
- Volume is low, but MACD is getting stronger
From Fib Retracement
- There was a pull back at 0.618 level, not there's the new pull back at 0.5.
- The volume and MACD are getting lower.
Summary:
Overall it is Long direction. Need to wait for the volume so there's the better profit.
Resistance is around $4.89, wait for the breakout.
Conclusion:
- Bitcoin: Today's uptrend power is normal, and it will remain sideways.
- Eth: basically completed the period of uptrend, and reached resistance level.
- The main market pull back is not over yet, if BTC enters $46000-50000 range, there will be a lot of selling pressure.
Q: Let's check some news for this week.
A:
1）Industry
- The Russian government and the country's central bank have reached an agreement on how to regulate Bitcoin and other cryptocurrencies, with plans to treat the digital asset as a form of money. The government is expected to introduce a draft law by February 18, according to a document published on the official Russian government website late Tuesday. "The state (Russia) will regulate the circulation of such financial assets, impose strict obligations on all participants in the professional market, and emphasize the protection of the rights of ordinary investors," the document said. According to the local business publication Kommersant, The Kommersant newspaper reported that the new legislation would bring cryptocurrencies into the same regulatory framework as foreign currencies.
- Binance, the world's largest cryptocurrency exchange, is making a $200 million strategic investment in Forbes, the 104-year-old magazine and digital publisher, CNBC has learned. The funds will help Forbes execute its plan to merge with a public special-purpose acquisition company (SPAC) in the first quarter. The investment will make Binance one of Forbes’ two largest shareholders, and Binance will appoint two directors to Forbes’ board of directors (nine seats in total). Forbes will list on the New York Stock Exchange under the ticker symbol "FRBS."
- Alphabet (Google parent company) CEO Sundar Pichai revealed earlier this week that the internet giant is “looking at” web3 and blockchain, according to protocols. During an earnings call on Tuesday, Pichai said Alphabet is keen to add as much value as possible to the development of blockchain. For a long time, Alphabet has been relatively cool with cryptocurrencies.
- Swiss BSV will build a blockchain academy in the Middle East. BSV is a non-profit association (Verein) in Switzerland, and the global industry organization which advances Bitcoin SV (BSV). It brings together enterprises, start-up ventures, developers, merchants, exchanges, service providers, blockchain transaction processors (miners), and others in the Bitcoin SV ecosystem.
2) NFT
Overall report:
- Till 15:00 on February 9th, the overall market value of NFTs was $16.311 billion, an increase of 0.29% from 24 hours ago; the total transaction volume in the past 24 hours was about $513 million, a daily increase of 0.89%.
- Market share, the top three sub-fields are Avatar (46.77%), Collectibles (19.88%), Art (13.20%).
- The top five projects by volume over the past 24 hours till 15:00 of Feb.9th are Terraforms by Mathcastles ($178 million), Meebits ($120 million), dotdotdots ($44.73 million), CryptoPunks ($10.47 million) and Pixelmon - Generation 1 ($466 million).
- According to the liquidity indicator (Note: liquidity = transaction volume / total NFT supply), the top five projects are Cozy Penguins NFT (28.60%), The Long Lost (18.12%), Cyber Keys NFT (18.00 %), Pixelmon - Generation 1 (12.80%) and Fortune Friends Club Official NFT (11.68%).
- The top five most popular projects for NFT whales are: Art Blocks, Pixelmon - Generation 1, Meebits, Lives of Asuna and RTFKT CLONE X + Murakami.
Binance has announced a strategic partnership with YG Entertainment, one of the largest entertainment agencies in South Korea. YG owns many world-renowned Kpop stars such as BIG BANG, BLACKPINK, WINNER, iKON, AKMU, TREASURE, etc. YG hopes to expand its growth in the NFT market more aggressively.
Gala Games will allocate $5 billion over the next year to expand its NFT offering, with an estimated $2 billion for games, $1 billion for music, $1 billion for movies, and $1 billion for theme park NFTs .
LooksRare reduced the 800 LOOKS output per block to 380 on February 9, and the LOOKS staking reward will be reduced from 189 to 89.775 per block. Another cut will take place in about 3 months. The real trading needs of LooksRare will be revealed one after another.
Luxury brand Gucci has announced the purchase of an undisclosed number of virtual plots in The Sandbox, a "metaverse" concept project. Allegedly, Gucci may launch Gucci-themed NFTs and retro bags on the platform. In addition to the fashion-focused virtual space, Gucci will also release virtual wearable items for The Sandbox players to purchase and wear in-game.
3）Coins
- Panic greed index 50, very normal. It means the confidence of the users is getting back.
- In the early morning of February 8, Beijing time, Bitcoin broke through $44,000. Most analysts believe that the purchase of Bitcoin and Ethereum by KPMG Canada, a top accounting firm, is a major positive, representing a further recognition of encrypted assets by traditional financial institutions.
- USA SEC filings show Tesla holds $2 billion in Bitcoin by the end of 2021.
- The Shiba Inu-themed MEME coin saw the biggest gains, with SHIB trading surging just days after announcing a partnership with Welly's, a fast-food chain that sells burgers and fries. The Welly brand will include Shiba Inu-themed imagery, as well as issuing NFTs where members can use SHIB to buy products and participate in the construction of Welly through the Doggy DAO.
- ICP founder Dominic Williams said that Solana sacrificed decentralization and security for speed, and their history proved that consensus POH has a design flaw, which would lead to consensus on only 33% of nodes. In theory, the security of blockchain requires more than 66% consensus. Unless PoH allows the top 33% to prove they "reached consensus first" by providing an unbreakable decentralized hash clock.
Conclusion:
- Panic greed index 48, in neutral
- Bitcoin will not break through $46000-50000 within the short term.
- No need for over-excitement and panic about major markets unless epic bullish or bearish reversal trend occurs.
- Russia and the United States have recently expressed tolerance and support for the crypto industry, and the future regulatory landscape will be fully centralized, fully decentralized, and a combination of the two or other forms.
- There will be more capital investment in NFT and Metaverse to avoid the main crypto market being affected by the policies of different countries.
Q: That's all for today, let's go to question session.
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