Today’s NFL is similar to bitcoin in 2017. There's a lot of hype and excitement surrounding it, but when you look closer, you realize the quality isn't quite living up to expectations.

Back in 2017, everyone was talking about bitcoin. Based on Google search trends, it was the hot new thing. But those who were deeply involved knew there were still massive usability issues. Transactions were slow and costly. Volatility was wild. The technology still needed development.

Like sports, the NFL at first glance seems wildly popular and successful. But according to Tom Brady, a 17-time Pro Bowler and 7-time Super Bowl champion, the actual on-field product leaves much to be desired. The quality of play is mediocre and lacks excellence, he remarked. Just like bitcoin back in 2017, the NFL isn't yet living up to its full potential. For Bitcoin to go to new heights, it needs continuous innovation.

-RO

Market Analysis

Weekly View

Anticipation and Uncertainty

Bitcoin continues to hover within the crucial price range of 36-40K. As we discussed in our previous newsletter, several macro bullish signals have emerged, creating an atmosphere of anticipation among investors. However, the short-term outlook remains uncertain as Bitcoin grapples with the challenges presented by this critical zone. It's crucial to note that Bitcoin is currently overbought, as indicated by the Relative Strength Index (RSI).

Daily View

Navigating the Unknown: The Challenge of Predicting Bitcoin's Short-Term Moves

Zooming in on the daily chart and looking at the current price pattern, we find it’s a neutral pattern. Also by examining historical examples, we observe that similar patterns can resolve in both directions, emphasizing the challenge of predicting short-term movements. The uncertainty embedded in the present daily chart underscores the importance of a cautious and adaptable approach. Investors and traders are advised to remain vigilant, closely monitoring the evolving pattern and being prepared to adjust their strategies based on the dynamic nature of the markets.

Weekly Statistics

Bitcoin Market Cap

Bitcoin Dominance

Disclaimer: The information provided in this newsletter is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any financial instruments.