In the last couple of days, there has been excitement concerning ADA. While this is good news, I am sure the hodlers are not impressed by all the noise. Lovers of technical analysis (TA) will tell you the charts are not impressive in the slightest. Before continuing, I must disclose that I hold ADA. Those who have read my content know I never even talk about ADA. Someone close to me asked to take a quick look, hence this blog. Let us start with the monthly chart; the trend has been downhill since September 2021 to today. And there is no end in sight. Charles Hoskinson (Cardano Head-Honcho) can sing, talk, and dance all he likes, but nothing is happening. Many are getting restless. The price dropped a whopping 91.93%! A story of devastation for hodlers and the hopefuls. Now we move to the weekly. Here, we see matters more clearly. We see a series of Break of Structure (BOS) and Change of Character (CHoCH) on the chart. BOS is when the price breaks a previous higher high in an uptrend or a lower low in a downtrend. A CHoCH is when the price breaks a prior higher low in an uptrend or a lower high in a downtrend. As I write, there is a CHoCH on the chart, which means a fall. It does not look pretty. Finally, we have the daily chart. You may have noticed that I did not touch on the Choppiness Index or the Laguerre RSI. I did not forget; this was deliberate. The daily chart shows nothing new. Nevertheless, ADAs' price action is below the Point of Control (PoC). PoC refers to the most popular price level where the highest volume of trades occurred within a specified time frame. The position of the PoC in relation to the current price can provide insights into market sentiment. If the PoC is above the current price, it may indicate bearish sentiment, while if it is below the current price, it may signal bullish sentiment. Currently, the ADA price level is below the PoC. However, looking at the Choppiness Index, we can see plenty of energy at just over 60. Please remember that the Choppiness Index does not show overbought or oversold areas but energy in the market. In other words, the market can go up or down based on the amount of energy present. ADA does not appear to have anywhere to go but down. In order to add more context to the discussion, I have added the Fibonacci retracement to the chart. There is some confluence between the 78.6% level and institutional selling. This area is likely to act as resistance to the price action. ADAs' price level fell to $0.23 on June 10th, breaking through the institutional buying area. Institutional buying is likely to act as support to the price. We will see more activity by the institutions and observant retail traders. If you are a hodler or believer in the Cardano project, expect to continue this bumpy ride. As for a better ADA price, your guess is as good as mine.
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We all know that there is never a dull moment in crypto. The US Securities and Exchange Commission (SEC) has filed a secret motion against Binance. No doubt this will have some impact on the BTC price. One can imagine the longs running for cover. Some may say it is better to be out of the market. If so, where is the fun in that? I posited a few days ago that the charts indicate a further fall; I have not changed my mind. At the time of writing, the current BTC price is $27236, down from $28184 by over $1100. In addition, the Fibonacci retracement also shows that the price has fallen through the 61.8% level, which means a further fall is likely. There is also a close confluence with the $27431 level on the volume profile with the 61.8% Fibonacci levels. When we add the Choppiness Index effect, there is still enough energy to facilitate a further fall, but these things don't happen overnight. It should come as no surprise that the price may fall all the way down to the area of institutional buying (the blue rectangle marked on the chart). We now wait and see what happens; time is the custodian of events. Educated guesses are all we have to discuss, nothing more. An exception might be if you have a crystal ball to tell the future. If not, your guess is as good as mine.
If you are a person reading this, then you've most likely heard of NFTs. NFTs stand for Non-Fungible Tokens and have a variety of uses. I am not discussing the use cases today, but there might be a discussion soon. Today will be a look at what I have been doing with NFTs. My NFT madness started in April of 2021 after watching a documentary by The Defiant team. The documentary in question is "The Greatest NFT Film Ever Made". Going purely by memory, the documentary explained the essence of NFTs, their benefits, and their use cases. I took the information to heart and bought myself a pen tablet. I knew I was not an artist, but I had done enough technical drawing to create a few abstract digital paintings. As you may have guessed, they were hardly impressive. Before I forget, I must also mention another Defiant documentary titled "The Defiant Guide to Digital Art and NFTs". Here are some of the examples: While all this was happening, the moment of Artificial Intelligence (AI) came into play. The generative art made its appearance. I started experimenting and got hooked. All the time, I have put together a digital art book, NFTs on Ethereum and Solana, and an NFT book on the Rarible platform. Well over 100 NFTs and experimentation later, I am having a blast. Here are some more examples you may enjoy: There are critics of NFTs, and there has been a lot of rubbish, scams and god-knows-what; nevertheless, it's all damn exciting. You may well ask what qualifies you as an artist. Nothing, I guess. To answer honestly, I will use a quote by Andy Warhol: Don't think about making art. This quote reminds me of what my older brother says when something is as subjective as art: Don't mark your own script. In other words, this is his way of saying, put it out there, let them decide, and make even more art. I have done just that. As to what NFTs will be in the next five years, your guess is as good as mine. We have a presence on the following platforms:
Opensea Rarible Mintable Exchange.Art Vero Please head off to these platforms to see some of my earlier works (especially Instagram). What I had wanted was to discuss the price possibilities for Bitcoin. And like a thunderbolt, the SEC loses its case to Grayscale. It may be safe to say the SEC will appeal this case and prolong the matter more than necessary. By the way, the SEC loss brought about a surge in the price of Bitcoin, ruining my original thesis. Notwithstanding, there is a lot we can get from the chart as it currently is. The charts for a while have shown a sideways price movement for Bitcoin. The Fear & Greed index this morning was a value of 39. One can even say that most speculators were short. I dare say the sudden price surge must have ruined many a day; thankfully, not mine! Before the sudden price surge, BTC looked like a fall was in the offing. BTC's price at that time was $25810, with a chance of BTC hitting $24750. The evidence for this lies in its volume profile. The volume profile also showed that the price might even fall lower. Had the $24750 level broken, the next stop was $19300. You may wonder what evidence is present for this, the choppiness index. The Choppiness index measures market energy and not overbought or oversold levels. At the time of writing this, the energy levels were at 48.09. Hence, there was enough energy in the market to bring about a further fall in price. We are in a moment in history where markets are tricky to predict. I would say never mind the fear and greed; it is the doubt that counts. And as long as these doubts persist, the market will misbehave. As for where the price will end up, your guess is as good as mine.
As can be seen over time, I have not posted for quite some time. I have been busy with many other things which has taken up most of my time, hence, a lack of blogging. I hope to change that. One of the things I have been doing is produce NFTs. The video below will show a collection I put together on Opensea. You can get them here: https://opensea.io/collection/the-triptychs More coming soon!! Just a few things on my mind concerning my presence on YouTube, and what I intend to do next. Please forgive me for coughing during recording. The image in the background is an NFT titled: "Triptych of Distorted Beauty". You can get it here: https://nosax.me/triptychOfDB
I am not for making predictions, but the Bitcoin predictions are fun to watch and see who is correct. Perhaps we should bear in mind something said by Peter Drucker:
Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window.
We have seen some crazy predictions made about Bitcoin. Some have spoken of over a million dollars in price. Nevertheless, several subscribers asked me to predict the BTC price at the end of the year. I was reluctant but said $70k would be as far as it goes. (Please see a copy of the newsletter sent out in January 2021; the prediction is in yellow highlight). We all know that the highest price for BTC this year was $69k. Some will argue that there are still a few days left in the year, but I don't think we will see anything remotely close to $69k.
Newsletters from January 2021
I believe that 2022 is going to be a year of development. We all know the Metaverse will grow. NFTs will continue to surge, and of course, DeFi will continue to blossom. The interest is in the price of Bitcoin. We at Nosa Capital can give no financial advice, but we posit that the price will be $110k. Lord only knows what some pundits will predict for next year. One can only suppose things are going to get interesting.
I think it best to conclude with a quote from Damien Rice: I have an abundance of enthusiasm; however, it would be foolish to think I can predict a future that doesn't exist.
We all know the crypto crowd has boatloads of enthusiasm but not necessarily the discipline to curb that enthusiasm. Let us all proceed with caution. And as to what the final price may be, your guess is as good as mine.
We all know it people, NFTs are the hot stuff of crypto in recent months. This is bound to continue Here are just some of the stories you can read in our NFT Space Flipboard magazine:
A more enjoyable option would be for you to read the magazine on your iPad using the Flipboard app. If you do not have the Flipboard app, download in the app store, install, and enter the "NFT Space". This magazine is curated by Olusegun Oyekanmi
You can see other NFTs at OpenSea and ShowTime: Opensea: https://nosax.me/2WuYYmI ShowTime: https://nosax.me/3x0qiqV It has been a while since our last mention of stories you may have missed. A lot has happened since then, most of it quite exciting. Considering the amount of activity in the last few weeks , you could be forgiven for missing a story or two.
A more enjoyable option would be for you to read the magazine on your iPad using the Flipboard app. If you do not have the Flipboard app, download in the app store, install, and enter the "Blockchainology". This magazine is curated by Olusegun Oyekanmi
It has been awhile since we have had one of these but here is something we believe you will enjoy.
A more enjoyable option would be for you to read the magazine on your iPad using the Flipboard app. If you do not have the Flipboard app, download in the app store, install, and enter the "AI and Machine Learning". This magazine is curated by Olusegun Oyekanmi
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