McDonalds Metaverse Delivers

After poking fun at crypto last month McDonald’s is planning home delivery from their very own metaverse restaurants; plus our weekly BTC and ETH analysis

Technical Tuesdays

• McDonald’s Files Trademarks Hinting at Metaverse Restaurants
• Bitcoin/USD – Will Resistance Hold Again?
• Ethereum/USD – Relief or Reclaim?

McDonald’s Files Trademarks Hinting at Metaverse Restaurants

McDonald’s has filed for ten trademark application that describe plans for virtual restaurants and other digital based products. The trademarks filed mentioned digital based products such as food, beverages, and virtual restaurants.

McDonald’s digital goods would include “virtual food and beverage products, as well as entertainment services and virtual concerts. This is not the first time that the franchise has shown interest in the digital world. In November of 2021, to celebrate the 40th anniversary of the McRib sandwich, McDonald’s minted a limited supply of McRib NFTs. It will take around eight months before The US Patent and Trademark Office will likely approve the request.

Bitcoin/USD – Will Resistance Hold Again?

BTC Daily Chart

https://www.tradingview.com/x/6gz6XX8K/

BTC Weekly Chart

https://www.tradingview.com/x/SxHwXxBw/

At the time of writing, Bitcoin is about $44.2k and has managed to stay above the $41k level that we mentioned in last week’s article. I also mentioned in the last article that if Bitcoin could stay above this level, I think another attempt at the $46k resistance would be the most probable outcome. As of now price has not risen to the $46k resistance but it will be interesting to see if that level can be broken or not. If this level can be broken, I believe Bitcoin has the potential to rally to the $52k area.

Bitcoin Bull Scenario

Bitcoin breaks $46k resistance and we look at the $52k area as the next area of resistance.

Bitcoin Bear Scenario

Bitcoin does not reclaim the resistance level of $46k and I would expect for the $38k – $41k area to function as support again. If this level fails, I would expect much lower prices.

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Ethereum/USD – Relief or Reclaim?

ETH Daily Chart

https://www.tradingview.com/x/Vfb6YdQ1/

ETH Weekly Chart

https://www.tradingview.com/x/60rm1hu9/

At the time of writing, Ethereum is priced at $3.1k, and is attempting to reclaim the daily level located around $3k. It will be a confirmed reclaim of the daily level if we can get a DAILY candle close over the level. A reclaim of the level is bullish in my opinion because it suggests that there is not enough selling pressure from bears to suppress an asset. If $3k can be reclaimed, the next area of resistance that I would expect for price to slow down at would be in the $3.6k area.

Ethereum Bull Scenario

Ethereum reclaims the $3k level on the daily time frame and then pushes up to the $3.6k area.

Ethereum Bear Scenario

Ethereum loses the $3k level and I believe that we revisit the $2.7k level again.