Visa buys a CryptoPunk NFT; BTC & ETH technical analysis; Bull pick of the week KAVA makes new all time high
- Visa takes a swipe at NFTs!
- Bitcoin/USD – $50k Today! All-time highs next week?
- Ethereum/USD price ready to skyrocket!?
- Bull pick of the week – $KAVA – makes new ATH!
Visa buys a CryptoPunk NFT
While there have only ever been 10 thousand CryptoPunks created which are considered to be the original NFTs, Visa has purchased one of them. CryptoPunk #7610 is the one they chose to buy, and it is one of 3840 female punks. Visa’s main purpose of purchasing this NFT was to learn more about this emerging market and get a better understanding of it. Cuy Sheffield (Head of Crypto) from Visa wrote in a Blog post “We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce”.
Bitcoin/USD – $50k Today! All-time highs next week?
BTC Daily Chart
BTC Weekly Chart
Last week we discussed the level that Bitcoin/USD needed to hold for price continuation ($45k). That level did indeed hold up and Bitcoin pushed up to $50k. Currently $50k is trying to establish as support. If we lose that level, then I would expect anywhere from $45k-$40K to hold. $38k is a MUST HOLD area for $BTC in my opinion although I am not expecting to revisit that area. There is a small area of resistance around the $54k area but I do not think it is even relevant enough to mark out on the chart. In my opinion if we break $59.4k we moon!
Bitcoin Bull Scenario
Bitcoin stays above $49k-$50K area and retests all-time highs/makes new ATH’s.
Bitcoin Bear Scenario
A weekly close below the $50k area would be a sign of weakness and I would expect to look at the $40k – $45k area as levels to hold up. Bulls would not want to lose the $38k – $40k area in that scenario.
Ethereum/USD price ready to skyrocket!?
ETH Daily Chart
ETH Weekly Chart
Ethereum has proven to us again why it is the king of altcoins. The last 2 areas of resistance for $ETH/USD are $3534 & $3984 respectively. These 2 areas are very light areas of resistance in my opinion, and I do not think that they hold much weight, but they are still worth marking out just to be cautious.
Ethereum Bull Scenario
A close above the $3.5K resistance on a daily closing basis would lead me to believe that Ethereum would retest previous all-time high levels and create a new ATH for Ethereum.
Ethereum Bear Scenario
A weekly close below the $3.1k level would shift my attention back to the old $2768 support zone and I would position myself accordingly for a pullback into that area.
Bull pick of the week – $KAVA – makes new ATH!
There is no secret that Kava has been one of the most hyped projects on crypto twitter this week and it is for good reason. $KAVA has managed to break it’s old all time high level and create a new ATH. Since May (around the beginning of the mini bear market crypto had lol), $KAVA has rallied over 200 percent! There is no resistance to hold this coin back from easily going up another 100% because it is officially in price discovery. Don’t sleep on this opportunity.