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Hololoot Is Redefining The Metaverse Using Augmented Reality

The metaverse is a blossoming industry and as with any growing body, it needs nourishment. This nourishment has come in the form of new technologies being introduced to the space, integrating novel technologies with AR/VR to deliver an immersive experience for metaverse users.
Granted, a lot of these projects will most likely not survive the next few years as the industry evolves. Nevertheless, some projects have shown the markings of promising futures and one of those is Hololoot.
Hololoot Cloud has torn down the barriers to entry for users in the metaverse space by providing a product that everyone can use no matter their skill or expertise level. For Hololoot, the metaverse isn’t just games and virtual lands but innovation at every level. Hololoot combines the innovation of the blockchain space with AR (Augmented Reality) to deliver one of the most sought-after solutions in the space.
Augmenting The Metaverse
As innovative as the metaverse has been, growing from a barely noticed industry to one worth billions of dollars, creators and developers in the space have mostly limited themselves to specific niches. None have explored much beyond Play-to-Earn (P2E) games and the clamor to own real estate in virtual reality spaces. As such, Hololoot has taken on the mission to create new spheres of the metaverse.
One way that Hololoot is doing this is through AR. Instead of going the route of VR (Virtual Reality) as so many others have done, Hololoot is using AR to integrate into the blockchain metaverse. This completely eliminates the limitations and bottlenecks of VR like the prohibitively expensive VR glasses and headgear required to get an immersive experience.
Integrating NFTs And AR
One of Hololoot’s key selling points is the ability to create AR assets and bring them into the metaverse. Users are able to add and remove digital assets permissionlessly within the app without possessing any sort of technical knowledge. Hololoot offers a no-code product in which users are free to create whatever they want.
Using Hololoot Cloud, users can quickly generate AR-enabled NFT assets within the app by uploading a 3D model to the platform. These could range from animated models to game assets. Whatever the case may be, users can quickly create AR NFTs using these 3D models and save themselves a lot of time. It’s a self-service model that is controlled by the user.
Hololoot’s users are also not subjected to any restrictions when they create their NFTs. Location and geography are no issues since location-based AR assets have already been identified as an incredible development in the space, and Hololoot provides a quick, simple, and efficient way to mint NFTs and create location-based AR assets.
Hololoot Gearing Up For The Future
Hololoot’s project has been positively received by the metaverse community. The project raised a whopping $2.75 million in its pre-sale round, which has helped expand its team to better position them for success. The project secured three launchpads – Enjinstarter, Synapse.network, and Seedify – and is in talks with various gaming projects including Nakamoto Games, Bloktopia, Age of Rust, and more. Hololoot has also partnered with Enjin for its marketplace and ScottyBeam for NFT teleportation.
The future is looking bright for the project as it continues its efforts in combining Cloud computing with AR and Machine Learning, alongside 3D animations, QA testing, and performance testing. It is expanding its team and has a marketing roadmap that rivals the best in the space.

Ethereum Holds Key Support, What Could Spark A Fresh Rally

Ethereum is facing resistance near the $4,600 zone against the US Dollar. ETH must stay above $4,450 to start a steady increase in the near term.

Ethereum is consolidating above the key $4,450 support zone.
The price is now trading above $4,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh rally as long as it is above the $4,450 level and the 100 hourly SMA.

Ethereum Price Attempts Fresh Increase
Ethereum declined below the $4,500 support, but the bulls defended the $4,450 zone. ETH seems to be forming a base above the $4,450 support level and is slowly rising.
There was a break above the $4,500 level and the 100 hourly simple moving average. The price cleared the 23.6% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. It is now consolidating above the $4,520 level.
An initial resistance on the upside is near the $4,600 level. There is also a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD.
The first major resistance is near the $4,620 level. It is near the 50% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. A clear move above the $4,600 and $4,620 levels could send the price further higher.

Source: ETHUSD on TradingView.com
The next major resistance is near the $4,705 level. Any more gains could lift the price towards the $4,800 resistance zone in the near term.
Fresh Drop in ETH?
If ethereum fails to start a fresh increase above the $4,620 level, it could start another decline. An initial support on the downside is near the $4,500 level.
The first key support is now forming near the $4,450 level. A downside break below the $4,450 support zone and the recent low might spark a major decline. In the stated case, the price may perhaps decline towards the $4,320 level. The next major breakdown support is $4,250, below which the price could decline towards $4,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – $4,450
Major Resistance Level – $4,620

Behind the Masks: Actor Jordi Mollà to Launch New NFT Collection on December 08

Fresh off the sale of his “I will flood you with my flowers” NFT, artist and actor Jordi Mollà is renewing his affiliation with Raini and Krew Studios.
Mollà, whose on-screen credits include Jack Ryan, Blow and Bad Boys II, is joining forces with the NFT platform and creative studio to conduct an NFT drop called Masks. The collection features a range of unique digital masks based on a collection meticulously hand-painted by the self-taught Spanish artist, with the drop scheduled for December 8.
Demystifying Mollà’s Masks
As an actor, Mollà has worn many faces and the collection was influenced by the personas and characters we all inhabit in our daily interactions with the world. Some 10,000 masks have been 3D-rendered, animated and tokenized, with a percentage receiving physical as well as digital redemption rights. The mint will go live for a two-hour presale window on Wednesday, December 8 at 8 pm UTC, with a public sale following from 10 pm UTC.
The winner of Mollà’s previous work automatically gained five whitelist spots for the latest collection, as well as an invite to a swish NFT event that is being hosted by Krew Studios on December 4. The Art Basel show in Miami Beach, which is part of the city’s annual Art Week, will educate attendees on the various ways in which Augmented and Virtual Reality (AR/VR) tech are being integrated into the upcoming drop.
An emerging NFT launchpad, Krew Studios is currently pursuing a raft of exclusive artist and gallery partnerships as it seeks to bridge the gap between physical and digital art. Ahead of the Masks drop, the Studio has distributed 50 Members Only whitelist passes to community members, entitling holders to access to upcoming Krew drops and events (including the Masks party), community voting, and airdrops.
As well as 50 such golden tickets, 1,000 of the Studio’s Discord members have also been whitelisted for the Masks NFT sale. The Krew team has thrown down the gauntlet to the wider public by encouraging them to join Discord and acquire their own whitelist privileges.
Raini, whose products include yield farming, a play-to-earn trading card game, and a curated NFT launchpad and marketplace, is also furnishing its token stakers with special access to the sale: some 500 mask NFTs will be made available to those who supply liquidity or stake $RAINI via the platform’s Unicorn and Rainbow pools.
Disrupting the Art World
Synergies between the worlds of art and NFTs continue to form, with commentators now wondering whether Quarter 3 trade volume ($10.7 billion) will be surpassed in Q4.
Blockchain’s disruptive influence on the traditional art market has been one of the year’s biggest stories, bringing works to the attention of a broader demographic of buyers while providing a tangible use case for distributed ledger technology (DLT).
Back in March, digital creator Beeple became the third richest living artist after selling his tokenized work The First 5,000 Days for $69 million at Christie’s. The event aroused unprecedented interest in the NFT market from millionaire art collectors and consortiums, as well as artists seeking to bring their creative talents to the blockchain.

Hotbit Users Can Earn Up to 60% APY With BixBcoin

BixBcoin holders can now earn 60.60% APY on their holdings on Hotbit. The digital asset which had been listed on the exchange was added to the Hotbit Investment Panel. Users who sign up for this Incentive Plan can earn high interest on their holdings for 90 days. It is one of the many earning events that BixBcoin has participated in to bring good returns to its investors.
The token is hosted on its own blockchain, BIXB blockchain, which serves as the basis of the project’s strong structure. Being hosted on its own blockchain gives the token a unique edge over thousands of tokens in the market. This makes BixBcoin one of the most promising projects in the crypto market.
BixBcoin also offers a variety of features for its users ranging from wallets, the exchange, and decentralized finance (DeFi) services. The multi-platform financial service helps to facilitate fast and safe transactions without interference or restrictions from any government.
BixBcoin Token
The BixBcoin token has been a high performer for its investors after it launched. There are a total of 3 million BIXB tokens and transactions are recorded using a distributed ledger. The token launched in 2020 at a price of $25, a low price considering the promise of the project. It didn’t take too long for the market to catch up and push the price of the token towards an all-time high of $260.
BixBcoin also provides a secure wallet for holders of the token known as ‘BIXB WALLET’, available for download on Android, Windows, Web, and Linux. It features some of the lowest transaction fees across BixBcoin wallets, exchange, and all other supported platforms.
Perks of BixBcoin
BixBcoin allows holders to earn through a variety of ways. One of these is through providing computational power for confirming transactions on the blockchain. Every miner earns up to 0.1 BixBcoin for helping to solve complicated mathematical calculations by allocating computing power to the mining pool.
In addition, investors are also able to take advantage of the Loanypto lending protocol that operates on the blockchain. Loanypto features a creative and user-friendly interface that allows for easy accessibility to the platform. With Loanypto, BixBcoin holders can secure low-interest loans. Furthermore, holders can earn up to 5% APY on their collateral, while a bump in price helps to increase the borrower’s profit.
BixBcoin tokens are also available to trade on BixBcoin’s own exchange, BIXB EXCHANGE, where they have access to USDT, BTC, and FIAT trading pairs. Also available to trade on Coinsbit and Hotbit exchanges with the same trading pairs.
Is BixBcoin Legit?
BixBcoin is listed on some of the most reputable websites in the crypto space. These websites feature a rigorous vetting process which includes the provision of evidential documents with transparent and accurate information about the team members to be reviewed by experts and auditors on each site. BixBcoin has gone through this process and has been listed on sites such as CoinMarketCap, CoinGecko, CryptoCompare, etc.
BixBcoin’s source code is also available for all to see via its GitHub repository. The open-source project has guaranteed and maintained a high level of transparency and stability since its launch.
Since BixBcoin token supply is capped at 3 million, it is a valuable asset due to this scarcity. The project has one of the lowest supplies in the market, an important criterion for valuing a crypto project, placing it among the most unique and precious digital assets.
To learn more about BixBcoin, visit https://bixbcoin.com/.

Crypto Scams Are Always There. Avoid Getting Rug-pulled With These Tips

Cryptocurrency has captured the world’s attention after the pandemic, and notorious scammers have taken notice too. With the rising popularity of altcoins and meme tokens, there will be an upsurge of new crypto scams taking place on Telegram.
What is a Scam?
Scam, rug pull, you name it. They’re everywhere: Telegram chats, groups, fake communities. But what exactly is a rug pull? The next level.
They happen when developers create a token paired with a valuable cryptocurrency, list the token on decentralized exchanges (DEXs), and then pull out all the funds.
In simple words, a crypto rug pull occurs when the developers abandon a project after cashing out investors’ capital.
Consider the recent “Squid Game” scam where the developers created a ‘Play-to-earn’ SQUID token, drew in buyers, inflated the prices and made off with $3.38 million, according to Gizmodo.
How to spot a Rug Pull?
Though seasoned scammers create the Rug pulls, it is easy to spot them if the investor pays close attention to the following signs.
Low Liquidity
Low liquidity means it is difficult to convert the tokens to cash as the developer had limited funds to create the token. It is easier for the developer to manipulate the token’s price when the liquidity is lower. The best way to check liquidity is by looking at 24hr trading volume, which should be at least 20% to 40% of the coin’s total market cap.
Low TVL(Total Value Locked)
TVL refers to the total amount invested in a particular project and is a reliable metric to check the project’s authenticity. A legitimate project will have a few billion invested, whereas a scam project might have a few hundred dollars.
How to avoid a Rug Pull?
Here are some tips to avoid Rug pulls and exit scams
Read the Documentation
Every project should typically have a whitepaper, which provides investors with information like the concept, purpose and technology behind the project. A well-drafted whitepaper provides legitimacy and a professional outlook to the project. A poorly written or copied whitepaper is repulsive and considered a red flag.
Follow Social Media Channels
A scam token might usually have an essential, low-traffic website and social media channels that were created recently. At the same time, the most successful projects will have an active presence, investor outreach and community engagement. There will be active updates on platforms like Twitter, Telegram and Discord channels.
For Instance, CrypTalk is an encrypted messenger that verifies projects legitimacy and keeps investors in a safe place with access to KYC, charts, audits, reports, market cap, and bring exposure to valuable projects.
Using Tools
There are online tools that can detect a rug pull, like Token Sniffer and RugDoc. For a high level of scam detection, Etherscan or Binance Smart Chain explorer can help users evaluate the project’s legitimacy. However, navigating through different apps is time-consuming and information is always limited.
Closing Thoughts
With the Crypto industry growing bigger and garnering a lot of attention, rug pulls have become prevalent in DeFi and, to some extent, in NFTs. Most of these scams are well planned, marketed intensively and executed brilliantly.
By following the tips, conducting due diligence and conceptual research analysis on prospective projects, you can decrease the chances of being Rug pulled. Be an intelligent investor, not a greedy one!

TA: Bitcoin Close Below $56K Could Spark A Larger Decline

Bitcoin is struggling to surpass the $57,200 resistance against the US Dollar. BTC is declining and it might accelerate lower if there is a close below the $56,000 support.

Bitcoin is struggling to move above the $57,000 and $57,500 levels.
The price is now trading below $57,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with support near $56,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower if there is a clear break below the $56,000 support zone.

Bitcoin Price is Facing Hurdles
Bitcoin price failed to start a decent increase above the $58,000 resistance zone. BTC started a slow decline, and it broke the $57,200 support level to enter a bearish zone.
There was also a close below $57,000 and the 100 hourly simple moving average. However, the bulls are defending the $56,000 support level. The recent low was formed near $55,848 and bitcoin is now consolidating losses above the $56,000 level.
An immediate resistance on the upside is near the $56,600 level. It is near the 23.6% Fib retracement level of the recent decline from the $59,090 swing high to $55,848 low.
The first major resistance is near the $57,000 level. There is also a key contracting triangle forming with support near $56,100 on the hourly chart of the BTC/USD pair. The next major resistance is near $57,500. It is close to the 50% Fib retracement level of the recent decline from the $59,090 swing high to $55,848 low.

A clear break above the $57,500 resistance zone could open the doors for more upsides. The next key resistance is near the $58,500 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $60,000 level.
More Losses In BTC?
If bitcoin fails to clear the $57,500 resistance zone, it could extend losses. An immediate support on the downside is near the $56,100 level.
The first major support is now forming near the $56,000 level. A downside break below the $56,000 support may perhaps start a sharp decline. The next stop for the bears might be $53,500.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major Support Levels – $56,000, followed by $55,000.
Major Resistance Levels – $57,000, $58,500 and $58,500.

Largest DeFi Hack Yet? BadgerDAO Hack Results In Loss Of $120M+

There are high ceilings and low floors when it comes to crypto at times. Another hack came to life this week, and early reports have stated that the hack was a front-end compromise that led to users being tricked into approving unwanted transactions.
The news comes after a $35M DeFi hack of the Vee Finance protocol in recent months, and our team at NewsBTC reported around mid-year that crypto hacks and fraud were on pace for a record year.
This week’s BadgerDAO compromise is one of DeFi’s biggest yet.
BadgerDAO Hack: What We Know
The protocol cited “reports of unauthorized withdrawals of user funds” on late Wednesday, and proceeded to pause all smart contracts on the protocol:

Badger has received reports of unauthorized withdrawals of user funds.
As Badger engineers investigate this, all smart contracts have been paused to prevent further withdrawals.
Our investigation is ongoing and we will release further information as soon as possible.
— ₿adgerDAO 🦡 (@BadgerDAO) December 2, 2021

The BadgerDAO Token (BADGER), suffered a roughly 20% drop following the news of the hack. The platform is geared towards earning yield on bitcoin through various vaults.
Blockchain auditing firm PeckShield reported in the early hours on Thursday that the loss was north of $120M, spanning across over 2 BTC and over 150 ETH and going all the way across. However, a variety of assets were compromised during the hack. There were several big wallet losses, including a $5M swoop in one transaction. PeckShield has also released a list of transactions of the hacked funds, but also in the early Thursday hours stated that it “look(s) like good progress has been made. Fingers crossed!”

All things considered, the BADGER coin has held up relatively strong in light of this week’s hack. | Source: BADGER-USD on TradingView.com
Related Reading | Cardano Records Over 20 Million Transactions Ahead Of DEX Launches
Backlash & The Bigger Picture
As to be expected, the community reception to this news was less than ideal. Many Twitter replies from users noted their heartbreak from loss of funds. Some users even went on to suggest that the hack was a rug, given that it was seemingly a front-end attack.
Some further speculation came around a loss of funds from CeFi platform Celsius Network. However, thus far, the notes around Celsius seem to be only rumors with little substance. Only time will tell if more firm details come to light, or if Celsius makes a statement around the rumors.
Furthermore, many community members noted that the protocol “pausing” the smart contracts – as sensical as it is to protect user funds – goes against the principles of decentralization.
The continued emergence of insurance programs should bode well for DeFi in general. Our team at NewsBTC wishes only the best for the BadgerDAO protocol and it’s users.
Related Reading | Bitcoin And Omicron: Is Another Black Swan Brewing?

Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

Grubhub Announces Free Bitcoin Rewards On Food Deliveries

Grubhub, an American online food delivery platform, has come up with an exciting new way to engage its users. The company has partnered with Bitcoin rewards company Lolli to allow its users to earn Bitcoin (BTC) on every order.
Integrating crypto into a simple routine activity – like ordering food online, is yet another effort at driving crypto adoption.
Related Reading | Fold Launches First-Ever AR With Free Bitcoin Rewards Experience
Lolli has partnered with many companies in various sectors to offer customers BTC rewards.
Serving Bitcoin With Food
In a Wednesday announcement, Lolli said that Grubhub customers will earn $5 in BTC on their first order. Subsequently, they would get $1 in BTC on other food orders using the platform’s extension. Before users can enjoy this benefit, they must activate Lolli on web or mobile before placing an order at Grubhub. And after a user earns up to $15, or roughly 0.00026 BTC at the current price of $56,902, they would be able to transfer it to their own virtual wallet.

BTC trading at $56.9K | Source: BTCUSD on TradingView.com
CEO and Co-founder of Lolli Alex Adelman explained that Lolli’s mission is to integrate bitcoin into aspects of everyday life.
“Food delivery is a ritual for many and bitcoin rewards make bitcoin a part of that ritual. Giving users bitcoin rewards on every Grubhub order is an incredible milestone for bitcoin adoption, making earning BTC easier and more accessible than ever,” he said.
Grubhub’s Director of Growth Marketing, Bridget Scanlan, also expressed her pleasure with the partnership. For Grubhub, it is yet another way to reward its diners.
Last month, the company announced a new innovative food-delivery method to its University of Arizona customers. It now uses delivery robots known as rovers to deliver all orders from on-campus dining locations.
Related Reading | Croatia’s Largest Supermarket Chain Rolls Out Bitcoin Payments
Lolli is, however, not the first – nor will it be the last – company in the food industry to integrate crypto into its products. Just last month, fast-food chain Burger King, in partnership with Robinhood, gave its customers crypto prizes. Members of its Royal Perks loyalty program got to earn BTC, Ethereum (ETH), and Dogecoin (DOGE) after spending $5 or more at the fast-food chain.
Lolli Steadily Pushing Crypto Adoption
According to Lolli, it is the first bitcoin rewards application that allows people to shop online and earn BTC. The company has teamed up with over 1000 top brands and merchants, including Microsoft, Kroger, Sephora, and Macy’s, to offer customers BTC rewards.
Lolli believes that bitcoin is a “global alternative currency and universal store of value and wants to share it with the world.”
Featured image by Panbeta, Chart from TradingView.com

Cardano Records Over 20 Million Transactions Ahead of DEX Launches

The Cardano network remains one of the most stable blockchains in the crypto space. Founded in 2017, the network remains the largest proof of stake network in the industry. It holds the title for the proof of stake network with the highest amount of coins staked, only recently conceding to Solana to become the smart contracts platform with the second-largest amount of coins staked.
Nevertheless, Cardano remains a force to be reckoned with and its latest achievement has shown that. Network activity has picked up on the network since the launch of smart contracts capability. Now, a little over two months after, the network has marked its 20 millionth transaction after only four years in operation.
Related Reading | Cardano Active Addresses Shoots To New Highs Amid Downtrend
Cardano Remains At The Top
The project has done some impressive things in its four years of operation, one of which is barely experiencing any downtime. Most projects in the market have experienced downtime at some point. Most notably the Solana network blackout that saw the network go dark for about 24 hours. Cardano itself has experienced downtime which occurred in April but it lasted for only an hour and was over so quickly that a good portion of the community does not know this happened.
Despite the lack of decentralized exchanges (DEXes) on the blockchain, it has managed to ramp up more activity than leading smart contracts platform Ethereum. Users can mint NFTs on Cardano, which has contributed greatly to this increased network activity. However, given that Ethereum has DEXes and NFT capability, this is an incredible feat for Cardano.

ADA begins recovery trend | Source: ADAUSD on TradingView.com
With this, Cardano has proven that it will be one of the leading DeFi platforms once decentralized finance takes off properly on the platform. ADALend, credited as the first lending protocol on the platform, is building its decentralized lending protocol on Cardano, which has been positively received by the community so far.
How ADA Is Doing In The Market
Cardano’s native token ADA has not had the best of weeks in the market recently. The digital asset had been the victim of major FUD that has seen its price sink to three-month lows. This has mostly been the result of crypto exchange eToro announcing that it would be limiting Cardano (ADA) capabilities for U.S. users on the platform starting in December.
Related Reading | Cardano Ambassador Addresses FUD Surrounding The Project
The token had taken a big hit following this, dropping down to the $1.4 range before picking up steam again. Despite the recovery, the coin continues to trade at about $50% less than its all-time high above $3 in September.
Dropping prices have however not affected the amount of tokens being staked on the network. Cardano still maintains over 70% of its total supply staked by holders, one of the largest in the space.
Featured image from Binance Academy, chart from TradingView.com

Bitcoin And Omicron: Is Another Black Swan Brewing?

Back in March of 2020, those taking position ahead of the Bitcoin halving were blindsided by the Black Thursday market selloff, driven by panic at the onset of the COVID pandemic and subsequent lockdowns.
With the new Omicron strain making headlines, and lockdowns once again considered, could the cryptocurrency market be facing another dangerous macro storm and catastrophic collapse?
Omicron & The Return Of The Black Swan Trend Line
According to Wikipedia, a black swan is “an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight.”
Black Thursday in March 2020 classifies perfectly as such. COVID came, the market panicked, and Bitcoin collapsed back to $3,800 at the low. It turned out to be a huge overreaction.
Related Reading | Want To Learn Technical Analysis? Read The NewsBTC Trading Course
Despite the “surprise” factor of the event and the fact no one saw COVID coming, technical analysis proves that these black swan events can be predicted to a point. But what if two black swan events were to happen from touching the same trend line. Would these really be considered black swan events?
That’s exactly what’s at risk, given the recent Omicron strain news and related panic, and the fact that Bitcoin price is indeed up against the very trend line that was used to predict Black Thursday’s eventual target to the dollar.

Could another black swan arrive with this trend line?  | Source: BTCUSD on TradingView.com
Why Another Bitcoin Black Thursday Is Unlikely
The chart above shows that Bitcoin price was rejected from the same trend line that prompted the COVID correction. The move was so sharp and intense, a polar opposite rally resulted that took the cryptocurrency to more than $65,000 per coin.
Bitcoin selling off just as severely wouldn’t necessarily be a bad thing, as the bounce from such an event has shown. But despite the dangerous macro landscape and the stock market sinking, the conditions for the top cryptocurrency are very different this time around.

The conditions were very different then versus now | Source: BTCUSD on TradingView.com
For one, the arrows depict two rejections from former resistance in 2019, with the second (marked in red) failing to break out of the Ichimoku cloud. That resistance level dated all the way back to the very beginning of the bear market, which is why the Black Thursday rejection was particularly strong. Meanwhile, the current price action more so appears to demonstrate a resistance level being flipped as support.
The blue path outlines an expected Elliott Wave motive wave, with three impulses up and two corrective waves. Per Elliott Wave Theory, wave 1 shows there still life left in an asset, but market participants are reluctant to believe the bull market has begun.
Related Reading | Finding Fibonacci: Is Bitcoin Beginning A “Golden” Recovery?
Because of the remaining bearish sentiment, wave 2 wipes out most of the progress of wave 1, before wave 3 begins. With lows of wave 1 retested at the climax of wave 2, market participants are more confident in a blossoming bull trend, which is why wave 3 tends to be the longest and strongest. EWT refers to this as a wave “extension.”
Wave 4 cannot enter into the path of wave 1 and tend to move sideways. This suggests that it is unlikely to see another sharp correction like what happened on Black Thursday in 2020. Whenever wave 4 officially ends, and whether it has or not is still up for debate, targets of $100,000 per coin remain likely for the peak of wave 5.

This is the chart I have been following for months now. Until that wedge breaks down, I cannot be bearish on #Bitcoin. The bull market is still on. But has wave 5 begun or not? pic.twitter.com/m04xxz8Kax
— Tony “The Bull” Spilotro (@tonyspilotroBTC) December 2, 2021

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com