Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Sam Bankman-Fried Trades Rice Behind Bars: Sam Bankman-Fried, co-founder of FTX, speaks out from behind bars in an exclusive interview, revealing details about his life in prison and his ongoing legal battle. Despite his fraud conviction, Bankman-Fried maintains his innocence and prepares for an appeal while navigating challenges in confinement.

2. BlockFi Partners with Coinbase: BlockFi, amidst its closure proceedings, collaborates with Coinbase to assist clients in accessing their funds seamlessly.

3. Jack Dorsey Bullish on Bitcoin: Twitter co-founder Jack Dorsey expresses optimism about Bitcoin's future, predicting a price surge to at least $1 million by 2030.

4. 📈Technical Analysis Masterclass - Are you still looking for potential coins to trade? Watch UseTheBitcoin’s latest Youtube video “Technical Analysis for AGRS, NMT, XAI, AI, ROSE, RARE, HFT, FIL, and JUP” and know what our in-house technical analysis expert thinks about them!

5. 💡Feature of the Day - Charles Hoskinson Lambasts Biden Administration: Cardano founder Charles Hoskinson criticizes the Biden administration's approach to cryptocurrency regulation, accusing it of stifling innovation and undermining the industry.

   
   All this and more in today’s headlines!

📰 News Highlights:

🔓 Sam Bankman-Fried Trades Rice Behind Bars [Source][Source]

FTX co-founder Sam Bankman-Fried, currently serving a 25-year sentence, breaks his silence, shedding light on his life behind bars and his ongoing legal battle. Despite his conviction for fraud, Bankman-Fried adamantly maintains his innocence and gears up for an appeal, navigating the confines of Brooklyn’s Metropolitan Detention Center.

Surviving on a diet primarily comprising beans and rice, the latter emerging as a valuable commodity within the detention center.

Despite the adversities, Bankman-Fried jokes about arbitrage opportunities within the prison walls, drawing on his background as a trading prodigy. However, beneath the surface, the toll of imprisonment is evident, with Bankman-Fried notably shedding weight and exhibiting signs of strain.

💼 BlockFi Partners with Coinbase [Source][Source]

Amidst its wind-down proceedings, BlockFi, the embattled crypto lender, forges a partnership with Coinbase to facilitate seamless fund access for its clients.

With BlockFi's imminent closure and the withdrawal deadline looming, the collaboration with Coinbase offers a lifeline for clients seeking to reclaim their crypto assets.

The decision to shutter its web platform underscores BlockFi's commitment to returning customers' holdings, with Coinbase emerging as a trusted ally in this endeavor. By leveraging Coinbase's infrastructure, BlockFi ensures eligible clients can initiate withdrawals and navigate the winding down process with confidence.

🚀 Jack Dorsey Bullish on Bitcoin [Source][Source]

Twitter co-founder Jack Dorsey unveils his bullish vision for Bitcoin's future, forecasting a price surge to at least $1 million by 2030 and beyond.

Dorsey's bold predictions reflect his unwavering faith in Bitcoin's capacity to revolutionize global finance, transcending mere price speculation to embrace its underlying ethos of decentralization and empowerment.

Despite recent setbacks, including his exit from BlueSky, Dorsey remains a staunch advocate for Bitcoin's disruptive potential.

📈Technical Analysis Masterclass:

We'll examine the recent trends and potential trading opportunities for several coins today!

AGRS:

• AGRS is currently exhibiting poor performance for long-term investment due to its bearish trend formation, making it more suitable for short-term trades.

• For those considering short-term trading, an entry strategy would be to buy if it closes above the previous candle.

• However, it's crucial to implement a cut loss strategy at 3.186 to mitigate potential losses.

• Additionally, traders may target to take profit levels at 4.059 to capitalize on short-term gains.

NMT:

• NMT is currently displaying a flat candle and slow momentum, indicating limited potential for investment.

• With the 20-day moving average acting as a support level, it's primarily suited for short-term trading.

• Those considering short-term trades may opt to buy if it closes above the previous candle.

• Implementing a cut loss strategy at 5.91 can help manage risks, while targeting take profit levels at 7.23 allows traders to capitalize on short-term gains.

XAI:

• XAI is currently positioned at support levels, suggesting a potential buying opportunity.

• However, traders should exercise caution and wait for it to close above the previous candle before entering a position.

• There's a risk of further downward movement if it breaks below the support levels.

• For entry, consider buying when the price is higher, with a cut loss set at 0.61 to manage potential losses.

• Additionally, traders may target take profit levels at 0.78 to secure profits.

AI:

• AI presents a pattern similar to XAI but with a notable difference: it's positioned above the MA20, indicating a potentially different market dynamic.

• This makes it more suitable for swing trading rather than immediate action.

• For entry, consider a market order.

• To manage risks, set a cut at 0.98.

• Traders can aim for take profit levels at 1.28 to capitalize on potential swings in the market.

Rose:

• Rose appears unsuitable for long-term investment due to misaligned moving averages hindering an uptrend.

• The 20-day moving average is acting as a resistance level, indicating limited potential for growth.

• A strategy to consider is selling at the nearest resistance levels to capitalize on short-term opportunities.

• For entry, traders may implement a cut loss at 0.85 to manage potential losses.

• Additionally, targeting a take profit at 0.10 can help secure gains within the short term.

Rare:

• Rare is not conducive to long-term investment as it is currently below the 20-day moving average, indicating a bearish trend.

• For traders considering short-term opportunities, an entry strategy could be initiated if the coin breaks above the 20-day moving average.

• To manage risks, implementing a cut at 0.11 can help mitigate potential losses.

• Traders may aim for take profit levels at 0.12 to capitalize on short-term gains.

HFT:

• HFT is not recommended for long-term investment, as its suitability lies primarily in swing trading.

• Having broken above the 20-day moving average and currently situated above it, it presents a potential short-term opportunity.

• To manage risks, consider implementing a cut loss at 0.29.

• Traders can target take profit levels ranging from 0.32 to 0.36 to capitalize on short-term price movements.

FIL:

• FIL doesn't appear favorable for either long-term or short-term trading, as it's currently positioned below the 20-day moving average, indicating a lack of positive momentum.

• However, for those still interested in trading FIL, caution is advised.

• A potential entry strategy could be to trade if the candle closes above the previous candle.

• Implementing a cut loss at 5.58 can help mitigate potential losses.

• Traders may target take profit levels at 6.02 to capture any short-term gains cautiously.

JUP:

• JUP has recently broken out of its downtrend and is currently showing signs of forming support near the 20-day moving average.

• There's an optimistic outlook that the coin will maintain its position above the 20MA.

• To manage risks, consider implementing a cut at 0.99.

• Traders may aim for gains around 1.17, capitalizing on the potential upward movement of the coin.

Each coin presents unique opportunities and risks. Watch UseTheBitcoin’s latest Youtube video “Technical Analysis for AGRS, NMT, XAI, AI, ROSE, RARE, HFT, FIL, and JUP” to know what trading strategies are the most effective in navigating the current market trends. Let's discuss and share insights!

💡 Feature of the Day: 

🔥 Charles Hoskinson Lambasts Biden Administration [Source]

Cardano founder Charles Hoskinson delivers a scathing critique of the Biden administration's stance on cryptocurrency, accusing President Biden of spearheading efforts to stifle innovation and undermine the crypto industry.

Hoskinson's impassioned plea serves as a rallying cry for crypto enthusiasts, urging them to resist draconian measures that threaten to stifle innovation and impede progress.

With mounting regulatory pressures, Hoskinson sounds the alarm, highlighting the urgent need for advocacy and grassroots mobilization to safeguard the future of crypto in America.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com