#BTC Update 📉

🔄 Correction in Play: As we pointed out last time, the correction option is now in play. We lost local support at $66,300, but the weekly candle hasn't closed yet.

🔑 Key Support Level: The main support is now $62,300. Holding this level until the next weekly pivot on August 5th is crucial.

📅 Strategy: For now, wait for the situation to unfold. Monitor the support level and the weekly pivot in August before entering a position.

Stay patient and stay tuned for updates!

https://www.tradingview.com/x/EanNL6aC/

Sigma Crypto Chad

Meta and the New AI Model

On July 23, 2024, Meta announced its new AI model, named Llama 3.1. According to CEO Mark Zuckerberg, this model is designed to compete with similar products from OpenAI and Google.

The development of Llama 3.1 took several months and cost hundreds of millions of dollars in computational resources.

It is known that Llama 3.1 is used to create chatbots both within Meta and by external developers. The new model also includes generative AI capabilities, allowing it to create images based on text prompts.

#BTC good reaction before the weekly close and we are back above the critical support of 66,300$.

As we pointed out last time we need to wait for the weekly pivot on 5th of August and hold till that time to sustain the bullish trajectory.

Overall the situation looks good, the chances are high to see the new all time highs in the near future.

https://www.tradingview.com/x/Mqndb7AS/

Sigma Crypto Chad

Stablecoin Supply

The launch of PayPal’s stablecoin took place on August 8, 2023. Although initially, PYUSD did not make a significant impression, its supply recently exceeded $500 million.

This stablecoin was initially issued on the Ethereum blockchain and is now also available on the Solana blockchain. The market capitalization of PYUSD exceeds $598 million, but its share in transactions remains modest.

Analysts predict that this stablecoin will become more attractive to investors in the future. Currently, the monthly turnover on Solana is about $1 billion.

Researchers note a growing interest from institutional investors in PYUSD, who use it for capital transfers.

According to IntoTheBlock, over the past 7 days, the transaction volume for amounts over $100,000 has approached $500 million, indicating increased interest in PayPal’s stablecoin.

#BTC just a quick reminder chads that weekly pivot is coming on 5th of August. Our timing was flawless both daily and weekly pivots worked as we expected.

However, the weekly pivot in august is approaching. Additionally, we have a daily pivot on 2nd of August. That means that correction at least to 66,300$ might be coming soon!

Do not jump into longs now, it’s not the best time! At least half of your long positions that we gave you at 54,000$ and then at 63,000$ must be fixed by now.

Wait for weekly pivot in august and 66,300$ retest! If we hold it - enter the position with targets to new all time highs. But for now just wait, don’t jump into longs!

https://www.tradingview.com/x/l1P7xe0n/

Sigma Crypto Chad