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Bitcoin Price: Bear Market Isn’t Over Yet, But $7.6K May Change This

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Bitcoin Price: Bear Market Isn’t Over Yet, But $7.6K May Change This

Bitcoin (BTC) is trading around $7,200 on Friday, the level that was found following a large swing to the upside on Wednesday. 

As we move into the weekend, the majority of cryptocurrencies are also trading higher. Nevertheless, Ether (ETH) is still struggling to regain $130 while XRP has been unable to reclaim $0.20 after the rejection on Wednesday.  

Bitcoin dominance inches higher

This is highlighted in Bitcoin dominance, which is now at 68% and continues to threaten to take the 70% level, which continues to look like a possibility as Ethereum continues to lose market cap share.

Cryptocurrency market daily view

Cryptocurrency market daily view. Source: Coin360

Bitcoin is currently ranging between long term weekly resistance of $7,600 and the mid $6,000s.  

The 15% swing off the lows on Wednesday engulfed prior days of trading but failed to break through the declining resistance, which has defined the month of December. 

Currently, the BTC price is finding support in the middle of this trading range above $7,000. The key moving averages (MA) of the 50, 100 and 200-day are all above price and trending down, illustrating that the overall trend remains to the downside on the daily chart.

BTC USD Weekly chart

BTC USD Weekly chart. Source: TradingView

The daily volume shows that the most recent high-volume candles coincide with the bullish response in the $6,000s, which goes some way in indicating that this is an area of demand. 

Bullish divs for OBV and MACD

The On-Balance Volume indicator, or OBV, continues to maintain a long-term bullish divergence with price. The moving average convergence divergence indicator, or MACD, remains below zero which is bearish. However, this indicator is trending up alongside a bullish divergence on the MACD.

BTC USD Daily chart

BTC USD Daily chart. Source: TradingView

The daily chart is showing that the bounce off the 7-month low on Wednesday suggests buying interest at the mid $6K level, which is reflected in the volume led indicators and also highlighted by a shift in momentum. 

Despite this, Bitcoin needs to overcome declining resistances and the $7,600 weekly resistance level to demonstrate a shift in trend.

4-hour chart

The 4-hour chart highlights the declining overhead resistance and the importance of the low $7,000 level.  

At present, Bitcoin is trading above the point of control in which most volume has been traded;  $7,115 is also the weekly open, which is an important level for Bitcoin to close above. 

Moving into the weekend, the bulls will need to maintain this level for the weekly close.

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

The 4-hour MACD shows that the bulls are attempting to capitalize on the support that has been found so far above $7,000. Volume is starting to trend higher and the most significant large volume candles are green, suggesting a general trend change.

The 4-hour MACD is above zero and crossed bullish, though now printing lower highs on the histogram, which indicates a loss of momentum. The RSI is well above 50 and attempting to push higher. 

Overall, the 4-hour chart suggests that the bulls are looking to defend the weekly open and finish the week with a green candle.

BTC USD 4-hour chart

BTC USD 4-hour chart. Source: TradingView

1-hour chart

The one-hour Bitcoin chart is showing that the bulls continue to test $7,200. But overall, the price remains in a consolidation period following the large buying volume on Wednesday. 

But while the volume remains low, the MACD is beginning to reset and cross bullish above zero, which may hint at the bulls having a push into the Friday close.  

The RSI is also now trending higher above 50 — another positive sign.

BTC USD 1-hour chart

BTC USD 1-hour chart. Source: TradingView

Looking forward

Despite the apparent shift in volume and momentum dynamics off the demand in the $6,000s, Bitcoin remains in an overwhelming multi-month downtrend, which is also visible on lower timeframes. 

In order to be reasonably bullish in this market, Bitcoin needs to begin closing and finding support above key resistances, in particular, that of $7,600 on the weekly.  

A higher-high over $8,000 and key moving averages trending higher would also be indicative of a more fundamental change in market direction, which remains locked in a bear market.  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Published at Fri, 20 Dec 2019 15:49:00 +0000

Blockchain

Binance Coin, Polkadot, MATIC Price Analysis: 12 May

While Ethereum, the world’s largest altcoin, may be breaching one ATH after the other, the same cannot be said for the rest of the market’s altcoins, including the likes of Binance Coin and Polkadot.

The post Binance Coin, Polkadot, MATIC Price Analysis: 12 May appeared first on AMBCrypto.

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While Ethereum, the world’s largest altcoin, may be breaching one ATH after the other, the same cannot be said for the rest of the market’s altcoins, including the likes of Binance Coin and Polkadot. Others like MATIC, however, were quick to take ETH’s lead, with the former recording significant gains of its own over the last week.

Binance Coin [BNB]

Source: BNB/USD on TradingView

The crypto-market’s premier exchange token, Binance Coin has been one of the year’s best performers with YTD returns of 1675%, at press time. The last 10 days or so, however, have seen the altcoin’s uptrend stall somewhat, with the crypto continuing to trade around the $650-price level. In fact, at the time of writing, BNB was just less than 5% away from its ATH on the charts.

Despite BNB choosing to consolidate its position instead of hiking, the altcoin’s technical indicators were continuing to flash bullish cues.

While Parabolic SAR’s dotted markers were under the price candles and underlined the bullish nature of the BNB market, the Relative Strength Index was skirting the overbought zone. With room available towards the north, RSI can be expected to head towards the overbought zone once the price of the crypto climbs once again.

Here, it’s worth noting that BNB’s price action this year has fueled expectations that the alt might touch $1000 before the end of the year.

Polkadot [DOT]

Source: DOT/USD on TradingView

Thanks to Polkadot’s inconsistent movement over the past few months, DOT’s position on CoinMarketCap had been usurped somewhat, at press time, with the likes of Dogecoin and ICP trading well ahead of it. Over the said period, DOT’s movement has followed the crest and trough pattern, with the alt being unable to register a sustained trend in any direction.

In the last week alone, DOT fell by over 12% in 3 days, with the crypto climbing the charts again soon after.

The mouth of Bollinger Bands was widening to highlight the likelihood of incoming price volatility. MACD line was hovering above the Signal line, but only just, suggesting that the possibility of a bearish crossover in the near term was high.

The aforementioned findings were in line with those underlined by a recent analysis, with the same predicting that the MACD can also be projected to fall below the histogram soon.

MATIC

Source: MATIC/USD on TradingView

MATIC was one of the few alts to hike in correspondence with Ethereum’s own hike, with the crypto climbing by over 50% in just 5 days. In fact, at press time, the crypto had climbed to yet another ATH on the charts, with the alt’s bullish momentum looking set to continue for a longer while, at least until ETH’s surge loses momentum.

Interestingly, MATIC’s latest uptick, in opposition to its late-April surge, wasn’t accompanied by a consistent spike in trading volume.

While the Awesome Oscillator’s histogram pictured the market momentum rising across the board, the Chaikin Money Flow was heading towards 0.20 on the back of growing capital inflows.

With MATIC’s supply nearly wiped off of exchanges, it’s worth noting what a retail trader might expect from the crypto in the near future.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/binance-coin-polkadot-matic-price-analysis-12-may

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Tesla stops taking bitcoin for car purchases, citing ‘great cost to the environment’

Elon Musk tweeted out a statement on Wednesday night explaining why the electric carmaker has stopped taking bitcoin as payment for its cars.

The post Tesla stops taking bitcoin for car purchases, citing ‘great cost to the environment’ appeared first on The Block.

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Tesla CEO Elon Musk posted a tweet Wednesday evening announcing that Tesla will suspend vehicle purchases using bitcoin due to concerns over the environmental impact of the cryptocurrency.

“We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” read the statement.

The electric car maker began taking bitcoin for payment in March, just over a month after it disclosed in an SEC filing that revealed a purchase of $1.5 billion worth of bitcoin. Last month, its earnings report for the first quarter of 2021 revealed that Tesla had sold $272 million worth of its bitcoin holdings.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy,” the new statement reads. “We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

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Source: https://www.theblockcrypto.com/linked/104720/tesla-stops-taking-bitcoin-payments?utm_source=rss&utm_medium=rss

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Craig Wright Allowed to Serve 16 Bitcoin Developers Over $4B of Stolen BTC

After getting approval by the Business and Property Courts of the High Court in London, Wright will go after Bitcoin developers over stolen BTC worth $4B.

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Craig Wright’s legal attempts to sue a dozen developers working on the networks of Bitcoin, Bitcoin Cash, Bitcoin Cash ABC, and Bitcoin SV have been approved. By tapping a law firm called ONTIER, the self-proclaimed Satoshi Nakamoto will go after the developers to make them recover over $4 billion of BTC supposedly stolen from his computer last year.

CSW Granted Permission to Go After Bitcoin Developers

CryptoPotato reported in late February when Wright and ONTIER announced plans to pursue legal action against the developers of Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Bitcoin Cash ABC (BCH ABC).

The firm acted on behalf of Tulip Trading Limited (TTL) – a Seychelles-based entity with Wright being the primary beneficial owner. In the statement, both parties claimed that Wright’s computer was hacked in 2020, and the perpetrators somehow stole his private keys to two addresses, which held over $4 billion in bitcoin.

Consequently, the law firm requested that the developers “enable TTL to regain access to and control of its bitcoins on the grounds that they owe Bitcoin owners both tortious and fiduciary duties under English law.”

Although their claims seemed a bit controversial, to say the least, the firm has been allowed to go forward and serve the developers, according to a statement made by ONTIER on May 12th.


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It reads that the firm has “commenced the process of serving legal proceedings on 16 Bitcoin developers.” The company was granted permission to serve them out of the jurisdiction by the Business and Property Courts of the High Court in London after 145-page application submission.

The statement highlighted once again that “Dr. Wright is the inventor of Bitcoin” and described TTL as the real victim in this case.

“Tulip Trading is, purely and simply, a victim of theft. The hacking was first reported to the police in February last year. TTL has not been granted permission to seek recovery of its access to and control of its digital assets from those in a position to remedy its loss. The fact that someone has stolen TTL’s digitally-held, encrypted private Bitcoin keys does not prevent developers from deploying code to enable the rightful owner to regain control of its bitcoin.”

To Help the Masses

As with the first statement in February, ONTIER and Wright asserted that if this case succeeds, it could help numerous others victims that have been hacked in the past.

“In what may prove to be a huge relief to many, a ruling in Tulip Trading’s favor would have considerable implications for those who have lost access to their Bitcoin or had coins stolen.”

This is far from being Wright’s first controversial legal endeavor related to the cryptocurrency industry. After claiming, without conclusive evidence, though, that he is indeed Satoshi Nakamoto, his lawyers recently warned two bitcoin-related websites to remove the asset’s whitepaper as he supposedly owns legal rights to the document and the Bitcoin name.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/craig-wright-allowed-to-serve-16-bitcoin-developers-over-4b-of-stolen-btc/

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Ethernity Chain Immortalizes Tony Hawk’s Last 540 Skate Trick With NFT

[Press Release – Los Angeles, California, 12th May, 2021] Iconic skater Tony Hawk will soon have his own NFT thanks to the Ethernity Chain platform. The new NFT collection will launch on Wednesday May 12 at 12PM ET and be available for 24 hours. Hawk recently performed what he insists will be HIS last ever […]

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[Press Release – Los Angeles, California, 12th May, 2021]

Iconic skater Tony Hawk will soon have his own NFT thanks to the Ethernity Chain platform. The new NFT collection will launch on Wednesday May 12 at 12PM ET and be available for 24 hours.

Hawk recently performed what he insists will be HIS last ever “540” skate trick, and the moment in time will be preserved for eternity as an authenticated NFT (aNFT). The winning bidder will also receive the actual skateboard and shoes used in the final trick.

The legendary skater’s last ever 540 constitutes just part of a coveted collection co-created by influential digital artist Ondrej Zunka, a boyhood fan of Hawk.

“Birdman” will also provide one of his own skateboards, modeled after the inverted handstand and represented as an aNFT. Ethernity plans to raffle the skateboard randomly to a buyer of the aNFT.

The collection is completed by Graffiti Wall, a colorful artwork featuring contributions from skating enthusiasts in the form of messages, drawings and slogans etched on a blank canvas.

“I spend a lot of time around skateparks and there’s always a lot of graffiti everywhere, so I made this public Graffiti Wall inviting friends, family and the public to add a note to Tony,” said Zunka.

“I’ve created a texture from all of these messages and projected them onto the ramps, so whoever participated is now part of these two NFTs.”

Ethernity, which is committed to bringing legendary figures, real world collectibles, and fan engagement to blockchain, recently released aNFTs of Muhammad Ali, Pelé and baseball star Fernando Tatlis Jr. As with Hawk’s collection, each auction also included physical collectibles such as custom baseball bats and gloves worn by the boxer.

About Ethernity

Ethernity is exploring applications for non-fungible tokens (NFTs) within the context of art and philanthropy. It provides a way for celebrities and public figures to endorse digital artwork created by renowned artists. Anyone can purchase each limited edition artwork, with a portion of the proceeds going to charitable causes that the celebrity supports. Ethernity was founded by early Bitcoin investor and NFT innovator Nick Rose Ntertsas.

Learn more: http://ethernity.io/

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ethernity-chain-immortalizes-tony-hawks-last-540-skate-trick-with-nft/

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