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Bitcoin Price Is on the Verge of Breaking 7-Month Downtrend

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The price of Bitcoin (BTC) broke out of a 2-month range and rallied to $8,400 during this week. However, the price couldn’t break out of the downtrend and is stuck in a new range.

Is the price of Bitcoin already in a bull market, or is the price expecting continuation downwards?

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Bitcoin price is hovering below resistance and trendline

The chart of Bitcoin is showing an apparent breakthrough in the $7,600 level. After this upwards breakout, the price started to rally towards the next resistance zone, found at $8,400. This is also the downwards trendline (blue diagonal line) at which the price is currently hovering.

BTC USD 1-day chart. Source: TradingView

BTC USD 1-day chart. Source: TradingView

The price is moving in a crucial range, as a breakout above $8,400 would lead to a breakout of the 7-months downtrend. However, losing the $7,600 level as support would lead to an acceleration downwards, and then the price is likely to be continuing towards $6,400 or $5,800.

BTC USD 4-hour chart. Source: TradingView

BTC USD 4-hour chart. Source: TradingView

The 4-hour chart shows a clear retest of the $7,660 level as confirmation of support yesterday. After this test, the price of Bitcoin rallied towards $8,200 and got rejected while establishing a new range.

Total market capitalization aiming to break out of the downtrend

Total market capitalization cryptocurrency chart. Source: TradingView

Total market capitalization cryptocurrency chart. Source: TradingView

The total market capitalization chart is showing a similar outlook for the Bitcoin chart. A clear breakout upwards during the past week, as the $195 billion resistance broke to the upside. This breakout resulted in a push towards $211 billion, which is the next resistance for the total market capitalization.

Similar, the downtrend is not done yet, as the market cap is still hovering below the trendline. However, a clear break above $211 billion would mean that the market capitalization will be ready to move towards $248 and $268 billion as the next target area.

Altcoins flipping necessary USDT levels as support

How are altcoins performing recently? They are doing reasonably well against their USDT pairs. If people want to trade altcoins, it’s compulsory to use both BTC and USDT charts as that would give a clear view of the movements of the coin.

Ether (ETH) provided an excellent breakout upwards in the USDT pair recently, as the chart below shows.

ETH USD 1-day chart. Source: TradingView

ETH USD 1-day chart. Source: TradingView

ETH made a clear break of the $133 level, pushing price towards $145. A similar retest occurred and provided a good bounce, which means that buyers stepped in at $135 and confirmed this as the new support.

The price of Ether is currently also hovering below the downwards trendline. If the price can break out to the upside, targets of $167 and $190 are on the table.

A similar support/resistance flip is found on the XRP chart.

XRP USD 1-day chart. Source: TradingView

XRP USD 1-day chart. Source: TradingView

The XRP chart is showing a similar story as the other large caps: a move to the upside in which a retest resulted in confirmation of the breakout. If the price of XRP is stabilizing above the recent resistance, a breakout and continuation are likely to occur.

This breakout would lead to a potential retest of the $0.30, the level XRP bounced on throughout 2018. On the other hand, losing the green level at $0.20 would mean continuation to the downside.

Altcoin market capitalization showing similarities with February 2019

Total altcoin market capitalization chart. Source: TradingView

Total altcoin market capitalization chart. Source: TradingView

The total altcoin market capitalization shows similarities with the period in February 2019. The market capitalization has been hovering below the $59 billion support for a month, which was flipped into support in the recent week.

A similar move was seen in February 2019 with the $49 billion levels. This retest marked the start of an uptrend in the months after. If the total altcoin market capitalization can make a similar move in this period, a push towards $78-80 billion would be expected. 

Bullish scenario Bitcoin

At this point, there are two simple scenarios that are likely to happen for the current Bitcoin price action. Let’s start with the bullish one first.

BTC USD 1-day chart bullish scenario. Source: TradingView

BTC USD 1-day chart bullish scenario. Source: TradingView

Support around the $7,600 area must be maintained for the bullish scenario. If the price of Bitcoin can do that (which it looks like at this point), the price is ready for continuation to the upside.

In that regard, a breakout of the downtrend is likely to occur. A breakout would trigger more people to step into the market, causing a strong impulse wave to the upside.

If Bitcoin breaks the downtrend, then the $9,500 and $10,000 levels will be the next targets. Another resistance level is found at $8,800, but it’s likely to be broken. The reasoning is simple: a breakout of a 7-months downtrend would give a strong impulse move and strong buying power. Thus, a push to $9,500 is expected to occur.

The $9,500 level is crucial as price bounced several times here during the summer of 2019. Therefore, it is likely to be the next resistance.

Bearish scenario Bitcoin

BTC USD 1-day chart bearish scenario. Source: TradingView

BTC USD 1-day chart bearish scenario. Source: TradingView

The $7,600 level is also a crucial level for the bearish scenario. If the price of Bitcoin can’t hold the $7,600 level as support, the breakout to the upside can then be classified as a “fake-out,” possibly leading towards the continuation of the downward movements.

An example shows the big push towards $10,000 in October. The price of Bitcoin wasn’t able to find support after this push and started to accelerate to the downside, dropping even lower than the recent low.

Thus, if the price of Bitcoin can’t hold $7,600, the sentiment will then flip bearish and traders will see where the price of Bitcoin will find new support. In this case, acceleration to the downside would make me believe that $6,400 and even $5,600-5,800 could be tested as the next support levels.

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.

Source: https://cointelegraph.com/news/bitcoin-price-is-on-the-verge-of-breaking-7-month-downtrend

Blockchain

Crypto Price Analysis: BTC, ETH, ADA, DOGE, BNB, LTC, UNI, XRP, BCH, DOT

Affected by the recent plunge in the market, here is the crypto price analysis of BTC, ADA, ETH, BNB, LTC, DOT, BCH, XRP, and DOGE.

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In the recent downfall of the market, it has been witnessed that the traders are less interested in purchasing BTC at current levels and this suggests that there could be more selling in the market. Affected by the recent plunge in the market, here is the crypto price analysis of BTC, ADA, ETH, BNB, LTC, DOT, BCH, XRP, and DOGE.

Crypto Price Analysis: BTC and ETH

As clearly seen in the head and shoulder chart pattern of the cryptocurrency on May 16, Bitcoin plunged below the neckline of the pattern. However, the bears were not able to achieve any lower point than that as the price retaliated and closed above the neckline.

As suggested by leading market analysts, if the bulls in the market failed to push the price back above the neckline, then there are chances that the selling will be intensified further. 

Talking about ETH, the continuous bull rally was finally broken and the price of the cryptocurrency dipped below the mark of $3,431. However, the bulls are trying their level best to not let it go below the 38.2% Fibonacci retracement level at $3,195.98.

What About BNB, DOGE, BCH, XRP, LTC, and UNI

BNB, for the very first time since December 13, managed to broke below the level of $520 and if the recovery manages to turn down the 20-day EMA, then that will mean the traders are closing their position on rallies.

DOGE, the Musk-pumped meme coin is in an attempt to defend the mark of $0.46, and as the data analysts suggest, there are chances that the coin can be dropped to the critical support at $0.35. In contrast to this assumption, if the bulls are able to drive the price above the level of $0.59, it can recheck the all-time high level of $0.73.

Looking at the chart of XRP, it can be seen that the bulls purchased the dip and will now propel XRP above the resistance line of the triangle. However, if the price breaks below the triangle, it can result in a reduction to $0.88.

BCH managed to break the level of $1,178 on May 15 and along with this, it closed below that level. The bulls tried to push the price back above the May 15 level but failed to do so. 

An aggressive profit-booking session occurred from the short-term traders in LTC, and this pulled the cryptocurrency to the level of $308 on May 12. If the price breaks below the mark of $270, bears will make a comeback.

Talking about UNI, the cryptocurrency broke below the support level of the rising pattern today but the bears were not able to capitalize on this weakness.

ADA and DOT Analysis 

Making an all-time high of $2.34 on May 16, ADA is showing a strong uptrend in its price. However, the profit-booking session is going on as of now and if the price breaks below the mark of $1.95, the altcoin may drop to the mark of $1.71.

On May 14, DOT managed to broke out of the level of $44 overhead resistance but the bulls in the market could not sustain the higher levels. The bears in the market managed to break the price below $44 on May 15.

Also, if the price surges from current levels, there are suggestions that the market sentiment is positive and the bulls are buying at lower levels.

READ  US SEC Wants Personal Bank Records from Ripple Executives

#ADA #BCH #BNB #BTC #Crypto price analysis #DOT #ETH #LTC #UNI #XRP

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Source: https://www.cryptoknowmics.com/news/crypto-price-analysis-btc-eth-ada-doge-bnb-ltc-uni-xrp-bch-dot

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Marvel Icon Behind Batman, Green Lantern To Launch Exclusive Comic NFT Collection

Marvel Icon Behind Batman, Green Lantern To Launch Exclusive Comic NFT Collection

The art world and the world of blockchain are currently seeing a huge intersection thanks to the rise of non-fungible tokens or NFTs as they are commonly called. Top artists from around the world have been selling their work as NFTs with millions of dollars being raised and NFT platforms seeing more attention from the […]

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Marvel Icon Behind Batman, Green Lantern To Launch Exclusive Comic NFT Collection

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The art world and the world of blockchain are currently seeing a huge intersection thanks to the rise of non-fungible tokens or NFTs as they are commonly called. Top artists from around the world have been selling their work as NFTs with millions of dollars being raised and NFT platforms seeing more attention from the artist themselves.

One of the latest of these is from Neal Adams, a legendary comic book artist behind iconic characters like the modern Batman and the Green lantern. It was announced on May 18, 2021, that the comic book artist will be partnering with Vorto Gaming to release an exclusive comic book and NFT collection.  

Batman Immortalized as an NFT? 

Some details about the new partnership have been announced such as Adams creating bespoke comic books around Hash Rush, which is the first title published by Vorto Gaming and will be released on its network. Part of this comic will involve new and existing Hash Rush characters and a new storyline from Adams. 

Given that Adams has shaped storylines for a number of comics for DC Comics and Marvel, there is a lot of anticipation. He will receive help for this new project from Swedish-based ComicFirst Entertainment and their artist Mikael Bergkvist, who is also his mentee. 

Adams himself has touched on the importance of gaming and why he is excited about this upcoming project.

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“Gaming is without doubt the most innovative entertainment industry of the past decade and is shaping so many different aspects of our culture. We’re moving into a period in history where we are spending as much time exploring digital, imaginary worlds as we are living in this one. Comic books were always a transportation tool – taking us to another place, to experience another story, even just for a moment. Hash Rush is no different and I’m looking forward to sharing this story with the world.’ he said.

At this point, it seems that there is no limit to the type of content that can be created as an NFT and sold. Artists from all sectors are beginning to explore their options with regards to both making money and providing valuable experiences for their fans. Hopefully, Adams’ participation in this project will lead to more prominent comic book artists embracing NFTs as well.

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Source: https://zycrypto.com/marvel-icon-behind-batman-green-lantern-to-launch-exclusive-comic-nft-collection/

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NFT Investing: How to Buy Cryptopunks

Who are you calling a punk, punk?! Cryptopunks have nothing to do with 90’s TV shows or music albums released on CDs. Though their creators were possibly influenced by this culture. 

The post NFT Investing: How to Buy Cryptopunks appeared first on Bitcoin Market Journal.

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Digital Cryptopunks

Who are you calling a punk, punk?! Cryptopunks have nothing to do with 90’s TV shows or music albums released on CDs. Though their creators were possibly influenced by this culture.

Cryptopunks are algorithmically generated 24×24 pixel art NFTs. Due to their popularity, they have been featured in The New York Times, Christie’s of London, Art|Basel Miami, and The PBS NewsHour.

So why are collectors willing to pay so much for seemingly so little?

Cryptopunks: A Deep Dive

Cryptopunks were originally free to claim and now some have sold for over a million dollars, so what are they?

Cryptopunks are NFTs. There are 10,000 of them and each one is unique.  At the time of writing this article, the lowest-priced Cryptopunk was listed for 15.4 ETH ($30,603.34). Since they launched in June 2017 total sales have eclipsed 124,300 ETH ($247.01M).  In the last 12 months, nearly 8,000 have sold.

When it comes down to the art aspect of Cryptopunks they are algorithmically generated 24×24 pixel images. So why are collectors willing to pay so much for so little?

As with everything in the art world the cost of the materials used usually has little relevance to the perceived value. Paintings, Photographs, Sculptures, when there are more buyers than sellers prices rise until the market says the market is too hot and prices stabilize or come back down.

As Sir John Hargrave wrote in his recent article The Blockchain Investor’s Guide to NFTs 

“Two things are driving this mania:

1) People are trying to “flip” NFTs: buying low and selling high, hopefully in a short period of time (just as people tried to flip Beanie Babies).

2) Money doesn’t feel real: The flood of Covid-19 stimulus money makes it feel like “Monopoly money,” combined with the flood of crypto tokens, which makes it feel like you’re gambling with casino chips.”

Cryptopunks bids.

Like Hashmasks, which came out a few months after Cryptopunks, each Cryptopunk has a unique set of accessories.

CryptoPunk 1483

There are Male, Female, Zombies, Apes, and Alien punks with different mouths, hats, haircuts, and glasses.

CryptoPunk 1749

The rarer the Cryptopunk and the rarer the combination of accessories the more collectors have been willing to pay for them.

How to Buy Cryptopunks NFTs

For this example, we are using the official Larvalabs.com website. However, they can also be purchased via OpenSea.io

If you don’t have a Metamask wallet you will need to set one up. Metmask.io is the official site to download the plugin for your browser.  Then, either buy some ETH in Metamask or transfer some from another wallet.

On the Larvalabs site, you will have a series of popups to click through to permit your Metmask wallet to interact with the Larvalabs website. Similar to allowing your PayPal wallet to interact with eBay.

Terms and conditions.

Clicking on ‘I Do Not Agree’ will send you to the Beanie Babies listings on eBay.

eBay beanie babies auctions.

If you click ‘I Agree’ you will be greeted with a second confirmation screen.

Ethereum available

Once you have completed connecting your Metamask wallet to the Larvalabs website two new features will appear on the screen of any Cryptopunk allowing you to buy or bid.

Current market status

Cryptopunks on the Lavalabs site with a blue background are not for sale and have no current bids. Punks with a red background are available for sale by their owner. Punks with a purple background have an active bid on them.

Cryptopunks: The Final Verdict

Only you can decide if Cryptopunks is a good fit for your digital assets portfolio.

CryptoPunks 3609

It’s currently a hot market with Cryptopunk #3609 jumping from $566,000 to $683,060 in less than a month. There is no denying Cryptopunks are currently one of the hottest collectibles like Hashmasks and NBA Topshots Moments.

One plausible reason driving their price appreciation is Larvalabs no longer has any control over the code running CryptoPunks. Once they released the code onto the blockchain it became permanently embedded there and can’t be modified by anyone. Rarity is key with any collectible but something rare is only valuable if people want it. If no one wants your 1 of 1 item it’s essentially worthless.

Related Articles:

If you want to stay up-to-date with the latest trends and developments in the digital asset markets, subscribe to the Bitcoin Market Journal newsletter.

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Source: https://www.bitcoinmarketjournal.com/how-to-buy-cryptopunks/

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Asia Broadband Poised for Growth in 2021

E-Crypto News’ update provides the latest articles on technology and cryptocurrencies.

From Strong First Quarter Foundation

e-cryptonews.com

Continue reading Asia Broadband Poised for Growth in 2021 at E-Crypto News.

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LAS VEGAS, May 18, 2021 (GLOBE NEWSWIRE) — Asia Broadband Inc. (OTC: AABB) (“AABB” or the “Company”) is pleased to announce the publishing of the Company’s first quarter financial results highlighted by a strong balance sheet with over $100 million in assets. AABB is in highly liquid financial position to self-fund and rapidly advance its gold mining and cryptocurrency sales and exchange business segments of the Company.

Less than two months ago, the Company launched its AABBG gold-backed cryptocurrency token sales and has accumulated approximately $1.5 million in cryptocurrencies. Recently, AABB hired a marketing firm that has now designed an international marketing campaign to proliferate brand exposure, increase token sales and AABB Wallet transactions and amplify public and investment community awareness of the Company. The campaign roll-out will begin next week and is expected to build substantial momentum over the next 3 months, as AABB’s own proprietary cryptocurrency exchange nears completion and launch. The exchange will add tremendously to transaction fee revenues and allow for the price appreciation of AABBG above the minimum supported and gold-backed spot price of .1 grams of gold per token.

In the first quarter of this year, the Company began the assessments and negotiations of several gold mining projects as prospective high yield asset additions in the Company’s strategic growth initiative to acquire gold production and increase the AABB’s physical gold holdings. To date, management is thrilled with the projects’ potential for rapid development, high production and low operating costs. All efforts are underway to accelerate the acquisition processes to expeditiously advance AABB into gold production and begin expansion programs. The Company anticipates negotiating definitive agreements to acquire the mines and properties in the near future subsequent to drill testing, assays and further due diligence.

On an administrative note, AABB would like to provide an update to its loyal shareholders regarding the restricted share dividend.

CEO Chris Torres states, “Our transfer agent confirmed recently that restricted share dividends can take longer to process than ordinary free trading shares. This is due in part to some brokerage firms not allowing restricted shares in accounts, thus requiring physical share certificates to be printed and mailed. As these special dividend shares aren’t freely tradeable, the sense of urgency is not as high with Depository Trust Company (“DTC”) and the brokerage firms to complete the process. On May 12, 2021, DTC requested the additional shares needed to fulfill the dividend obligations. The dividend distribution process is still underway and is very much not on hold, as some have speculated.”

About Asia Broadband

Asia Broadband Inc. (OTC: AABB) is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Mexico to client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of AABB that differentiates the Company and creates distinctive value for shareholders. The Company has recently released its freshly minted mine-to-token gold-backed cryptocurrency AABB Gold token (AABBG) and strives to become a worldwide standard of exchange that is secured and trusted with gold backing, an outstanding quality relative to other cryptocurrencies.

Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
[email protected]

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Source: https://e-cryptonews.com/asia-vroadband-poised-for-growth-in-2021/

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