Without a major trigger, Bitcoin prices have been range-bound in 2022. While long-term investors seem to be accumulating on dips, the short-term traders who have purchased at higher levels may be liquidating their positions on rallies near $47,000 to “get their initial investment back,” said Brett Munster at Blockforce Capital.
During this period of uncertainty and high inflation, Tesla CEO Elon Musk advised his followers to “own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.” Musk added that he owns Bitcoin, Ethereum and Dogecoin and does not plan to sell his crypto holdings. Although a Bitcoin rally to $100,000 seems like a distant dream at current levels, several investors remain bullish for the long term.
Apple co-founder Steve Wozniak while speaking on the podcast "Steve-O's Wild Ride," said he expects Bitcoin to reach $100,000 due to the high interest in crypto.
Bitcoin has formed a descending triangle pattern which will complete on a break and close below $37,020. The BTC/USD pair could then decline to the strong support zone of $34,322 and $32,933. Contrary to this assumption, if the price rebounds off $37,020, it will suggest that bulls are accumulating near this support. The buyers will then attempt to push and sustain the price above the downtrend line and the 50-day simple moving average (SMA).
Such a move will invalidate the bearish setup, which could attract buyers. The pair could then start its northward march toward the overhead resistance at $45,500 where the bears are expected to mount a strong defence. The flat moving averages and the relative strength index (RSI) near 47 point to a possible range-bound action in the short term.
Traders may wait for the price to break and close above the 50-day SMA before turning positive. Bottom fishing may be avoided if the price sustains below $37,000.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Ninja Fantasy Trader
– HAVE NFT
– Reefer Token
– Ernest In Disguise
– Hubble Protocol
– Nunu Spirits
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin has formed a descending triangle pattern which will complete on a break and close below $37,020. The BTC/USD pair could then decline to the strong support zone of $34,322 and $32,933.
Contrary to this assumption, if the price rebounds off $37,020, it will suggest that bulls are accumulating near this support. The buyers will then attempt to push and sustain the price above the downtrend line and the 50-day simple moving average (SMA). Read more
ETHEREUM – ETH/GBP
Ether’s rebound off the support line of the symmetrical triangle fizzled out at the 50-day SMA on March 9. This indicates that bears are selling at every resistance level.
If the price breaks and sustains below the support line of the triangle, it will suggest that the bears have overpowered the bulls. That could indicate the resumption of the downtrend. Read more
RIPPLE – XRP/GBP
The buyers attempted to push the price above the resistance line of the triangle on March 12 but the bears were in no mood to let go of their advantage. The price turned down from the resistance line but a minor positive is that the bulls are attempting to defend the 50-day SMA. Read more
CARDANO – ADA/GBP
The bulls have been attempting to defend the $0.78 level for the past few days but the failure to achieve a strong rebound off it indicates a lack of demand at higher levels.
If the bulls fail to push and sustain the price above $0.87 within the next few days, the possibility of a break below $0.78 increases. If that happens, the ADA/USD pair could drop to the critical support at $0.74. A break and close below this level could signal the resumption of the downtrend. The pair could then slide to $0.60. Read more
BINANCE – BNB/GBP
Binance Coin has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears. While the bulls are buying on dips to the support line, the bears are selling on rallies to the resistance line. The price action inside a triangle is usually random and volatile.
The price rebounded off the support line on March 14 but the bulls are struggling to sustain the higher levels. If bears succeed in sinking the price below the support line, the downtrend could resume. Read more
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Hubble, DeFi Protocol on The Solana Blockchain What Is Hubble?
Hubble is a decentralised finance (DeFi) platform built on Solana which will offer several DeFi services. The platform will allow users to borrow USDH, a stablecoin, as well as allow users to yield interest on other crypto assets deposited as collateral.
The protocol’s main services are centred around borrowing USDH against other assets like BTC, ETH, and SOL. By offering multiple assets for deposit as collateral, Hubble is seeking to solve the liquidity challenge and establish itself as a stable borrowing and liquidity solution. Read more
ASIMI: A Blockchain-Based AD Company Helps Advertisers and Earners!
Intro Advertising Cryptocurrency
Online advertising is one of the largest markets and adopting blockchain technology in this field will be a force to reckon with. Applications of blockchain technology in advertising come with a number of benefits that include helping ad creators to target the right target market, share data, promote safety and privacy, as well as protect data the industry relies on. Blockchain solutions in the ads field will promote robust accountability providing all participants with a level playing field. Read more
bitcci announces The First Token Store on Earth
The Swiss startup “bitcci” has launched its first local token store in the heart of the emerging European crypto hotspot Northern Cyprus to market its own payment token “bitcci cash” to the general public. bitcci is a consortium of Swiss enterprises that is currently in the ICO phase and doing an IEO on several exchanges at the same time. The ICO’s soft cap of $5 million has already been reached.
bitcci frees the sex business from tensions and problems by establishing a new, modern culture of acceptance, transparency, trust, and individual autonomy. bitcci optimizes, regulates, and decentralizes the whole sector, creates new business areas, introduces cutting-edge technology, and makes the industry and its players free and secure. Read more
REEFER Token Gets Rhymes from Island Boys, Possible NFT Collection in Development
REEFER Token adds its first dispensary in Wisconsin
REEFER Token (https://reefertoken.io/) ($REEFER), the revolutionary crypto platform for the cannabis industry received a video message from the Island Boys promoting the platform in the form of a short rap. The full video, available here is another indication of how REEFER Token is taking the cannabis industry by storm. REEFER Token has also started discussions with the duo about a Island Boys inspired collection of REEFER Token NFTs to be sold on the platform. In addition, American Cannabis Society at Green RX in Madison, WI, is now accepting REEFER Token at its business.
Bashoswap Building a Cardano-Powered Decentralized Exchange and Launchpad
London, UK – Cardano Startup Bashoswap announces the launch of it’s Cardano-Powered decentralized exchange and launchpad project.
Bashoswap is a decentralized exchange (DEX) based on Cardano network that aims to facilitate swaps between ADA and other crypto assets built on the Cardano Blockchain. Founded in late 2021 by a group of blockchain experts led by Beri Ardas with years of experience in the crypto industry. Read more
Fren, Feature- rich Social Community launched on the Blockchain
Fren is a unique social landscape leveraging blockchain technology. It intends to create a community where members can meet to learn together, play together and invest in projects jointly. It has already gained traction and currently boasts of over 5,000 token holders. This token is currently trading in three exchanges and plans are underway to list it in more centralised exchanges. It is currently listed in Poloniex, BKEX and Uniswap. This token has a current market cap of over $400K. Its social media handles are also active and it currently boasts of a membership of over 2,000 members on its telegram group.
Make Money Hands-Free with maxxer, the First Social Trading Exchange!
Social Trading (a form of investing that allows investors to observe and directly copy the trading behavior of expert traders) is a concept you may have seen on traditional trading sites, but maxxer does things differently. They are a community driven & regulated crypto exchange, that brings crypto novices and experts together.
‘The aim of our exchange is to lower the doorstep for people who want to get involved, but have no idea where to start.’ – Salomo van Mook, CBDO of maxxer.
Users can either follow top traders on maxxer and automatically copy their trades, or become Social Traders themselves and compete in the maxxer social trading league for huge rewards. The league also acts as a qualifier for users to choose the best Social Trader, with badges and achievements clearly shown on their profile pictures! Social Trading is such a simple concept that is yet to be used on a crypto exchange, with massive upside potential; ‘it allows people to make money hands-free’.
XMetaFans – Dedicated VR Content Streaming Platform For Entertainment
The adoption of blockchain technology in the adult industry is on the rise, as blockchain brings huge benefits to consumers, models, and companies. With cryptocurrencies, you can pay with ease and in an effortless manner, eliminating the barriers and censorship which are present with traditional payment processors. One such project is XMetaFans, a VR-based, adult industry project that will bring content creators onto the blockchain. By offering censorship-resistant, affordable, legal, and compliant services, the project aims to specifically address the needs of the $100B entertainment industry. Read more
NFT MARKET SUMMARY
The year 2022 started on a relatively optimistic note but things changed very soon and we have moved in to a situation which is besieged by war, meltdown in financial markets and high inflation in most countries around the world.
The financial markets have been witnessing significant sell-offs on a regular basis although commodity prices are rising, thereby exacerbating the cloud of uncertainty around us. In the midst of all these, we are witnessing a war in which cryptocurrency and even NFT are playing a part. Who would have thought that such digital assets would one day play a role in wars that involve battle tanks and fighter jets?
PayPal CEO Pre- dicts Cryptocurren- cies Will Revolution- ize Global Financial System
The chief executive of one of the world’s largest payments providers is predicting cryptocurrency technology will revolutionize financial systems globally. Ahead of the Axis Tel Aviv international investment conference, PayPal CEO Dan Schulman tells interviewers that he has high hopes for crypto tech in the future. I’m very excited about what crypto and digital ledger technology can do to the financial system going forward…”
Skybridge Capital Founder: Bitcoin Will Be Legal Tender in Many Latin American Countries
The founder of Skybridge Capital has predicted that “bitcoin will be used by many Latin American countries as legal tender over time, not just El Salvador.” He recently doubled down on his $100K bitcoin price prediction but does not currently see the cryptocurrency as a hedge against inflation. Bitcoin Will Be Legal Tender in Many More Countries, Says Scaramucci The founder of investment management firm Skybridge Capital, Anthony Scaramucci, expects more countries to adopt bitcoin as legal tender
Canadian Cops Confiscate Bitcoin Worth Over $28 Million From ExGov’t Employee
Sebastien VachonDesjardins — a former Canadian government IT professional — was charged with conspiracy to commit computer and wire fraud, and other offenses in a federal court in Florida, the US Department of Justice said Friday. The Royal Canadian Mounted Police (RCMP) raided VachonDesjardins’s home and seized 719 bitcoins worth more than $28 million, or 790,000 in Canadian currency
FCA issues termination order for Bitcoin ATMs
The financial watchdog in the U.K. has declared that all nonregistered ATMs must be immediately closed down or be subject to undisclosed additional action. Financial Conduct Authority (FCA), United Kingdom’s central financial regulator, has issued a verdict on the presence of Bitcoin (BTC) ATMs within the island country.