Bitcoin ended April on a sombre note with a decline of more than 17%. Bitcoin was not the only asset class that faced drubbing in April, the Nasdaq Composite plunged 13.3% recording its worst monthly performance since October 2008. The S&P 500 had its worst performance since March 2020 as it fell 8.8%.
During Berkshire Hathway’s annual shareholders’ meeting, Warren Buffet and Charlie Munger doubled down on their criticism of Bitcoin. Buffet said he would not buy all the Bitcoin in the world even if it was offered to him for $25 because according to him, it does not “produce anything” unlike rental property or farmland. Munger went a step ahead and said that Bitcoin is “still likely to go to zero.”
We had suggested in our previous analysis that the 20-day exponential moving average (EMA) will act as a resistance and that is what happened. Bitcoin turned down from the 20- day EMA on April 28 and dropped near the strong support at $37,000 on May 1. The bulls bought the dip but the recovery continues to face selling near the 20-day EMA.
If bulls fail to clear this hurdle quickly, the possibility of a drop below $37,000 increases. If that happens, the selling could pick up momentum and the BTC/USD pair could plummet to $34,322 and later to $32,933. While the downsloping 20-day EMA signals advantage to bears, the positive divergence on the relative strength index (RSI) suggests that the bearish momentum may be losing steam.
The first sign of strength will be a break and close above the 20-day EMA. If that happens, the pair could rally to the 50-day simple moving average (SMA) where the bears may again pose a stiff challenge. The bulls will have to clear this hurdle to indicate that the selling pressure has reduced.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Mine Netoork
– Nunu Spirits
– Loop Ventures
– Ernest in Disguise
– Have NFT
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
We had suggested in our previous analysis that the 20-day exponential moving average (EMA) will act as a resistance and that is what happened. Bitcoin turned down from the 20-day EMA on April 28 and dropped near the strong support at $37,000 on May 1.
The bulls bought the dip but the recovery continues to face selling near the 20-day EMA. If bulls fail to clear this hurdle quickly, the possibility of a drop below $37,000 increases. If that happens, the selling could pick up momentum and the BTC/USD pair could plummet to $34,322 and later to $32,933. Read more
ETHEREUM – ETH/GBP
We had highlighted that Ether is trading inside a descending channel pattern and if the price turns down from the 20-day EMA, it may extend its stay inside the channel. That is what happened as the price turned down from the 20-day EMA on April 29 but bounced off the support line of the channel on May 1. Read more
RIPPLE – XRP/GBP
We had warned in our previous analysis that if buyers do not push the price above the 20-day EMA, XRP could plummet to $0.60 and that is what happened.
The XRP/USD pair broke and closed below the strong support at $0.68 on April 26 and dipped to an intraday low of $0.56 on April 30. The buyers are attempting to defend the level as seen from the rebound on May 1. Read more
Terra’s LUNA token plunged near the strong support at $75 on April 30. The bulls purchased this dip and are attempting to push the price above the 20-day EMA.
If they succeed, the LUNA/USD pair could rise to the overhead resistance zone between $100 and $103.50. The bulls will have to clear this hurdle to gain the upper hand. Read more
BINANCE – BNB/GBP
Binance Coin turned down from the 50-day SMA on April 29 and dropped below the strong support at $385 on April 30. However, the bears could not sustain the price at lower levels as the bulls purchased the dip aggressively and pushed the BNB/USD pair back above the breakdown level on May 1. Read more
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CleanCarbon: Innovative Waste-to-Energy Project Based on Blockchain
CleanCarbon is the first asset-backed community-driven blockchain project that aims to sustainably clean our planet Earth. It combines the benefits of decentralised finance (DeFi) with the physical waste-to-energy installations.
In fact, the CleanCarbon project was born to address the fundamental issues which governments as well as companies encounter when tackling pollution and restoring energy from waste products. The mission of the project is to stay in the market and grow in the next 5, 10 or 20 years or even more. Read more
ZiberBugs: An Innovative PvP Autobattler Model Powered by Blockchain Technology
Blockchain and crypto are growing faster than any other global phenomenon in history and gaming has so far emerged as the hottest part of crypto. The Covid-19-induced lockdowns across different parts of the world in 2020 and 2021 have further bolstered the global video game market.
As people were confined to their own homes for weeks and months, they started exploring the world of video games. That helped in the growth of the video game market whose size, in value terms, zoomed to more than US $180 billion in the past couple of years.
In fact, the global market for video games is now bigger than both the markets for movies and sports put together. There are around 2.5 billion gamers in the world at the moment and it is forecast that there will be over a billion eSports viewers by 2025. These gamers spent US $15 billion on in-game “loot” last year. Read more
Ernest Comics Nexus: Welcome to our Launch Presentation
Ernest Comics, built on the Solana blockchain, is seeking to create a world of entertainment with the added advantage of providing ownership of story-based products thus giving birth to a whole new concept of storytelling.
You are hereby invited to attend our Launch presentation that is scheduled for the 11th May. Time and further details will follow over email.
We are looking forward to having an exciting installation in the Entertainment industry by Ernest comics.
The highlight of the presentation will look into our roadmap, partnerships, utility, vision and mission, as well as our Whitepaper.
Loop Ventures Revolutionizes Blockchain Innovation: Loop Ventures Incubator Open for Applications
Built on Terra, Loop Ventures is the world’s first unified investment portal, giving investors access to innovative blockchain projects.
We are glad to announce that applications to our Loop Ventures Nova incubator are currently open, where we incubate and accelerate innovative blockchain projects right from their point of conception, to funding, to scaling. The Nova incubator seeks to ensure success for each project as we feature the most experienced and professional team to provide a detailed look into every project we take on. Investors can only come in after a program is analysed and verified by our team. Read more
Nunu Introduces Nunu Sanctuary, Players’ Home Base
Nunu Sanctuary is one of the basic features at the heart of the project. Nunu Sanctuary is a home base that grows with a player through their journey on the platform. By design Nunu Sanctuary allows users to view and upgrade their Nunu NFTs. The feature also enables users to choose which mini-game they want to play next, select events, missions, and change or trade Nunu with other players.
MINE Network Introduces Its P2E Mining Game MINEverse
MINE Network, the first multi-chain mining metaverse is pleased to announce the launch of the first-ever play-to-earn mining game, the MINEverse.
The MINEverse is a fantasy world made of stone and metal where mining is the path to glory. MINEverse features a dwarven kingdom in which users use a pickaxe and grit to earn Bitcoin (BTC), Ethereum (ETH), and other proof of work tokens derived from real mining power.
PlutusFi Goes Live: Set to Empower Crypto Businesses, Influencers and Enthusiasts
True to their vision (See further, react faster), PlutusFi has gone live some days ago, bringing in a new dawn for crypto companies and investors. Since its SocialFi environment, PlutusFi is the perfect fusion of Web 3.0, finance, and social mechanisms within a blockchain ecosystem.
Web 3.0 is the newest sensation among tech enthusiasts. No one can claim ownership of the mind-boggling technology since its development solely depends on users and different companies like PlutusFi. So, censorship and attempts to shut it down are technically useless.