Fears of a recession, supply chain issues, a China lockdown, and tightening monetary conditions led investors to trim exposure to risky assets last week. The Dow Jones Industrial Average recorded its firstever eighth-straight weekly loss since 1923. Identically, Bitcoin also made history by closing in the red for the eighth consecutive week. Although the US equities markets made a strong comeback on May 23, Bitcoin continues to struggle above $30,000.
One of the reasons could be that after the collapse of TerraUSD and LUNA, institutional investors are likely to tread cautiously as the crypto space could come under regulatory scrutiny. Galaxy Investment Partners CEO Michael Novogratz warned his Twitter followers that in 2018, altcoins had fallen more than 95%.
Currently, altcoins are down about 80%. This implies that if history repeats, altcoins could fall another 70% from here. Hence, instead of picking bottoms, Novogratz suggests investors “scale in slowly.
Bitcoin’s recovery attempts repeatedly turned down from the downtrend line in the past few days. This suggests that bears are defending the level with vigour. The bears will now attempt to pull the price below the strong support at $28,800. If they manage to do that, it will open the doors for a possible drop to $25,338.53.
This is an important level to keep an eye on because if it gives way, the selling could accelerate and the BTC/USD pair could drop to the psychological level of $20,000. On the contrary, if the price rebounds off the current level, it will suggest that bulls are accumulating on dips to $28,800. The buyers will then make another attempt to push the pair above the downtrend line.
If they succeed, the pair could rise to the 20- day exponential moving average (EMA). If the price turns down from this level, it will suggest that bears continue to sell at higher levels. The bears will then again try to sink the pair below $28,800. Alternatively, if bulls thrust the price above the 20-day EMA,
it will suggest that the downtrend is weakening. The pair will then attempt a rally to the 50-day simple moving average (SMA).
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Smartchem (SMAC)
– Faith Tribe
– Hubble Protocol
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin’s recovery attempts repeatedly turned down from the downtrend line in the past few days. This suggests that bears are defending the level with vigour.
The bears will now attempt to pull the price below the strong support at $28,800. If they manage to do that, it will open the doors for a possible drop to $25,338.53. This is an important level to keep an eye on because if it gives way, the selling could accelerate and the BTC/USD pair could drop to the psychological level of $20,000. Read more
ETHEREUM – ETH/GBP
The bulls failed to push Ether above $2,159 on May 17 which attracted strong selling by the bears. The sellers pulled the price below the psychological support at $2,000 on May 18 but they could not build upon this advantage.
Strong buying at lower levels pushed the price back above $2,000 on May 19. The ETH/USD pair is stuck between $1,900 and $2,159 for the past few days. The longer the time spent in this range, the stronger will be the breakout from it. Read more
RIPPLE – XRP/GBP
XRP has been consolidating in a downtrend. The XRP/USD pair is stuck inside a tight range between $0.45 and $0.38 for the past few days. This suggests that bulls are attempting to form a higher low at $0.38 but the bulls are not allowing the recovery to rise above $0.45.
The downsloping moving averages and the relative strength index (RSI) in the negative territory indicate advantage to sellers. If bears sink the price below $0.38, the XRP/USD pair could plunge to the crucial support of $0.33. Read more
The buyers failed to push Solana above the immediate resistance at $60, indicating a lack of demand at higher levels. The failure to push the price higher could embolden the bears who will attempt to consolidate their advantage.
If sellers sink the price below the immediate support of $47.75, the SOL/USD pair could slide to $43. If this support also cracks, the decline could extend to the May 12 intraday low of $36. The bears will have to sink the price below this support to signal the resumption of the downtrend. Read more
BINANCE – BNB/GBP
Binance Coin has been attempting to make a V-shaped recovery from the May 12 intraday low at $218.80. This suggests aggressive buying by the bulls.
The buyers pushed the price above the 20-day EMA on May 23 but the long wick on the candlestick shows that bears are selling at higher levels. However, a positive sign is that the bulls did not give up much ground. Read more
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Hubble: A Decentralised Platform That Makes Use Of USDH Stable Coins
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CleanCarbon – An Eco-friendly Business Model for a Pollution-free World
Inefficient disposal of waste in large volumes chokes landfills and water bodies and also cause damage to human health and the environment. Most countries do not have adequate infrastructure and technology required for efficient solid waste treatment.
However, much of this waste, retains value and can be recycled and reused. Significant amount of waste can produce energy that replaces expensive fuels. In recent years, R&D efforts have resulted in many waste treatment solutions that generate energy from landfill-bound waste.
Waste-to-energy companies bring innovative technologies aimed at addressing waste while ensuring better sustenance of the environment and minimum damage to the natural ecosystem.
Hubble Platform: Censorship-Resistant and Decentralised
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