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Bitcoin Immediately Rejected After Retaking $40,000 Level

While the long-term trend is likely bearish, the short-term trend remains bullish as long as Bitcoin is trading above $36,717.   Hidden Divergence Causes Bitcoin Pump BTC has been moving upwards since reaching a local low of $30,402 on Jan. 11. It created a long lower wick just above the 0.382 Fib retracement level of … Continued

The post Bitcoin Immediately Rejected After Retaking $40,000 Level appeared first on BeInCrypto.

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Bitcoin (BTC) reached a high of $40,112 on Jan. 14 but was rejected immediately after and has been decreasing since.

While the long-term trend is likely bearish, the short-term trend remains bullish as long as Bitcoin is trading above $36,717.

 

Hidden Divergence Causes Bitcoin Pump

BTC has been moving upwards since reaching a local low of $30,402 on Jan. 11. It created a long lower wick just above the 0.382 Fib retracement level of the most recent upward movement.

BTC increased to $40,112 on Jan. 14 before getting rejected.

Technical indicators in the daily time-frame are bearish. While the RSI has generated a significant hidden bullish divergence, a price increase has already occurred as a result.

The MACD is moving downward and the Stochastic oscillator has made a bearish cross. These are both strong signals that the trend is bearish.

BTC Daily
BTC Chart By TradingView

Future Movement

The six-hour chart shows that BTC has been rejected at the 0.786 Fib retracement level, which previously acted as support. Therefore, the $39,463 area is now confirmed as resistance.

Despite the rejection, technical indicators are still bullish and there is an ascending support line currently at $34,000. This means that it’s possible that the short-term trend is still bullish.

BTC REtracement
BTC Chart By TradingView

The two-hour chart shows that BTC is following another, shorter-term ascending support line. This line is currently just below the $37,143 support area, which is the 0.382 Fib retracement of the most recent upward movement.

As long as BTC is trading above this support area/line, the short-term trend is still considered bullish.

BTC Short-Term chart
BTC Chart By TradingView

BTC Wave Count

The wave count shows that BTC has possibly completed an A-B-C corrective structure.

Yesterday, BTC was rejected by the resistance line of a parallel ascending channel, which suggests that the movement is corrective.

BTC Channel
BTC Chart By TradingView

While the A-B-C correction looks completed, it’s still possible that wave 5 will extend.

Therefore, until BTC falls below the $36,717 sub-wave 4 low (shown with the red line), it’s possible that the upward move will continue. It could potentially reach a high of 42,603, which would give waves A:C a 1:1.61 ratio.

BTC Waves
BTC Chart By TradingView

While it’s possible that the BTC trend is in wave 4, it doesn’t fit with the longer-term count.

Furthermore, the invalidation level would be the same. So, for the time being, it doesn’t seem worth it to track this count.

BTC Alternate
BTC Chart By TradingView

Conclusion

While Bitcoin seems to be nearing the top of its corrective movement, the short-term trend is considered bullish as long as BTC is trading above $36,717.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/bitcoin-immediately-rejected-after-retaking-40000/

Blockchain

Binance Coin, XRP, Dogecoin Price Analysis: 16 May

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Binance Coin headed south towards $500-$510 support – a region bolstered by the 50-SMA (yellow). XRP jumped by 16% on strong volumes but its technicals were yet to reflect a strengthening bullish trend. Finally, Dogecoin could see further dips before a rise above $0.569-resistance.

Binance Coin [BNB]

Source: BNB/USD, TradingView

On the 1-day chart, Binance Coin slipped below $600 and its 20-SMA (blue) and headed towards $500-$510 support – an area that clashed with the 50-SMA (yellow). With large-cap alts trading largely in the red after bearish cues from the market leaders, BNB was no exception. Warning signals came in the form of a bearish twin peak setup on Awesome Oscillator.

Furthermore, bearish divergence on RSI indicated weakening prior to BNB’s dip. At the time of writing, RSI traded in neutral 50-territory. On the 4-hour chart, BNB moved below its 200-SMA and although traders could go long at the current price level, a further pullback towards $500 could be on the cards depending on broader market cues.

XRP

Source: XRP/USD, TradingView

XRP bashed away multiple bearish signs and jumped by 16% in the last 24 hours. Bullish sentiment may have stemmed from Ripple’s response to the SEC’s request of an informal conference to discuss all legal advice that Ripple has solicited during the past.

A series of successive green candlesticks were spotted on XRP’s daily chart and underscored buying resurgence. According to XRP’s technicals, bulls were yet to fully assert control. MACD was close to a bullish crossover, while RSI headed towards the 60-mark. A break above $1.75-resistance could spur some additional buying, while $1.31-$1.22 would provide support in case of further pullbacks.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Even though Dogecoin was slightly bullish, the price remained below a key resistance level at $0.569. In fact, Squeeze Momentun Indicator noted weakening buying pressure and it seemed unlikely that $0.569 would be toppled over the coming days – barring any social media anomalies. Support marks stood at $0.37 and $0.44.

MACD line remained below the Signal line- underlining recent woes for DOGE. On the lower timeframe, a degree of equilibrium was noted between the buyers and sellers. If this continued over the coming hours, some consolidation can be expected before the next upswing.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/binance-coin-xrp-dogecoin-price-analysis-16-may

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Blockchain

Facebook’s Diem Unveils Its Latest Stablecoin Plans and Strategic Move to the United States

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Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States. 

The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system license application from Switzerland’s financial regulators. “Diem is simplifying its plans for [its] USD stablecoin issuance by shifting its main operations from Switzerland to the United States,” they said.

This decision was later confirmed by the Swiss Financial Market Supervisory Authority. 

Stablecoins are digital currencies pegged to a fiat currency, with Tether (USDT) and USD Coin (USDC) being two prominent examples. California-based Silvergate Bank will become the sole issuer of the Diem USD, while also managing its dollar reserves. 

Diem to Launch Wholly New Subsidiary Diem Networks US Alongside Crypto Bank Silvergate

In a strategic partnership, the two firms have created a new subsidiary called Diem Networks US — which will run the Diem Payment Network (DPN) to facilitate transactions of Diem stablecoins within its network. 

“Silvergate is a leader in financial innovation and an ideal partner for Diem as we move forward with a blockchain-based payment system that protects consumers and enhances the integrity of the financial system,” said Stuart Levey, chief executive officer of Diem.

“We are committed to a payment system that is safe for consumers and businesses, makes payments faster and cheaper, and takes advantage of blockchain technology to bring the benefits of the financial system to more people around the world. We look forward to working with Silvergate to realize this shared vision.” 

Diem’s strategic shift to the United States comes at a time of a rapidly evolving regulatory environment for cryptocurrencies and blockchain technology. 

Some municipalities and states such as Miami and Wisconsin have embraced the recent innovation, whereas regulators such as the newly-appointed SEC Chair Gary Gensler have critiqued the autonomy of the crypto industry. 

With crypto ETFs and related financial products under intense scrutiny by the SEC, it remains to be seen whether Diem’s decision to relocate back to the United States will bear any fruit.

Featured image from ShutterStock

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=facebooks-diem-unveils-its-latest-stablecoin-plans-and-strategic-move-to-the-united-states

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Blockchain

Crypto Research Firm Delphi Digital Launches Latest NFT Fund

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Delphi Digital, a New York-based crypto research and venture firm, recently launched its latest on-chain fund to invest in non-fungible token (NFT) projects. 

The fund, referred to as Delphi InfiNFT, is based on decentralized finance (DeFi) investing protocol Syndicate. “It will enable automation of deposits, cap table, distributions, fund management, reporting, etc.” said Anil Lulla, co-founder of Delphi Digital. 

“NFT’s are changing digital ownership rights, as well as how creators are interacting with their communities. Along with the growth of the NFT space, there is supporting infrastructure that needs to be built alongside it. The goal of this fund is to find the protocols that are moving the NFT space forward and building the infrastructure that is needed.”

Delphi Digital has partnered with NFT investor Gmoney for its NFT fund, who famously purchased a CryptoPunk NFT for a record price of 140 Ethereum worth approximately $180,000 at the time. Gmoney and Delphi will co-manage the fund together. 

According to their website, the fund will look to create an investment portfolio consisting of 20 protocols through InfiNFT. “We plan to deploy at least 80% of the fund’s capital in the first 6 – 9 months as we find protocols that fit with our thesis,” the team report read. 

“We will identify and select leading NFT networks through our networks and communities. We’ll be working directly with the teams we invest in to help them become a core piece of the NFT ecosystem long-term.

Delphi’s InfiNFT is backed by IDEO CoLab Ventures, Divergence Ventures, Axie Infinity, Compound Finance, and Fractional, among others. 

The recent steep Ethereum selloff led to massive losses in market cap across the NFT markets. According to NFT Valuations, Cryptopunks’ total market valuation dropped $600 million this past week — representing over a 66% loss. In spite of the recent volatility, investors like Delphi Digital appear to be confident in the long-term prospects of the non-fungible token space.

Ethereum (ETH/USD), alongside the broader crypto market, suffered week-long losses following the news of Tesla cutting its Bitcoin payments. At press time, Ethereum is down 9.3% in the past week. Source: Tradingview.com
Featured image from UnSplash 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/crypto-research-firm-delphi-digital-launches-latest-nft-fund/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-research-firm-delphi-digital-launches-latest-nft-fund

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