In this episode, we will look into the facts that support the further upward movement of BTC price and what the market should do to continue with that move. At the same time, we will look at the indicators that suggest that we will shortly be in a fast reversal and the price could dump to the bottom.
This is Wunderbit Trading and we’re carrying on with our weekly Bitcoin and Ethereum price analysis, and let’s go straight into the content. As usual in front of you, you can see four different charts, but they are all related to Bitcoin, the one on the top left the BTC futures, the one on the top right is the BTC dominance and the two at the bottom are related to the BTCUSD and BTCUSDT prices. The one left is from Bitstamp exchange, on the right, is from Binance.
So, first things first, let’s switch off all our predictions that were made in the past and just look at the weekly time frame to analyze the candlesticks themselves. And you can see that both on the futures markets and on the spot markets we were seeing some solid gains in terms of the price and that’s actually quite good. At the same time, looking three weeks in the past, we can see that we rebound from 200MA and the price was steadily increasing and the price gained almost 28 percent.
Bitcoin Futures Price Overview
So, switching our analysis and going into the futures market first, as usual, we’ll start from the daily chart. Over here we can definitely see that we closed the gap which was formed in the previous week. At the same time, what we can see here is that the volume today is actually quite good, the volume is increasing, it’s above the 20 moving average based on the volume. Another good thing is that there is still a good potential to go higher, at least towards the area of 7600 BTC/USDT, at which we will face the certain resistance level.
At the same time, going to the 4-hour chart, what we can see on the futures market is that currently, we’re actually going towards the 200MA which is also in the same area of 7500 BTC/USD. So this will be a very important area of resistance. And if the bulls will be able to break it and then stay above it, this will signify that we’re actually starting to roll rather than to have the retracement of the overall downward move. At the same time, we would be able to see some consolidation over here because we’re currently stuck in between the 50MA and 200MA.
Once again, I would like to point out that the volume is actually quite good in the futures markets as well, we can see the nice spike and exactly the same spike was over here when we were actually going down, so the volume is building up, which is a very good and strong sign for the bulls.
BTC Dominance Analysis
Looking at the BTC dominance and starting from the daily chart, we can see that currently what we predicted in the previous week is actually something we are experiencing right now. We went towards the 200MA, we checked it as a resistance and we’re bouncing down from it. Once again, the 50MA will act as the support right now, so we might see some sort of consolidation which is going between the altcoins and the Bitcoin, but then we’re expecting a further downward move for the BTC dominance, which means that some of the altcoins can grow really rapid and really fast. But the most important thing is obviously the BTC price on the spot markets.
Bitcoin Price Analysis on Bitstamp Exchange
So, starting from the Bitstamp exchange, what we can see here is obviously that we can see the triangle like that, where the price is currently consolidating. We’re trying to break above this crucial level over here. We already did it once on the 2nd of April and the price there was around 7220 BTC/USD. So only breaking that level and with a solid candlestick, and the candlestick will close above this, will signify that we’re actually breaking above this triangle and we’re carrying on with an upward movement.
However, there is a word of caution that the 50MA and the 200MA both of them will act as a resistance. So we should be extremely careful in terms of signifying that this is an upward move and just buying straight away here. What else can happen is that even though on the 4-hour chart we broke above the 200MA, we still can recheck it and then try and make another attempt. At the same time, we can see that this top of the triangle will act as a resistance and we might go down towards the bottom line of the triangle and only then try to break it.
The other scenario is, obviously, that this will hold, this resistance line will hold and we will carry on with a downward movement, and this is something that we also expect if the price if the buyers if the bulls will not be able to push the price higher. So, basically, what we expect here is that we might see a retracement back towards the 200MA, we might see another golden cross on the four-hour charts and then try to break the resistance once again.
If it won’t hold, if the volume will not be sufficient enough, if the bulls will not be able to push the price higher, then there could be a nice downward move towards the area of 5800 BTC/USD, and this is something to keep in mind. We can also put the Fibonacci retracement starting from the beginning of that move towards the final area right now, and we can see that the area of 5800 BTC/USD is slightly below the 50 percent of the Fibonacci retracement, which is also quite a good and healthy retracement if we are carrying on with this upward move in the long run.
Bitcoin Price Analysis on Binance Exchange
So that currently looks at the Binance exchange over here. What we can definitely see is that we are trying our best to actually go beyond this level of resistance of around 7100 BTC/USDT. Whether it will be possible or not will be decided within this week. And for that reason, we’re actually closely monitoring what’s happening right now on the spot exchange markets.
For that reason, we actually went for the fifteen minutes timeframe because you can see that earlier this morning we started the solid move. We can see the increase in the volume, at least some volume was building up and we can see a nice and solid increase. At some point, we should see the retracement of that.
So if we’re carrying on with an upward move based on the Fibonacci retracement, we should reach at least 38 percent Fibonacci retracement, so this will be the area of around 6900 BTC/USDT. If the bulls will be able to hold this position, then it is a very nice and strong signal for the upward move. However, let’s look very closely in the other scenario which is also possible. And for that purpose, we’ll go to the daily time frame. So if we believe that this was the triangle that we were experiencing during the downward move in July and September and December and not just a downward movement in a channel, then this is exactly the area where we should meet some resistance right now.
So this is the bottom, this is the bottom where this was the accumulation during the most recent price upward movement, and this is exactly the area where we should see some retracement based on the level of the volumes which we are currently experiencing. If that is true, then the next line of resistance is also the 50MA.
So there is quite a lot in terms of the actual resistance from the market and quite a significant resistance which is occurring right now, so that’s why this week will be extremely important. If the bulls will be able to hold this area to form another zone of accumulation here, then we should see and experience the further increase in price.
If not, as stated before, we can go down straightaway to around 5800 BTC/USDT, so somewhere around here where we’ll see another level of support, maybe 6200 BTC/USDT will be the intermediary stop because this is exactly where we can see another huge volume, horizontal volume building.
So the overall conclusion for the BTC is that, currently, we’re actually on a crossroads. We’re either going to see the bulls defending its gains and putting it further towards the upper side or we should shortly see the bears who will come into the market and the price will start its decrease further down.
Ethereum price analysis
So let’s look at the Ethereum price right now. What you can see from the daily chart is exactly the same triangle as we can identify at the BTC price chart, so it will look something like this.
Currently, almost at the top of the triangle, we’re trying to break that triangle. If we actually draw it based on the previous high, we’re currently above that, however, the only problem for me, for example, is the volume. The volume is not big enough yet to signify that this is a significant breakout and we’ll carry on with the upward movement.
At the same time, we are coming towards the area of the resistance at 165 ETH/USDT. The 50MA will act as a line of resistance as well. So what to expect from here is that we might go and test this resistance and if we will be able to hold the support level of around 150 ETH/USDT, 153 ETH/USDT to stay above this triangle, so the top of the triangle, this will be a very nice and strong signal for the bulls to come in and actually start the upward trend.
The worst-case scenario is very similar to the Bitcoin price. So we can think that there is a potential of a false breakout and then the price will just go straight down, break this triangle to the downside and we’ll go to the area of 120 ETH/USDT at least. So this is the prediction so far based on the Ethereum price at this particular moment.
Well, thank you very much, guys. Please subscribe to our YouTube channel to stay tuned with our weekly reviews of Bitcoin and Ethereum and best of luck with your trading.
Kraken Daily Market Report for May 14 2021
- Total spot trading volume at $3.17 billion, 5.3% higher than the 30-day average of $3.01 billion.
- Total futures notional at $638.8 million.
- The top five traded coins were, respectively, Ethereum (+2.3%), Bitcoin (-1.4%), Tether (0%), Dogecoin (12%), and Polkadot (-0.6%).
- Strong returns from Dogecoin (+12%) and Synthetix (8.5%).
|May 14, 2021
$3.17B traded across all markets today
Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD
#####################. Trading Volume by Asset. ##########################################
Trading Volume by Asset
The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.
Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 14 2021)
Figure 2: Mid-size trading assets: (measured in USD) (May 14 2021)
Figure 3: Smallest trading assets: (measured in USD) (May 14 2021)
#####################. Spread %. ##########################################
Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.
Figure 4: Average spread % by pair (May 14 2021)
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (May 14 2021)
Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (May 14 2021)
###########. Daily Returns. #################################################
Daily Returns %
Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 14 2021)
###########. Disclaimer #################################################
The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.
Ternoa Blockchain’s NFT-based data transmission project gets LVT Capital as a partner
Ternoa Blockchain has found a new partner as it introduces its NFT-based data transmission service to the market.
The company received an investment from Australia-based private equity firm LVT Capital to form a strategic partnership aimed at enhancing the sustainability, innovation, competitiveness, and dependability of Ternoa’s services that allow users to build time capsules for safely transmitting their memories and important data to their descendants even after death.
Building on LVT’s Expertise
With its focus on blockchain, crypto, and tech projects, LVT Capital has already proven its expertise in these areas with its numerous collaborations and investments. The company has already made investments in more than 40 top-caliber crypto, real estate, finance, education, and cybersecurity firms with 200 more under evaluation for potential collaborations.
LVT Capital has the market and technology expertise as well as the resources to enhance Ternoa’s unique service and promote it to boost the company’s competitiveness. For instance, LVT Capital has its own media & marketing services and an online publishing arm focused on blockchain, technology, and business, which makes the firm a perfect fit for Ternoa.
Ternoa Blockchain Offers Customizable Time Capsules
Ternoa Blockchain found a new way to use NFT and blockchain technologies to help people handle their data storage and transmission needs, which is one of the reasons for LVT Capital’s decision to invest in its business. With its Polkadot-powered, NFT-based customizable time capsules, people can securely transmit their memories such as photos, videos, and other important data to future generations or simply use the platform as a secure storage solution.
Ternoa’s platform is flexible enough and gives users several options on how they wish their data to be retrieved by their intended recipients. The available transmission protocols are Safe Protocol, Consent Protocol, Death Protocol, D-day Protocol, and Countdown Protocol.
- Safe Protocol – Data owners can retrieve data at any time, which makes use of Ternoa as a secure and portable storage solution.
- Consent Protocol – Recipients can access the time capsule as long as the original owner does not use his veto option.
- Death Protocol – The time capsule will be delivered to the beneficiaries upon the death of the creator based on local death registries APIs.
- Countdown Protocol – Introduces a countdown feature which can be set to1 month, 1 year, or 10 years. The time capsule will be delivered to the recipient if the countdown reaches the limit. The creator can reset the countdown at any time.
- D-day Protocol – Time capsule can only be accessed on a specific date, which is set by the creator.
While the loss of data is always an issue for other data storage solutions, Ternoa eliminated this risk by making copies of the files inside the time capsule, which are stored in other dex storage blockchains. At the moment, Ternoa sends these copies to Aerweave, Sia, and Storj while keeping the original version in its network. To learn more about the project, click here.
IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.
Altcoins pop while Bitcoin looks for support near $50,000
Bitcoin (BTC) continues to look for direction but as this occurred, Ether and altcoins bounced higher from the May 13 sell-off. Dogecoin shocked investors with its 47% rally that kicked off after Coinbase announced that it would list (DOGE) in the coming months. Doge price also rallied after Elon Musk tweeted that he was “Working with Doge devs to improve system transaction efficiency. Potentially promising.”
While many altcoins have seen double-digit gains during the recovery the price of Bitcoin (BTC) has continued to languish near the $50,000 level as whale wallets containing at least 1,000 BTC have declined by 4.7% compared to the previous month, indicating possible profit taking or a rotation into different assets.
Data from Cointelegraph Markets and TradingView shows that while the Bitcoin recovery has been muted, demand for Ether (ETH) led to an 18% rally as the altcoin notched an intraday high at $4,173 on May 14.
Gains in the top altcoin come amidst mixed fundamental developments, with data from Glassnode showing that wallets holding at least 32 ETH have been steadily declining in recent months suggesting that fewer people are interested in becoming “full validators” for the network’s upcoming proof-of-stake blockchain.
Altcoins rally higher
While the debate about whether or not the market is officially experiencing an altseason rages on, one of its trademark characteristics is a sideways trading Bitcoin that leads to traders refocusing their attention on the altcoin market and leading to a decline in Bitcoin dominance.
One of the breakout stars of 2021 is Polygon (MATIC), which has seen its price rally 60% over the past 24-hours to reach a new record high at $1.75.
Another project whose price surged 45% from the lows on May 13 is iExec RLC (RLC), a decentralized cloud computing network that got a boost of adrenaline earlier in the week after Coinbase revealed that it would list the token.
Other notable performances include an 80% increase in the price of Ergo (ERG) and a 48% increase in the price of Sora (XOR) which lifted the token’s price back above $800.
The overall cryptocurrency market cap now stands at $2.307 trillion and Bitcoin’s dominance rate is 40.3%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet
Justin Sun Offers $50M Dogecoin For TRX And BTT SpaceX Satellite Launch
Billionaire Druckenmiller says ledger-based system could replace USD worldwide
Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries
XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?
Sigmax.io introduces an innovative trading bot that simplifies arbitrage trading
First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US
Dfinity’s ICP token sees violent first day of trade on major exchanges
Raze Network Kicks Off Testnet Phase With UI Community Voting
Binance Lists SHIB, Will It Become The Next DOGE?
Data Agnostic Oracle Network ORAO Chooses TRON’s Blockchain Over Ethereum’s
Casper Network’s CSPR Spot Trading Now Open on OKEx
The challenges with designing a CBDC, explained
How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?
dotmoovs Raises $840,000 From Strategic Investors and Partners
Block.one and partners raise $10B to launch EOS-based crypto exchange: Bullish Global
When dollars meet the hype: The biggest NFT hits from celebrities
PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain
Elon Musk-led SpaceX to accept Dogecoin as payment for moon payload.
AI-powered crypto trading app BlockBank to use API3’s data feeds
Blockchain1 week ago
Major Law Firm CMS Adds Stratis (STRAX) to its Legal Accelerator Program
Blockchain1 week ago
Crypto Market Cap Added $300B in 7 Days as Altcoins Explode: The Weekly Recap
Blockchain4 days ago
Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet
Blockchain6 days ago
Ray Dalio’s Bridgewater CFO leaves to work on Bitcoin full-time
Blockchain6 days ago
Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder
Blockchain7 days ago
CFO of World’s Largest Hedge Fund Joins Institutional Bitcoin Firm NYDIG
Blockchain6 days ago
Ethereum (ETH) Hits $3800 ATH As Coinbase Premium Shoots With Institutional Interest
Blockchain6 days ago
Crypto Banter Will Give Away Over $500K To 10 Eligible Community Members