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Massive Bitcoin Drop. Wait for the Bottom

In this episode, we will look at the recent drop of the top crypto assets and what to expect from this drop. Bitcoin crash is expected.

Republished by Plato



In this episode, we will look at the recent drop of the top crypto assets and what to expect from this drop. As usual, we will consider the factors in favour of the continuation of the downward trend and the signals to look for in the nearest future to identify the local bottom.

As usual, you can see the four different charts, all related to Bitcoin. The one on the top left is the BTC futures and top right is the BTC dominance and in the bottom, on the left is Bitstamp with the longest history and the one in the bottom right is Binance where we trade. So, let’s go straight into the content. 

bitcoin price charts

As usual, we’re starting from the weekly overview, so you can see in front of you the weekly candles. And obviously, the most important thing is that the wall during the past week, we saw a huge move below the 50 Moving Average (MA). And at the same time, this happened over the weekends because the actual candle on the futures was green. So, it means that from Monday till Friday last week or going up and during the weekends we’ve had this huge dump below the 50MA. So, we passed the support level straightaway. On the futures market, we have seen an increase in volume starting from the beginning of the year. So, from January till mid-February, we can see that there was an increase in volume. Now the volume is slightly dropping for the past couple of weeks.

And this can be one of the reasons why it was so easy to pass this particular support of 50MA on a weekly chart. So, let’s switch all our drawings from the previous weeks and go straight into the content. 

Bitcoin Futures Price Analysis (CME)

bitcoin futures price

So, go to the daily charts and going into more details on the future market. We expected this drop towards the area of 61 per cent, between 61 and 65 per cent of a Fibonacci retracement. However, it went even further down. You can see that the Monday move. So, starting on early Monday morning, there was still a downward move even further towards the area of 78 per cent of Fibonacci retracement. But this is exactly what we’ve been talking about last time.

So, we saw the retest of the 200 MA as a resistance. And from that point, we saw a huge drop towards the area where we were expecting the Bitcoin to be – 7900 BTC/USD. For now, the volume is not that great, even though it is higher than the volume during the previous week. But we will still want to see at least the higher volume and probably the divergence on the RSI will be another confirmation that we found a local bottom and somebody is buying bitcoin back.

And so that’s exactly what we expect. And based on the idea that we don’t see this yet and that was the move from the downward trend. So probably we’re going to go even further down rechecking this bottom at around 7300 BTC/USD. And this could be a further downward move for Bitcoin. We can probably go down even below 7300 BTC/USD if we’ll see an increase in volume during that time or we’ll see some area of consolidation. Same as we saw during the previous days.

So over here, there was a slight consolidation between the 200 MA and 50 MA. So this is exactly what we would be looking for in the area of 7200 BTC/USD. At the same time, it would be really nice to see the Divergence on the RSI. While the price will go down the RSI will start increasing. And this will be a signal, including the volume that somebody is buying back the Bitcoin at this level. So this is exactly what we’re gonna be looking for. For now, it obviously looks very heavily to the downside. And we’re not talking today about this gap in particular because this is a huge gap and it doesn’t seem and doesn’t look like it’s gonna close within this week.

This will be very surprising. So the example of such huge gaps are here in history and you can see it while going up. So you can see that this gap, for example, on the 14th of June, we had a massive increase of around 6 per cent. And then this gap was filled only during the September retracement of Bitcoin futures. So I wouldn’t say that we’re expecting this gap, in particular, to be filled year in the first week. It would be of later on, but it would not matter. At that time, because statistically, statistically speaking, we are just concerned about the 1-week projection. 

btc dominance

What we can see over here, we rechecked the zone of 65-66%. We were expecting to go a little bit higher towards the 200 MA to 68% BTC dominance, but we’ve stuck with 50 MA as a resistance, which is a good sign for us, which means that at this stage, the altcoin market can either depreciate slower, which is not usually the case for them, or we can see that some altcoins will be pumping even though the bitcoin is going down. Usually, there is a negative relationship with MATIC, for example, between BTC and MATIC.

Bitcoin BTC/USD price analysis on Bitstamp

bitcoin price bitstamp

We are using BTC/USD from Bitstamp primarily for the long-term analysis.

So again, the weekly overview. Weekly candles suggest that we’re in quite a good downward trend, even though on the 24th of February, we had a very strong bearish candle. On the second of March, it is still bearish. We crossed the 50 MA. So it’s not acting as a support right now. We are going to the local bottom, so it’s around 6900 BTC/USD.

And it looks like we are going to reach this bottom if it will be so, then our prediction, which we made a couple of weeks ago about this huge move and huge triangle and this is the big resistance line over here, which we didn’t touch yet, which means that we need to find another local bottom at this level of 6800 BTC/USD, an increase in volume, for example. All this will signify that somebody is buying back some of bitcoin and converted into long positions rather than short positions. We should go slightly below the level to take off some stock positions as well. And this will be a wonderful setup for the future growth in April, for example.

Bitcoin BTC/USDT price analysis on Binance

bitcoin price binance

Here we’re talking about the short-term trends. We touched there’s a local downward trend line. As we mentioned last time, it was holding us as resistance for some time. We still went through it. And then the level of 8500 BTC/USDT was broken with a very, very nice volume of very strong bearish candles.

You can see that this move overall went towards the next level of support, which is seven thousand eight hundred, which was a mark for us at this stage. You can see a nice and strong volume here. You can see that the RSI go towards the oversold region, which is quite a good indicator to start buying back a little bit of bitcoin. However, don’t rush into it. The usual confirmation I’m looking for is a divergence. So probably something like this.

We’ll see the retest of around 8300 BTC/USDT or maybe 8000 BTC/USDT because it’s just a good round number. And then another decrease, depreciation of the price to a level of 7600 BTC/USDT and if during that stage will have the RSI divergence on the 4-hour chart. This will be a nice signal to consider that we might see some local bottom and there will be a very short upward trend.

Ethereum ETH/USDT price analysis

ethereum price analysis

As usual, we’ll start from the weekly candlestick, same as bitcoin. During the previous two weeks, there was a very heavy drop with a very strong volume, especially on the week starting on the 24th of February. A strong bearish candle on the daily chart, we were talking last time that we went into that channel. Bounced from the bottom of the channel and went to the top of that channel and then a very strong candle yesterday, which broke everything, the upward channel, the 50 MA and stopped exactly at the price that we suggested last time – 200 ETH/USDT. And that’s that was exactly the point.

So, 200 ETH/USDT is a nice round number. Usually, the round numbers count as good areas of support and take in the historical overview that it was acting as a support line for several points in history. So what we’re expecting next is a further downward move. We’re currently between 50 MA and the 200 MA. So we’ll be consolidating a little bit, but it will look like this. So we should go and recheck this 50 MA. I mean, go down towards the 190 ETH/USDT. We should break the level of 200 ETH/USDT. This will be quite vital for us if the price will be quite slow in terms of its movement and we’ll stay in that horizontal channel.

So we will be able to see that the 200 MA start slowly to increase and it will act as the support at around 190 ETH/USDT. We don’t see any divergence here. You can definitely put a downward channel through the top like that. This at some point will act as a resistance. But at the same time what we are looking for right now is a short upward move towards the 50 MA to test that as a resistance now and then to check the 200 MA as a support. This can take a slightly more than a week, but again, taking into account what happened during the weekends, you can probably expect that some move towards the end of the week can be absolutely massive.

That was it for this week. Thank you very much. Please subscribe to our YouTube channel to stay tuned with our weekly reviews of Bitcoin and Ethereum price analysis. And best of luck with your cryptocurrency trading.

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SOLANAX Private Sale Is On For The Cross-Chain DEX

Republished by Plato



[PRESS RELEASE – Please Read Disclaimer]

The cryptocurrency market has left people wondering about the long-term growth prospects and which cryptocurrency they should invest in. Solanax is an automated market maker (AMM) based on the Solana blockchain, which is set to be a game-changer in the cryptocurrency world.

The SolanaX Platform

After parsing through their team of professionals, whitepapers, their project plans, and unique platform capabilities, there is no doubt that once the platform is up and running in full swing, it will undoubtedly change the way people transact today with its simple interface for the public to trade at a record higher blockchain speed and lower gas fees.

  • There are no time-consuming processes or intermediaries.
  • It offers a very simple interface and lower gas fees while initiating the transactions.
  • Solanax increases blockchain speed and makes it more convenient to transact than its peers in the cryptocurrency market.
  • As Solanax is based on Solana’s Proof-of-History verification concept rather than a Proof-of-Work system (as that of Ethereum’s), it will enable users to leverage Solanax’s phenomenal transaction capabilities (Solanax to handle thousands of transactions in a second as compared to Ethereum’s 15).
  • The most crucial part is that while speeding up blockchain transactions and lowering gas prices, Solanax does not compromise on the security aspect.

The Ongoing Private Sale Of Solanax

Solana blockchain is substantially faster compared to its peers, and the ongoing private sale is an opportunity for crypto enthusiasts and investors to participate in this game-changer prospect.

The private sale is still ongoing until Friday, 25th June.

Total Supply: 80 000 000 SOLD Tokens

There will be 20 Million SOLD Tokens distributed before the CEX listing.

Private Sale: Total available token supply – 10,000,000 SOLD

Period: From 06/06/2021 to 25/06/2021

Token Price: $0.1 with a 3months vesting period

Token Price: $0.15 w/o vesting period

Initial Exchange Offering: Total available supply – 10,000,000 SOLD

Final Words

Solanax aims to revolutionize the DeFi exchange network and enhance efficiency levels to new highs. With DeFi gaining popularity, there is an urgent need for the industry to look beyond the older cryptocurrency platforms like Bitcoin and Ethereum. The sluggish transaction speed is one of the prime reasons for Solanax not preferring the Ethereum-like platforms. Besides, Solanax, with its high blockchain speed, simple interface, and low gas fees, is truly a game-changer for crypto aficionados, and Solanax’s Ongoing Private Sale presents the perfect investment opportunity for investors.


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Ethernity CLOUD: Data Confidentiality Backed By Blockchain

Republished by Plato



[Featured Content]

It goes without saying that data confidentiality is one of the hottest topics of the decade. From mega scandals of leaked information to a constant stream of news about large corporations being victims of ransomware, there’s undeniably something lacking in the way data is stored traditionally. For the most part, at least.

The truth is that most users rely on traditional cloud infrastructure. Unfortunately, it has many central points of failure and trust, such as:

  • The centralized nature of the Domain Name System (DNS)
  • The dependency on one or numerous cloud providers for service availability
  • Centralized storage of user information

Blockchain technology and cryptography are quickly becoming a topic that many discuss mainly for its potential to disrupt a range of traditional services – data storage and cloud computing are among them.

Etherenity CLOUD is a project that envisions cloud computing infrastructure to be an environment where the data of users is hosted on a range of systems in a manner that’s both confidential and heavily encrypted. From home computers to professional-grade datacenters, any kind of hardware could be used with Ethernity CLOUD and trust that the information is private while in transition and in general.


Ethernity CLOUD: What is it all about?

If one thing is clear, it’s that centralized data servers have become a primary target for hackers. Less than two weeks ago, CryptoPotato reported that JBS – the world’s largest meat producer, paid $11 million in Bitcoin to ransomware hackers who successfully locked the company out of their data.

Ethernity CLOUD’s infrastructure software is created on top of open-source services and technologies, and the migration from standard, centralized cloud providers to it is relatively simple. This comes as a difference to other decentralized hosting solutions, which tend to be rather complex in their attempts to reinvent the wheel.

The main purpose of the project is to provide blockchain infrastructure to participants so they can run cloud software in a decentralized manner, to rent out their idle or extra hardware, and so forth – all this while also providing incentives for decentralized cloud application developers.

Data Confidentiality and Encryption

Ethernity CLOUD’s architecture is designed in a way to favor the most secure encryption and hashing algorithms. At the same time, it keeps the overhead low in order to prevent performance degradation.

The information that’s being exchanged across the network is encrypted, and the ecosystem is designed in a way that prevents the decryption of information in transit, even with the most advanced cryptographic attacks, including brute forcing and collusion.

Naturally, the encryption of the data at rest is also equally important to Ethernity CLOUD, and it was designed on a trustless business model. The information is stored across the network. However, decentralized cloud service providers are unable to access, read, modify, or even interfere in any way with the node that runs on their machine.

Members of the network, by default, are considered untrustworthy – as it is with other blockchain networks. The software code enforces and ensures the trust, which reassures the decentralized cloud users about the safety of their data.

In turn, all of the above provides ground for the following benefits:

  • Ethernity CLOUD is crucial for freedom of speech in the current internet environment where censorship is prevalent.
  • It can be used as a base infrastructure for an online library.
  • It can be the answer to competitive decentralized services or web applications that demand high availability.
  • Can guarantee high availability of online resources through avoiding single points of failure.

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Euro 2020: Earn As You Watch

Republished by Plato



[PRESS RELEASE – Please Read Disclaimer]

Over the years, the European Championship has always been an exciting competition to look forward to for fans of competing nations and football lovers worldwide. There is the assurance of highly entertaining, unforgettable, and thrilling games as different countries compete for continental glory.

Euro 2020 has undoubtedly met expectations and fulfilled some of those promises, with so much more in the bag as the competition progresses, nearing the knockout stages. Teams like England, Italy, Netherlands, Denmark, Austria, Wales, and Belgium have booked their spots in the next stage, while France, Portugal, Germany, and Spain, known favorites, are yet to qualify.

Building on an impressive run of games under Roberto Mancini, Italy has a flawless run as they top their group with perfect stats. The Netherlands also has an excellent record as they pose a force to reckon with in this edition of the competition.

Belgium also showed class by maintaining a perfect record in the group stage, while Denmark, Austria, and Wales took advantage to book their spots in the next phase of the competition.

As the Euro draws near its most intense, dramatic, and thrilling peak, 1xBit, a leading crypto sportsbook and online casino, has a well-packaged competition, which is on the same plane of intensity as Euro 2020, for all viewers and sports lovers alike.

This competition is EUROMANIA. It is as fun as the name suggests. More importantly, it is highly rewarding!

1xBit EUROMANIA Competition

1xBit EUROMANIA lottery is a carefully designed competition for football lovers and viewers of Euro 2020. As the competition has its favorites, so does EUROMANIA. Many people have significantly benefited from this competition, so you should not be left out, as there are tremendous and handsome prizes yet to be won.

Additionally, this lottery is different from any other you have seen before because joining it allows you to earn crypto as you bet on the Euro. There are various sporting events, vast selection options, and mouth-watering odds.

The steps to joining are simple and direct. Log on to 1xBit, create an account, make a deposit, bet on the Euro, collect lottery tickets and win amazing prizes!

Benefits of Choosing 1xBit

1xBit is a unique betting platform distinct from others because it offers users a fantastic chance of receiving so many benefits. These benefits include:

  • Welcoming Bonus: As a new user, you get the opportunity of earning yourself a reward of 7 BTC as a welcome bonus. This reward is activated after your 4th deposit on the platform.
  • Anonymity: This is yet another benefit you enjoy using the platform. 1xBit does not require any personal information to get started.
  • Instant Payout: You get the chance to have your account funded as soon as you win. No time is wasted in processing your funds as you get them instantly.
  • Multi-currency Account: Whether you have Bitcoin, ETH, XRP, or any other supported altcoin, there is nothing to worry about as you can transact using any of this cryptocurrency.

Enjoy Euro 2020, bet, and win crypto!


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