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Outlining Potential Bitcoin (BTC) Wave Counts

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Bitcoin (BTC) has fallen considerably since its April 14 all-time high price. It’s likely correcting in a long-term wave four. However, the exact short-term wave count cannot be confidently determined.

Bullish bitcoin count

BTC has been moving downwards since reaching an all-time high price of $64,895 on April 14, 2021. The drop has been sharp, further accelerating on May 19.

So far, a local low of $30,000 was reached on May 26.

The most likely count indicates that this is wave four of a bullish impulse that began in December 2018. This is because of very similar readings in long-term indicators between the corrective waves two and four.

Weekly Outlook BTC
BTC Chart By Tradingview

If correct, the most likely possibility would be that wave four would take the shape of a symmetrical triangle. This would put BTC in the B sub-wave (white), meaning that it will likely increase toward the resistance line of the triangle.

The minor sub-wave count is shown in orange. In it, minor sub-waves A:C have a 1:1.61 ratio, common in such corrections.

A movement above the minor sub-wave A low at $47,000 would confirm that this is not a bearish impulse but rather a correction, confirming the triangle pattern possibility.

BTC Triangle
BTC Chart by TradingView

Bearish BTC count

Cryptocurrency trader @Thetradinghubb outlined a BTC chart that shows a short-term fourth wave triangle. They indicate that a breakdown is most likely.

BTC Triangle
Source: Twitter

The proposed count indicates that the current movement is a symmetrical triangle.

Since triangles are usually contained inside wave four, it would mean that this is potentially wave four of a bearish impulse. Another increase towards the resistance line would be likely before the eventual breakdown.

Short-Term Triangle
BTC Chart by TradingView

If so, this would mean that a bearish impulse (orange) began after the aforementioned April 14 all-time high. In it, BTC is currently in wave four. 

The price movement somewhat fits with this possibility. BTC has broken down from a descending parallel channel and validated it as resistance (red icons) in a potential fourth wave pullback. 

Potential targets for the bottom of this movement are found at $22,000, $17,700, and $14,000. In terms of the sharpness of the decrease without a bounce, the fall would be historically unprecedented.

If BTC does not reclaim the channel, this bearish scenario would be a likely possibility.

BTC Bearish
BTC Chart by TradingView

Since it’s a bearish impulse, the movement would be wave A in an A-B-C corrective structure (orange), in order to complete wave four (red) and a potential fourth wave pullback.

While this is technically valid, due to the sharpness of this correction relative to the previous ones and the bullish readings from daily indicators, this does not seem likely.

BTC Long-Term fourth wave
BTC Chart by TradingView

For BeInCrypto’s previous bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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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/outlining-potential-bitcoin-btc-wave-counts-2/

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TFT Set 5 Nightbringer Cup: Standings, scores, and schedule

Sweating for that top four.

The post TFT Set 5 Nightbringer Cup: Standings, scores, and schedule appeared first on Dot Esports.

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A healthy mix of veteran and upcoming Teamfight Tactics stars are competing in the North American qualifier Nightbringer Cup with a goal of advancing to the Reckoning Midset Finale. 

A total of 128 players were invited to compete at the Set Five Nightbringer Cup from June 18 to 20. An official broadcast was scheduled for the day three finals, with players streaming days one and two. North American tacticians seeking to compete in the Midset Finale for a chance to play at Reckoning Worlds needed to qualify via the Challenger Series, Dawnbringer Cup, or Nightbringer Cup. 

Related: TFT Set 5 and 5.5 NA competitive roadmap: Full schedule and standings

Tacticians split into 16 lobbies during the first day of the competition at the Nightbringer Cup, with the top four in each lobby advancing to day two. Dividing up into eight lobbies on the second day, the top four in each lobby advanced to the Nightbringer Cup finals to compete for 16 seats at the Reckoning Midset Finale on July 15 to 18.

June 18 Nightbringer Cup standings

Day one of the TFT Nightbringer Cup was intense, with a number of veterans not making the cut for day two. From Team Liquid’s and North America’s Set Four champion Kurumx to Peeba and Souless, a number of well-known tacticians did not advance. 

Here were the top 64 TFT players advancing to the second day of competition at the Reckoning Nightbringer Cup:

Player NA Ladder rank Lobby Total score
Devlus 97 A 32
Shabriel 96 A 31
Buzzyboo 1 A 28
Xthefarmerx 32 A 27
Jirachy 2 B 36
mOOjo 95 B 28
Stategies 63 B 28
Simony 98 B 27
SimonMoon 99 C 37
Kings 35 C 34
Volc4884 3 C 32
e9ns 30 C 31
FECross 61 D 32
Nexthy 4 D 30
iiLucky 29 D 29
invecTiv 93 D 25
JiveNThrive 37 E 38
Robinsongz 5 E 34
RamKev 28 E 32
Kranos 60 E 30
Benva 59 F 36
Rokuyo 70 F 32
kci 27 F 29
Nitsuaa 38 F 29
Saibur 90 G 33
Auqaa 71 G 31
Soobydooo 58 G 31
Peeled Papaya 122 G 27
Gyalubaby 57 H 39
Noobowl 8 H 32
Azarin 40 H 30
Horsa 104 H 25
Ramblinnn 9 I 41
ChungMoney12 41 I 34
Jonich 73 I 27
PPHURA 88 I 25
Alex Guo 247 42 J 40
Cradin 87 J 29
Level1Raft 119 J 29
Sphinx 10 J 28
Casparwu 86 K 39
Live for the Day 22 K 36
ThisJX 118 K 28
Darth Nub 43 K 27
Kevyzhou 117 L 41
Chickenburrito1 44 L 28
aerOstOrm 108 L 28
Prine 21 L 27
Velayy 20 M 33
Father of Shalom 45 M 31
Takengirlsonly 116 M 31
Zugrug 84 M 30
Kyivix 19 N 40
Trll 83 N 30
IMissVoidSins 14 N 28
Dowsie Protector 46 N 28
Justnice 18 O 35
dohmoh 47 O 30
intc 82 O 30
Nixxy Kong 79 O 25
Staxl 81 P 37
Prose 113 P 33
TFT Ren 80 P 29
LuckyMan 49 P 27

This article will be updated following each day of TFT competition at the Nightbringer Cup.

Source: https://dotesports.com/tft/news/tft-set-5-nightbringer-cup-standings-scores-and-schedule

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Saylor Compares BTC to Early Apple: ‘No One Can Stop, and Few Understand’

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MicroStrategy CEO Michael Saylor has compared his early backing of Apple to that of bitcoin, calling the crypto “a dominant monetary network that everyone needs.”

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The bitcoin maximalist recently tweeted about an old video that surfaced. The video features Saylor talking about Apple and how bullish he was on the company back during the iPhone 5. Saylor commented in the video, saying “I would be very long on that company, whoever is selling that stock must be a moron.”

Saylor commented on the old video, this time relating his opinion to BTC. The founder of MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services, made references to early Apple growth and bitcoin. 

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In a tweet, he said “Apple was a dominant mobile network that everyone needed, no one could stop, and few understood. Bitcoin is a dominant monetary network that everyone needs, no one can stop, and few understand.”

MicroStrategy bullish on BTC 

Saylor and his company have been extremely bullish on BTC in recent months. Earlier this week, MicroStrategy announced that it would be selling $1 billion in stock to purchase more bitcoin. Saylor also joined the newly launched Bitcoin Mining Council which will look at how to make bitcoin mining more energy efficient in the future. 

The company has also recently sold $500 million in secured notes to raise funds to purchase more bitcoin. The company currently holds well over 90,000 BTC in its reserves, totaling more than $3 billion with no plans on slowing down anytime soon. However Saylor has previously stated that the entities he controls hold 111,000 bitcoin. 

The bitcoin maximalist has no plans on selling any bitcoin anytime soon. 

Speaking at the Parallel Summit 2021 earlier this week, Saylor also commented further on bitcoin, saying “I don’t think there’s any other asset where every intelligent person who understands it, decides to do everything they can to make it more valuable.” 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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Source: https://beincrypto.com/saylor-compares-btc-to-early-apple-no-one-can-stop-and-few-understand/

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Bitcoin Price Showing Bearish Downtrend Despite On-chain Metrics Indicating Favorable Network Conditions

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The price of Bitcoin (BTC) has continued to drop as the premier cryptocurrency stays afloat a price well below its 7-day high of $41,295.27. At present, BTC is down 5.21% to $35,952.61 according to CoinMarketCap, a bearish positioning that negates the current favorable conditions of the Bitcoin blockchain. Since the price of Bitcoin began retracing from its All-Time High price above $64,000, the market trend has witnessed a more passive engagement from retail investors across the board.

This low activity rate is made more evident as Glassnode data showed that the cumulative or total fees paid on transactions in the network have attained their lowest level of 1.390 BTC in the past one year per a 7-Day Moving Average estimate. Based on a similar trend, the lower fees indicate a lack of congestion by users in the blockchain. 

This trend has its inherent impacts which are both negative and positive. On the negative end, the overall price of Bitcoin is kept low as inconsistent transactions and lack of buy-ups that stir a bullish run is absent. The positivity is best targeted at users as sending funds is now relatively cheaper, and more attractive.

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Investors Back US Traditional Markets: Impact on Bitcoin

Traditional market investors have pumped more than $756 billion in the daily reverse repurchase operation, a move that came after the Federal Reserve boosted interest rates for the traditional market offering. 

Following the meeting of the Financial Open Market Committee (FOMC) held last Wednesday, the interest rate for overnight repurchase agreement was adjusted to 0.05%, better than the 0% it has been, and the interest rate it pays banks on reserves held at the U.S. central bank was also boosted to 0.15%. These increments influenced the recorded inflows.

In tandem, the United States Dollar appreciated against other currencies on Friday, rising 92.70 against top fiat currencies. This may also account for the unrelenting sell-offs in the Bitcoin markets, as an appreciated Dollar is a cogent advantage for the market bears.

Economic policies from market watchdogs have an overbearing impact on Bitcoin and the cryptocurrency ecosystem as a whole. While many market proponents and bulls anticipate a resurgence in price amidst growing fundamentals, the current performance of Bitcoin does not discount the favorable nature of the network at present.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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