BITCOIN CASH REJECTED AT $1‚600

Bitcoin cash price has finally broken above the $1000 mark and strong bullish momentum has carried the price to challenge the $1324 mark. Bitcoin Cash price records an over 60 percent price hike across the last seven days showing strong bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement.

The broader cryptocurrency market enjoys a bullish sentiment across the last seven days with most major cryptocurrencies recording profits across the timeframe. Major player includes Ripple’s XRP, and ADA that record a 17.36 and a 7.36 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 6.57 and a 24.93 percent hike.

Technical indicators for BCH/USDT

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the Bitcoin Cash price struggled to climb above the 103 mark. Across the EMAs, the 12-EMA still trades above the 26-EMA, the difference between the two is significant and the chances of them showing a reversal are low.

The RSI broke out of the neutral region on May 5th but has since dropped back into the neutral zone. The indicator currently trades just below the 68.00mark and is moving upwards again suggesting a bullish presence at the current price level. Meanwhile, the RSI trades with a steep slope suggesting the buyers appear to be fighting back.

The Bollinger bands are currently wide but are converging rapidly as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the BCH price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 14  of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 15  of the 26 indicators suggesting a bullish movement against only three indicators suggest a bearish retracement. Meanwhile, eight  indicators remain neutral and do not issue any signals at the time of writing

What to expect from Bitcoin Cash price?

Traders should expect the Bitcoin Cash price to recover to the $1,450 mark as the price action shows strong buyer pressure. The technical indicators are bullish and the mid-term technical analyses also support this notion, suggesting a breakthrough above the $1450 mark. However, the price action still faces bearish pressure and struggles to climb above the $1400 mark. As such, traders can expect brief consolidation at the current price level before upwards movement....

Read more about BITCOIN CASH REJECTED AT $1‚600

BITCOIN SHOULD SURPASS $100000 BY THE END OF 2021

Bitcoin has remained volatile in recent weeks, prompting traders to change the way they invest in cryptocurrency. With this trend in Bitcoin, you can take a long-term and non-speculative approach day-to-day .

Cryptocurrencies are going through an incredible growth stage. While some people see Bitcoin and want to discredit it, you may need to see the graph. BTC has performed quite well in the last 12 months.

The BTC price soared in that period, although its capitalization fell after reaching its all-time high. In such a way, this fall in Bitcoin can be an investment opportunity because the cryptocurrency is gaining momentum. After this negative trend, BTC may hit $100000, leaving traders dumbfounded.

Bitcoin acceptance goes up

Globally, BTC continues to gain ground, increasing its success as a decentralized currency. The Bitcoin acceptance has crossed borders, used as a form of payment in shops, physical stores, and online. This new use of cryptocurrency expands its value because many companies and freelance investors would join the game.

Several companies have bought thousands of dollars in BTC for a short-term investment. These transactions positively affect the cryptocurrency, giving it more credibility and trust.

Entrepreneurs like Elon Musk have also strengthened BTC by accepting payment methods with the token and buying a part of its shares. However, even without these companies, Bitcoin would maintain a good capitalization today.

Years ago, people did not understand crypto technology. Talking about “cryptocurrencies” was strange; even many believed that it was part of a scam. Now, with more than a decade since the creation of Bitcoin, the first cryptocurrency, many people are grateful for the technology.

It was not until recently that BTC was also taken as the digital currency for illegal businesses. It wasn’t easy to buy the cryptocurrency because the platforms with it were constantly hacked.

BTC has changed; today, it is used by various platforms that allow you to invest safely. Robinhood, Cash App, and Venmo dominate the market for their investment security for BTC.

Bitcoin and its long-term evolution

Pushing the BTC price is a simple method in supply and demand. As the BTC base is limited in its supply, it increases its demand for it eventually. The mining design also influences the BTC price by allowing a certain amount of tokens to be kept online.

At the beginning of the year, a news item became a trend; it was about a trader who invested a quarter of a trillion dollars at the beginning of Bitcoin. This person had neglected his Wallet, which prevented him from accessing the cryptocurrency tokens. What is impressive is that a good amount of BTC was held in that client’s Wallet.

All of these held BTC tokens also help in the current demand surge. According to analysis, at least 20% of Bitcoin tokens are blocked by investors.

Overall, BTC has hovered between $58500 and $60000 in recent weeks. The current trend is stable, although it has also experienced reputations in its graph. Crypto experts qualify these spikes as signs that BTC will hit a new all-time high, breaking the $60000 cycle.

But that $52600 drop that occurred recently worried traders. But there is no reason to panic because the uptrend in Bitcoin is back to the game....

NFT SOCIAL NETWORK SHOWTIME RAISES $7‚8 MILLION

Venture capital is flowing into non-fungible token (NFT) platforms at an unprecedented rate. The latest to secure a big chunk of funding is Showtime.

The funding round was led by crypto investment firm Paradigm with contributions from DJ 3LAU (Justin David Blau), DeFiRate’s Cooper Turley, K2 Global founder Minal Hasan, chief strategy officer at CoinShares Meltem Demirors, and a number of other prominent industry figures.

Showtime aims to give content creators a better way of distributing and monetizing their work. In the announcement tweet on May 5, it said that digital art is just the first step, elaborating:

“Our goal is to build a social media protocol that billions of people will use every day across the entire internet. Creators will finally own their content, and soon their online identity.”

Facebook for non-fungibles?

On the surface, the protocol appears to be aiming to become the Facebook of non-fungibles. However, the difference is that users would own and monetize their content rather than the platform controlling and profiting from it. The platform aggregates NFTs to offer an Instagram-type experience.

It was co-founded by Alex Masmej and Alex Kilkka who stated “We’re turning the world of social media on its head by putting users beyond platforms.”

Masmej became well-known for tokenizing himself in April 2020, raising $20,000 and allowing holders of his ALEX token to vote on his life choices, such as exercise and diet. He now wants to give that opportunity to all creators on the Showtime platform, stating that it will be owned and governed by its users, and free of Web2 advertising.

In a statement, Paradigm’s Arjun Balaji said:

“Paradigm is inspired by Alex’s vision of building a user-owned NFT social network, and we’re excited to support the Showtime team as they create the premier NFT consumer platform and revolutionize creator monetization.”

NFT mania continues

There appears to be no letup in the NFT craze that 2021 will be remembered for. It’s not just limited to crypto art either. People from all fields including DJs, boxers, singers, authors, and football players are jumping on the tokenization bandwagon.

The news this week from the cryptosphere has been dominated by NFTs. On May 5, internet personality and entrepreneur Gary Vaynerchuk announced that he would be launching a collection of NFTs.

Also on May 5, IoT firm WISeKey announced the launch of an NFT ecosystem aboard the SpaceX Falcon 9 rocket in June 2021. May 4 was even celebrated by Star Wars fans with an NFT collection just for them....

BITCOIN FINDS SUPPORT NEAR $53‚000 AND BOUNCES

The bitcoin (BTC) price has been decreasing over the past two days, breaking down from a short-term ascending support line.
Despite the decrease, BTC has found support at the 0.5 Fib retracement support level at $53,000 and began the ongoing bounce.

BTC retraces

Bitcoin decreased considerably yesterday, creating a bearish engulfing candlestick. It fell from a high of $57,200 to a low of $53,046, amounting to a total decrease of 7%.  It’s possible that the drop occurred in order to validate the descending resistance line from which BTC broke out prior. 

Despite the decrease, technical indicators are still bullish. The MACD is increasing and the Stochastic oscillator is still on track to make a bullish cross.

BTC bounces at support

The short-term chart shows that the price has been moving downwards over the past two days. This led to a breakdown from an ascending support line, which had previously been in place since the April 26 low.

The decrease is still ongoing and has taken BTC to the $53,000 support area. This is the 0.5 Fib retracement level of the entire upward move and a horizontal support area. Once it got there, the price began moving upwards 

In addition, technical indicators are turning bullish. The RSI has generated a bullish divergence and the MACD has given a bullish reversal signal. Therefore, it’s likely that the price continues to increase in the short term.

If it does, the main resistance area is found between $56,000-$56,700. This target range is the respective 0.5-0.618 Fib retracement levels of the downward movement.  A breakout and retest of this level would confirm that the short-term trend is bullish.

Wave Count

The wave count suggests that BTC is in wave five (white) of a long-term bullish impulse. The two most likely targets for the top of this upward move are located at $81,300 and $102,300. These targets are found by using a Fib projection on waves 1-3.

The sub-wave count is shown in orange. It suggests that the price has completed sub-waves one and two. A decrease below the sub-wave one low of $47,004 would invalidate this particular wave count.

Bitcoin has likely found support at $53,000 and is expected to resume its trajectory to the range highs....

ETHEREUM PRICE SET NEW RECORD HIGH OF $3‚450

After adding over 16% on Monday and closing the day trading at $3,431, Ethereum (ETH) price continued to push higher and did set a new record of slightly above $3,450 according to Binance-backed CoinMarketCap. Meanwhile, the asset was trading around $3,373.45, up approximately 9.04% in respect to yesterday’s close.

As a result of the increased volatility, Ethereum (ETH) saw its market capitalization spike to almost $400 billion. Notably, its daily average traded volume stood at approximately $72.7 billion according to metrics provided by CoinGecko.

As the second-largest digital asset by market capitalization, Ethereum has gotten a warm reception by institutional investors, particularly due to its huge DeFi dominance. Incidentally, Ethereum continued to eat away Bitcoin market dominance, whereby the latter had a market dominance of around 44.6% against 16.7% for ETH. The average ETH gas is approximately 39 gwei.

The spike in Ethereum market price rejuvenated the cryptocurrency bulls after the entire market consolidated for around two weeks. However, according to Dan Held, a popular cryptocurrency researcher, the cryptocurrency market is in a super-cycle and more upward trend in the coming months.

“Money printers go Brrrr…Bitcoin was planted during the 2008 financial crisis as an antidote to bad central banking policy, but it has grown during a macro bull run (largely no recessions or depressions from 2008 – 2020),” Held noted.

He further added that “With Bitcoin’s current 4-year microcycles coinciding with the longer macro ~10-year cycles, that puts Bitcoin in a potential Supercycle. This is similar to Ray Dalio’s observation of short and long-term debt cycles but on an accelerated timeline.”

Ethereum (ETH) Underlying Fundamental Aspects

More retail traders and institutional investors have joined the current bull market in comparison to the 2017/2018 bull market. Beyond the speculative aspect of the digital assets industry, the utility aspects have accumulated over the past few years. Thereby creating an intrinsic value for most digital assets.

Ethereum ecosystem is considered a leader in the smart contract sector for most decentralized financial platforms. A DeFi platform like Uniswap DEX is built on the Ethereum ecosystem and handles most of the crypto transactions per day.

“Thousands of developers are building applications that recreate traditional financial products in decentralized ways on top of Ethereum, and as more and more users pour in to interact with these apps, they require ETH (ether) to conduct any transaction,” said Sergey Nazarov, co-founder of smart contract company Chainlink.

“Second, there seems to be growing institutional interest in the public Ethereum blockchain, as stakeholders play around with ways to leverage the public network.”...