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Market Analysis: BTC, ETH, BNB and news

We meet again this week to debrief the markets! The least we can say is that a lot has happened for BTC and altcoins but before that, let’s review the news of the week.


Bank of America says Stablecoin adoption and CBDC is ‘inevitable’



It appears that the U.S. will finally be moving forward to create its own central bank digital currency (CBDC) according to the Bank of America. Bank of America crypto strategists Andrew Moss and Alkesh Shah wrote in a Jan. 24 note that CBDCs “are an inevitable evolution of today’s electronic currencies,” according to a Bloomberg report.



Source  : https://cointelegraph.com/news/bank-of-america-says-stablecoin-adoption-and-cbdc-is-inevitable



Uniswap founder’s bank account shut down by JP Morgan Chase, shadow-debanking allegations surface



On Sunday, Hayden Adams, CEO and founder of the popular decentralized exchange, or DEX, Uniswap (UNI), claimed that his JP Morgan Chase bank accounts were shut down with no explanation. In addition, Adams stated that the incident was personal in nature as he knew “many individuals and companies who have been similarly targeted simply for working in the crypto industry.”


Source : https://cointelegraph.com/news/uniswap-founder-s-bank-account-shut-down-by-jp-morgan-chase-shadow-debanking-allegations-surface


Blockchain metaverse ecosystems gain traction as brands create digital experiences


Billion-dollar companies are taking the Metaverse by storm as consumers have shown heightened interest in virtual, interactive, three-dimensional experiences that take place online. While the “Metaverse” is still a new concept, research firm Strategy Analytics found that the global Metaverse market is forecasted to hit nearly USD 42 billion by 2026. This very well may be the case, as a handful of businesses including Nike and Walmart have begun exploring consumer experiences in metaverse environments.


Source : https://cointelegraph.com/news/blockchain-metaverse-ecosystems-gain-traction-as-brands-create-digital-experiences


BTC Analysis


Last week I was talking about the possibility of a short around USD 46,000, but unfortunately the market did not give us the opportunity. Bitcoin is currently trading around 36,000 after bouncing off the USD 33,000- USD 34,000 support area.


What to expect now? 


The technical situation remains negative with a bearish MACD and WaveTrend. However, they are both trading in their oversold areas in conjunction with price support. On a 4 hour time frame, the indicators are positive. We can therefore expect a rebound until a retest of the 40,000 USD area.


It is possible to open a short position on this area, but the stop would be too big, which is too dangerous in a context of high volatility as we are witnessing now.


In the longer term, if the 34,000 USD does not hold, the next zone will logically be 28k. If the latter also breaks, then 12-13k would be the right time to buy back BTC.


These are very important technical levels, the market may or may not hit them but one thing is certain, we have no idea how long it will take.



Market Analysis: BTC, ETH, BNB and news


ETH analysis


As is often the case in the crypto market, when the king of BTC collapses, altcoins follow suit. The situation is exactly the same as on BTC with the difference that Ethereum still hasn’t touched its resistance zone at USD 2000.


Volatility is also too high to afford to open a position with a good probability of success.


If BTC were to lose the USD 28,000 level, we could then see ETH as low as USD 600 or even USD 280.



Market Analysis: BTC, ETH, BNB and news


BNB Analysis


For this week, we look at Binance Coin because unlike its BTC and ETH counterparts, BNB has not lost its primary support area at USD 350.


We won’t open a long position just yet, but if BNB manages to hold above this level, we may open a retracement position if BNB tags USD 440 first.


Market Analysis: BTC, ETH, BNB and news





To conclude this week’s article, let me remind you how dangerous the market can be, don’t rush and be patient!


As the saying goes: “Buy when there’s bloods in the street”. But not right away, wait until the prices reach the levels I have given you!


That’s it for this week, I’ll see you next Tuesday for a new recap!


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