The evolution of the market during the past week was quite flat and BTC is now trading above the important level of USD 38,000 and USD 42,000. What can we expect next? We’ll break this down later in the article but first let’s go over the main industry news.
News is one of the factors that impact cryptocurrency price. It is important for every trader to stay up-to-date with the latest developments in the sphere. We’ve hand-picked some of the most interesting ones for you:
FC Barcelona and AS Roma fan tokens rally after Socios partners with UEFA
Non Fungible tokens (NFTs) continue to see increased utilization as the possible applications of the technology have begun to be recognized in sectors ranging from sports entertainment to real estate.
One subsector of this market that has seen a spike in momentum on Feb. 28 are fan token projects, protocols that allow their holders to participate in the governance of their favorite sports brands and receive specialized NFTs and other unique redeemables.
Source : https://cointelegraph.com/news/fc-barcelona-and-as-roma-fan-tokens-rally-after-socios-partners-with-uefa
Ukraine has received USD 37M in tracked crypto donations so far
Based on data gathered by Cointelegraph, the amount of tracked crypto donations sent to the Ukrainian government, military and charities has surpassed USD 37 million at the time of publication. These include Bitcoin (BTC), Ether (ETH), Tether (USDT) and other altcoins. The numbers are also based on tracked projects and do not account for items such as donation efforts between individuals.
The biggest recipient of crypto donations appears to be the “Reserve fund of Ukraine,” backed by the country’s native cryptocurrency exchange, Kuna. According to its official Telegram channel, the exchange has raised approximately USD 13 million in crypto for Ukraine, mainly through BTC, ETH and USDT.
Source : https://cointelegraph.com/news/ukraine-has-received-37m-in-tracked-crypto-donations-so-far
Israeli authorities seize Hamas linked crypto accounts
A set of 30 crypto wallets from 12 exchange accounts that have been linked to the terrorist group Hamas based in the Gaza Strip were seized on Monday by Israeli authorities.
Crypto exchange al-Mutahadun held the wallets where 12 accounts were allegedly being used by Hamas leaders to fund terrorist efforts against Israel. The Times of Israel reported that Israel’s Defense Ministry said on Feb. 28 that al-Mutahadun has helped Hamas’s military wing “by transferring funds amounting to tens of millions of dollars a year.”
Source : https://cointelegraph.com/news/israeli-authorities-seize-hamas-linked-crypto-accounts
We analyzed the evolution of BTC last week in weekly horizon after a test of the wilder moving average and two rather bearish candles. BTC closed last week with a significant rebound and registered a new high above the USD 34,000 area.
Now, BTC is trading above USD 43,000 and heading straight for a retest of the USD 46,000 resistance area which also coincides with the moving average. If this area is breached, we will have one last test at USD 52,000 before we can certainly start moving up again.
As usual, we need to keep our cool and not let our emotions overwhelm us. Let’s stick to the facts and until the next resistance area is broken, we still have a downside risk.
Not surprisingly, ETH is also showing signs of recovery as BTC climbs and is already below the major USD 3,000 level.
This level is one of the most important for Ethereum and if it is broken, it would open the door for a rise to USD 3,400 first and USD 4,000 later.
The price structure in the 4 hour time frame suggests a reversal and if we analyze the chart on a daily time frame, we can see a double bottom pattern. The latter will be confirmed if we manage to overcome the USD 3,000-USD 3,200 zone.
Altcoin of the week : BNB
Let’s take a look at a quality altcoin today, I call it BNB! BNB is currently at a crossroads.
After bouncing off the USD 330 area, BNB is currently just above its resistance level of USD 410. We need a close above this level as well as a push above USD 440.
We can then open a retracement position to reach the next major area at USD 510.
The market is definitely in a better position than last week. However, it is still too early to claim victory and we must keep our cool.
There is nothing worse than succumbing to FOMO and entering at the worst possible time, only to see our capital melt away like snow in the sun. Patience is key my friends!
I’ll see you next week for a new review, until then, try to stay safe!
Have a great week everyone!