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Market Analysis: BTC, ETH & Theta Token

Market Analysis: BTC, ETH & Theta Token

The evolution of the market during the past week was quite negative and Bitcoin is now trading just below the important level of USD 38,500. 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

News is one of the factors that impact cryptocurrency prices. 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:

Crypto.com (CRO) slumps 30% as staking rewards are slashed

Crypto exchange Crypto.com announced severe reductions to CRO staking rewards for most tiers of its VISA prepaid card which has forced the token price to fall around 30% in less than a week.

Its May 1 blog post explains that card rewards will be reduced by an average of 69.5%, and 100% on its lowest tier Midnight Blue card “to ensure long-term sustainability.” On its highest tier Obsidian card which requires at least $400,000 in CRO to be staked, rewards will drop from 8% to 5%. Changes to the rewards schedule will begin on June 1.

Source: https://cointelegraph.com/news/crypto-com-cro-slumps-30-as-staking-rewards-are-slashed

Indian IT Ministry directs crypto exchanges to store user data for 5 years

The Indian Computer Emergency Response Team (CERT-in), which falls under the Ministry of Electronics and Information Technology, issued a new directive on Thursday, forcing crypto exchanges, virtual private network (VPN) providers, and data centers to store a wide range of user data for up to five years.

Under the newly issued directive, crypto exchanges operating in India will be required to store customers’ names, ownership patterns, contact information, and various other data.

Source: https://cointelegraph.com/news/indian-it-ministry-directs-crypto-exchanges-to-store-user-data-for-5-years

Bitcoin ATM installation slowdown continues for 4th month in 2022

Bitcoin ATM installation slowdown continues for the 4th month in 2022 April 2022 marked the fourth consecutive month of the slowdown in the installation of Bitcoin (BTC) ATMs, which began at the start of the year.

Bitcoin ATMs serve a crucial purpose for the Bitcoin economy, helping users physically retrieve or deposit holdings against the corresponding cash reserves.

Based on data provided by Coin ATM Radar, the year 2021 saw the highest global increase in Bitcoin ATM installations, with August witnessing a peak net change of 2,037 ATMs. In January 2022, the net change fell to 1,687 from December 2021’s high of 1,969 ATMs.

Source: https://cointelegraph.com/news/bitcoin-atm-installation-slowdown-continues-for-4th-month-in-2022

Bitcoin Analysis

Market Analysis: BTC, ETH & Theta Token

Bitcoin closed last week below its support zone, now turning resistance between USD 39,000 and USD 40,000. BTC reached a low point at USD 37.386, which is, fortunately, higher than the last low point.

So we could still be looking at a higher low and a recovery is still not impossible. This is the first time since the beginning of the bull run that BTC has closed 5 weeks in a row in the red, so we could expect a rebound this week.

As usual, until we see a clear breakout, we will refrain from opening any position in Bitcoin. Only a break of the USD 46,000 – USD 48,000 level would really allow us to get a better idea of the situation.

Ethereum Analysis

Market Analysis: BTC, ETH & Theta Token

If BTC had a rather negative week, as you might expect, Ethereum did the same. ETH dropped to a support level of USD 2.740, thus registering a higher low.

Technical indicators are also looking more reassuring than last week with a buy signal given on the WaveTrend this morning.

Of course, as for BTC, as long as we have no confirmation, i.e. the break of the USD 3,000 level, we will not open a position.

Altcoin of the week: Theta Token

Market Analysis: BTC, ETH & Theta Token

The THETA/USDT pair is above an important support zone between USD 2.00 and USD 2.30.

It is of course, as with the other corners, too early to jump to conclusions and enter positions.

We will have to wait for a break of USD 2.82 before doing so.

Conclusion

Market sentiment can reverse very easily on cryptos as we just saw this week again. Careful though, as long as we don’t have confirmation, we must base our decision on fact and for now we must be patient.

There is nothing more important for success in trading. Plan the trade and trade the plan! As simple as that. In fact, don’t be tempted to take dangerous positions and wait for confirmation.

I’ll see you next week, stay safe and take care of yourself!

Have a great week everyone!

 

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