If we had to summarize the evolution of Bitcoin since last week in one word: Nothing. Indeed, exactly 7 days ago, BTC was trading at the same price, i.e. USD 4,500 more or less. 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:
Binance considers Thailand for its latest crypto-currency exchange expansion
“Binance is looking to re-establish crypto exchange services and possibly open a new branch in Thailand after signing an agreement with Gulf Energy Development PCL. Cooperative efforts between Gulf Energy, Binance and the Thai government will focus on exploring Binance’s options in the Thai market, which could include opening an exchange and related businesses in the Kingdom.” …
Link to the article : https://cointelegraph.com/news/binance-eyes-thailand-for-latest-crypto-exchange-expansion
FTX announced as sponsor of Australian Blockchain Week 2022
“FTX Trading Limited (FTX) will be the naming rights sponsor of Australian Blockchain Week 2022, which takes place from March 21-25. Blockchain Australia is Australia’s leading industry network, bringing together industry, academia and government to discuss the opportunities in blockchain technology.” …
Link to the article : https://cointelegraph.com/news/ftx-announced-as-naming-rights-sponsor-of-australian-blockchain-week-2022
Bitcoin payments down
“According to BitPay, Bitcoin (BTC) usage at businesses that use its payment system dropped last year to about 65% of transactions processed, down from 92% in 2020. Along with this change, Ether (ETH) accounted for 15% of all transactions, while other currencies like Litecoin (LTC) and Dash increased their share.”…
Link to the article : https://cointelegraph.com/news/bitcoin-payments-decline-as-other-cryptocurrencies-grow
As I said in the introduction, the developments of the last few days on Bitcoin have been pointless. We are back where we were 7 days ago after entering what is now a new lower high. All is not lost though, for now we have not yet fallen below 39700, the last support level.
From a technical indicator point of view, the MACD and WaveTrend are not converging at the moment. Indeed, we have a sell signal on the WaveTrend but a MACD that has not yet crossed downwards. We also note the presence of a bullish divergence, still not invalidated between the MACD and prices.
Given the rather gloomy context, we are obliged to keep our bearish bias, until proven otherwise (a break of USD 50,000 or even USD 52,000). That’s why we still have two possibilities for shorts: A first one at USD 45,500 – USD 46,000 on a rebound, the second one if BTC breaks 39700.
The situation is not much different on Ethereum, prices have rebounded well as on BTC but hit the first possible resistance zone without much conviction.
If we were to analyze ETH on a daily basis, given the correlation with BTC, it would not be very interesting. On a 4h and 1h time horizon, the indicators are in their oversold zone and ETH is currently in a short term support zone.
We can open a speculative position on this same level to target USD 3213, USD 3281 and USD 3372 finally. This position is much riskier, no overexposure.
Altcoin of the week : KAVA
Since its listing on Binance, the KAVA/USDT pair has been in a steady upward trend. Prices are indeed moving in a sequence of higher highs and higher lows.
KAVA is now just below a major resistance zone between USD 5.50 and USD 6.50. If this zone breaks, we could consider opening a long position.
Not immediately of course, but after a breakout above USD 7.49.
The market has been rather uncertain lately, but that doesn’t mean there aren’t opportunities. You just have to be patient and not want to trade at all costs.
That’s it for this week, I’ll see you next Tuesday for a new recap!