UpBots Blog

Market Analysis: BTC, ETH and LINK

We meet again this week to debrief the markets!


The least we can say is that a lot has happened for Bitcoin and altcoins but before that, let’s review the news of the week.


Binance user protection insurance fund reaches $1B valuation


The user protection insurance fund was set up in July 2018 to protect users’ interests. Binance committed a portion of the trading fee towards SAFU and began allocating 10% towards the funds. The crypto exchange also revealed the two wallet addresses where the funds are being held in order to ensure transparency. The two wallets contain a billion-dollar worth of crypto in BUSD, BNB and BTC.


Source : https://cointelegraph.com/news/binance-user-protection-insurance-fund-reaches-1b-valuation


Mark Zuckerberg’s stablecoin project Diem officially shuts down


Meta, formerly branded as Facebook, has officially announced the closure of its digital currency project Diem after years of major efforts to move forward with the initiative. Announcing the news on Monday, Diem CEO Stuart Levey confirmed that Meta is selling intellectual property and other assets related to the Diem stablecoin project to its Silvergate Capital Corporation.


Source : https://cointelegraph.com/news/mark-zuckerberg-s-stablecoin-project-diem-officially-shuts-down


VanEck launches its first multi-token cryptocurrency fund


On Monday, VanEck, a financial institution with close to $82 billion in assets under management with exchange-traded funds, or ETFs, mutual funds and institutional accounts, announced the launch of its first cryptocurrency fund. The fund is listed as an exchange-traded note, or ETN, on the Deutsche Borse Xetra and SIX Swiss exchanges with exposure to Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Solana (SOL), Tron (TRX), Avalanche (AVAX) and Polygon (MATIC).


Source : https://cointelegraph.com/news/vaneck-launches-its-first-multi-token-cryptocurrency-fund


BTC Analysis


The news is better than last week for Bitcoin – we have indeed seen a rebound from the USD 32,000 -33,000 area and trade currently. 


However, the trading volume during this rebound is down, which is usually not good news when prices are rising. 


From a technical indicator perspective, the situation is positive on a daily time frame, as well as on a 4-hour time frame. However, we can see signs of a loss of momentum on the latter timeframe.


A continuation of the rebound to the USD 42,000 -43,000 area is therefore quite possible and we keep our bearish bias until proven otherwise. This is why we will open a short position on this level.



Market Analysis: BTC, ETH and LINK



ETH analysis


Ethereum is following the exact same pattern as Bitcoin and seems to be heading towards a retest of the USD 3,000 area. However, I do not recommend that you initiate a second short position.


Indeed, the crypto market is highly correlated and it would be a mistake to double the risk level in this way.


You can open a short position on the USD 3000 retest, but not on Bitcoin, to protect your capital.

Market Analysis: BTC, ETH and LINK



LINK Analysis


For this week we look at LINK which, unlike Bitcoin and Ethereum, is already under a major resistance zone. If this is broken, we can then consider opening a long position on retracement to target USD 21.



Market Analysis: BTC, ETH and LINK





To conclude this week’s article, let me remind you how dangerous the market can be, so never use too much leverage, always control your risk management and DYOR.


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


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