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Analysis

Bitcoin [BTC] Technical Analysis: Bear drags the coin through mud

Namrata Shukla

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Bitcoin [BTC] Technical Analysis: Bear drags the coin through mud
Source: Pixabay

The cryptocurrency market has been bleeding for the past few days and many coins which reigned the market during the bullish phase have fallen prey to the bear. Bitcoin [BTC], the kingpin, is one of the coins which has suffered the burn of the bearish market.

At the time of press, BTC was valued at $3,662.5, with a market cap of $64 billion. The coin registered a 24-hour trade volume of $5 billion, with a miniscual growth of 0.01% over the past day. The coin shows an overall dip of 5.48% over the past week. The coin has been falling and the 24-hour fall of the coin is 0.87%.

1-hour

Source: Trading View

Source: Trading View

According to the one-hour chart of the coin, an uptrend was noted $3,787 to $3,990.01. The downward slope was observed from $4,025.69 to $3,621.55. The coin registered resistance at $3,656.23 and support was noted at $3,608.99.

Awesome Oscillator marks a bearish trend losing the momentum.

Bollinger Bands appear to be at a converging point, indicating reduced volatility in the market. The moving average line is over the candlesticks, marking a bearish reign in the market.

Chaikin Money Flow also points toward a bearish trend in the market as the marker is below zero.

1-day

Source: Trading View

Source: Trading View

The one-day chart of the coin reports a massive downtrend in the value of the coin from $6,258.74 to $3,380.01. The coin registered only a miniscual rise from $3,184.28 to $3,799.99. The coin noted an immediate resistance at $4,075.33, whereas coin was offered strong support at $3,183.01.

Parabolic SAR points towards a bearish market as the markers align above the candlesticks.

MACD line is under the signal line, pointing towards the awakening of the bear.

Relative Strength Index indicates that the buying and selling pressures are evening each other out.

Conclusion

As per the indicators, Awesome Oscillator, Chaikin Money Flow, Bollinger Bands, MACD, and PArabolic SAR, a bearish reign seems to be the future for the coin.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

News

Bitfinex LEO token comes out of nowhere to take the 13th spot on CMC with $1.8 billion in market cap

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Bitfinex LEO tokens comes out nowhere to take the 13th spot on CMC with $1.8 billion market cap
Source: Unsplash

It has been less than two months since the New York Attorney General’s Office slapped Bitfinex in the face with an accusation of “fraud,” over their $850 million undisclosed loss cover-up. Now, their “LEO” token curated to remedy the ordeal is officially up on the 13th spot on the biggest crypto-market aggregator, CoinMarketCap [CMC].

With a valuation of over $1.8 billion, LEO officially referred to as “UNUS SED LEO,” was placed higher than the likes of Monero [XMR], Dash [DASH], IOTA [MIOTA], and Ethereum Classic [ETC]. While the entire crypto-space was still mulling the prospects of Facebook’s Project Libra, LEO came out of nowhere and climbed the coin ladder.

Paolo Ardoino, CTO at Bitfinex, hailed the quick-climb of LEO as “not a bad start.” He tweeted,

Source: Twitter

Shades of the Bitcoin SV [BSV] price climb were revisited when the cryptocurrency shot up to the 8th spot on the ladder, less than a month after forking from Bitcoin Cash [BCH] in December 2018.

Bitfinex released the LEO whitepaper on May 8 and stated that the price of LEO tokens would be 1 USDT, but later clarified that “other forms of consideration” and “USDt equivalents” would also be accepted. In the whitepaper, the utility of LEO was spelled out as,

“LEO will be the utility token at the heart of the iFinex ecosystem. Token holders will experience benefits across the entire portfolio and are expected to obtain benefits from future projects, products, and services, whether or not detailed within this white paper.”

The exchange stated that the main objective of the proceeds generated via the LEO token sale will be towards replenishing the working capital of the exchange and to pay for any general business expenses. The whitepaper highlighted that LEO tokens can be used to redeem fee reduction on either Bitfinex or EthFinex.

Further, with the larger community viewing the LEO issuance as a ‘scapegoat tactic’ to remain in the vicious Bitfinex-iFinex-Tether circle, the exchange clarified its stance on the repurchasing and burning of tokens. Bitfinex will buy back the tokens on a monthly basis for a price, “equal to a minimum of 27% of the consolidated gross revenues of iFinex,” based on previous month’s calculations. This will carry on until no tokens are in public circulation.

At press time, the circulating supply was exactly LEO 1 billion, while the token was priced at $1.82. It was experiencing a 5.1 percent decline against the US Dollar over 24 hours.





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