Bitcoin Teetering At Between Support Pivot & MA Resistance

The Crypto King, Bitcoin, has dropped below the $40,000 mark again. Price broke below the 50 and 100 day supports yesterday, closing the day down -$3197 (7.54%) from the daily high.

Despite the sell-off Bitcoin bulls still have a few reasons to remain hopeful. The first is that during todays trading price has held above the $39,573 pivot, which is currently acting as support.

The other reasons for bulls to remain hopeful is the ascending channel that price is still caught in. Whilst this may be a bearish flag forming, as long as price is in the channel and forming higher highs it should be treated as a bullish market.

BTC/USD 1D CHART, 12 APRIL 2022

Yesterdays bearish move saw crypto markets bleeding. Some of the notable moves included:

  • Bitcoin: -5.4%
  • Ether: -6.8%
  • Polkadot: -11.4%
  • Chainlink: -11%
  • Filecoin: -13.3%

In other Bitcoin news, the Luna Foundation GUard added another $173 million in BTC to its wallet over the weekend. The Singaporean entity is establishing a reserve protocol for the UST stablecoin. They now have 39,897.98 BTC in their wallet, worth over $1.6B.

NBA doubles down on Crypto

The National Basketball Association’s (NBA) Crypto Chief has registered a second .eth domain, and the NBA has filed for 4 NFT Trademarks.

The basketball league’s filing includes cover for game tickets, programs, trading cards, memorabilia, jerseys, basketball memes, and more. This is a bold and a huge adoption for crypto technologies.

It’s been widely prophesised that NFT technology would be used for event tickets, and the NBA seems to be the first group to be putting this into action.

Judging by the purchase of the .eth domains (nba.eth and theassociationnft.eth) it’s apparent that the NBA is planning to utilise the ethereum network for their NFT’s.

Bored Apes on Film

The Bored Ape Yacht Club is getting its own film trilogy, with crypto exchange Coinbase producing.

It’s been a big few weeks for the crypto / NFT space despite cryptocurrency markets bleeding red. Just a few weeks ago BAYC launched the ApeCoin (APE) token, which has already been offered by many CFD brokers as a derivative.

Bored Ape owners are invited to submit their apes for consideration as characters in the trilogy, along with made-up character descriptions that will be reviewed by a casting director.

Weird, huh?

Ethereum – Chart of the Day

Ethereum has traded into a key support level today. The level has been traded as a support and resistance zone. Price recently broke the descending resistance trendline begging the question:

Is the bear market over?

ETH/USD 1D CHART, 12 APRIL 2022

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

%d bloggers like this: