Bitcoin Earning Technique
BITCOIN:
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BITCOIN has traded in red for the past eight weeks in a row, for the first time in history. However, after making the recent bottom of $26,700, the asset is trading sideways and consolidating in a range between $28,000 to $31,000. BTC has taken multiple support around $28,800 in the past and this time too, we can see that it is not giving the daily closing below the support indicating buying at lower levels. Once the breakout occurs above $31,500 with good volumes then we can expect a rally up to $34k to $37k whereas a close below $28,500 will lead to a further downfall and the prices can test $25k levels.
ETH:
ETH after making the low of $1,763 on 12th MAY started consolidating between $1,900 to $2,150. The asset gave a breakout on the downside yesterday and made a new low of $1,733. ETH has a strong support at $1,700 (Previous low of ‘Double Bottom’ pattern). If the bulls can defend the support we can expect some short covering or a relief rally whereas a break below $1,700 will lead to further downfall and the prices can slide to $1,500 level.
BAT:
BAT was taking support at $0.55. However, the asset broke the support and witnessed a sharp fall making the low of $0.30. Post this move, BAT is trading sideways with low volumes and consolidating in a range from $0.34 to $0.45. Breakouts on either side of the range with good volumes will further decide the trend for the asset.
Weekly Snapshot:
| USD ($) | 19 May 22 | 26 May 22 | Previous Week | Current Week | |||
| Close | Close | % Change | High | Low | High | Low | |
| BTC | $30,314 | $29,268 | -3.45% | $31,308 | $28,703 | $30,591 | $28,262 |
| ETH | $2,018 | $1,804 | -10.62% | $2,147 | $1,907 | $2,080 | $1,727 |
| BAT | $0.39 | $0.37 | -4.33% | $0.43 | $0.35 | $0.42 | $0.35 |
| Cryptocurrency | 1w – % Vol. Change (Global) |
| BitCoin (BTC) | -14.27% |
| Ethereum (ETH) | -22.70% |
| Basic Attention Token (BAT) | -8.20% |
| Resistance 2 | $36,500 | $2,150 | $0.85 | $0.60 |
|---|---|---|---|---|
| Resistance 1 | $31,500 | $1,900 | $0.70 | $0.45 |
| USD | BTC | ETH | MATIC | BAT |
| Support 1 | $28,800 | $1,700 | $0.50 | $0.35 |
| Support 2 | $25,000 | $1,500 | $0.35 | $0.30 |
Market Updates:
- Brazil’s Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange of cryptocurrencies; for example, Bitcoin (BTC) for Ethereum (ETH).
- ARK Investment Management, an investment firm founded by veteran investor Cathie Wood, is taking another try to launch a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States.
- The Fed vice chair told the House Financial Services Committee that a CBDC offers stability, and interoperability in an increasingly complex economic system.
- Amid market issues surrounding stablecoins, Tether (USDT) launched a new digital asset with ticker MXNT that will be pegged to the Mexican peso on Ethereum (ETH), Tron (TRX) and Polygon (MATIC) networks.
*Sources of charts: https://cryptowat.ch, https://pro.zebpay.com/trade/USDT-INR
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.