News updates May 16, 2022
1. Why Bitcoin Still At Risk of A Fresh Decline Below $29K
Bitcoin attempted a recovery wave above the $30,000 resistance against the US Dollar. BTC is struggling near $31,000 and might start a fresh decline.
* Bitcoin recovered above the $30,000 level but struggled above $31,000.
* The price is now well above the $30,000 level and the 100 hourly
* There is a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
* The pair could start a fresh decline if it clears the $30,000 support zone
*Bitcoin Price Faces Hurdles*
Bitcoin price started a decent recovery wave from the $25,000 support zone. BTC gained pace for a move above the $28,000 level and the 100 hourly simple moving average.
It even cleared the $30,000 resistance zone. However, the bulls struggled to stay in action above the $31,000 level. A high is formed near $31,390 and the price is now slowing moving lower. There was a move below the $31,000 level.
Bitcoin moved below the 23.6% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. The price is now approaching the $30,400 support.
There is also a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair. The next major support is near the $30,000 zone. It is near the 50% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high.
A downside break and close below the $30,000 support might start a major decline. In the stated case, the price could decline towards the $29,000 level. The next major support is near $28,000 level, below which the price might start a fresh bearish wave.
*More Upsides in BTC?*
If bitcoin stays above the $30,000 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $31,000 level.
The next major resistance is near the $31,400 level. A clear move above the $31,000 and $31,400 resistance levels might start a fresh increase in the coming sessions. The next key resistance could be near the $32,500 level, above which the price might rise above $33,000.
2. Bitcoin (BTC) Closes Its Seventh Successive Bearish Candlestick. After breaking down from a long-term structure, bitcoin (BTC) has managed to bounce at the $28,700 Fib support area. BTC has been trading inside a long-term ascending parallel channel since April 2021. The resistance line of this channel was most recently touched in Nov 2021, when the price reached a new all-time high of $69,000. BTC has been falling since.
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IN BRIEF
BTC has broken down from a long-term ascending parallel channel.
It is trading inside the long-term 0.618 Fib retracement support level at $28,700.
BTC has failed to reclaim the $30,500 horizontal area.
PromoReceive a sweet treat from us — $60 worth of BTC plus an extra $100. Redeem now!
The Trust Project is an international consortium of news organizations building standards of transparency.
After breaking down from a long-term structure, bitcoin (BTC) has managed to bounce at the $28,700 Fib support area.
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BTC has been trading inside a long-term ascending parallel channel since April 2021. The resistance line of this channel was most recently touched in Nov 2021, when the price reached a new all-time high of $69,000. BTC has been falling since.
Since April 2021, the support line of the channel had been validated three times (green icons), most recently in Jan. At the beginning of May, the price finally broke down from the channel. Afterward, it proceeded to reach a low of $26,700 on May 12, which was made just above the 0.618 Fib retracement support level.
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MarketsTechnical Analysis
Bitcoin (BTC) Closes Its Seventh Successive Bearish Candlestick
By Valdrin Tahiri
16 May 2022, 08:30 GMT+0000
Updated by Geraint Price
16 May 2022, 08:33 GMT+0000
Share Article
IN BRIEF
BTC has broken down from a long-term ascending parallel channel.
It is trading inside the long-term 0.618 Fib retracement support level at $28,700.
BTC has failed to reclaim the $30,500 horizontal area.
PromoReceive a sweet treat from us — $60 worth of BTC plus an extra $100. Redeem now!
The Trust Project is an international consortium of news organizations building standards of transparency.
After breaking down from a long-term structure, bitcoin (BTC) has managed to bounce at the $28,700 Fib support area.
Sponsored
Sponsored
BTC has been trading inside a long-term ascending parallel channel since April 2021. The resistance line of this channel was most recently touched in Nov 2021, when the price reached a new all-time high of $69,000. BTC has been falling since.
Sponsored
Sponsored
Since April 2021, the support line of the channel had been validated three times (green icons), most recently in Jan. At the beginning of May, the price finally broke down from the channel. Afterward, it proceeded to reach a low of $26,700 on May 12, which was made just above the 0.618 Fib retracement support level.
The breakdown from such a long-term pattern indicates a break in structure and likely means that a significant downward movement has now begun.
Additionally, the RSI is bearish, after it was rejected by the 50 line (red circle). Readings below 50 are considered bearish, and the rejection indicates that the weekly trend is in turn bearish.
If the downward movement continues, the next closest support area would be at the 0.786 Fib retracement support level at $17,800.
3. First 7-week losing streak in history ― 5 things to know in Bitcoin this week
Doom and gloom and an overall sense of unease pervades the market ahead of the World Economic Forum.
Bitcoin (BTC) starts a new week under $30,000 as the battle to save the market from fresh lows grinds on.
After hitting its highest since the Terra LUNA crash last week, the largest cryptocurrency nonetheless continues to fail to reclaim $30,000 as support.
What could be in store this week? The potential for major upheaval from macro players, notably the United States Federal Reserve, is shapeshifting this week ahead of the World Economic Forum.
At the same time, internal crypto market pressure remains as the implications of LUNA’s collapse continue to play out.
Cointelegraph takes a look at five potential BTC price movers for the coming days.
4. Luna Foundation Guard Member Says Terra Reserves En Route.
A high-ranking member of the Luna Foundation Guard (LFG) said on Monday that the foundation’s reserves are almost ready to be deployed, barring a few technicalities.
The reserves will be largely targeted towards helping small wallets, and supporting builders and stakers on Terra.
The statements were made by Remi Tetot- a member of the LFG’s Governing Council. Tetot said he was “breaking rank” in the LFG to release the information. He also decried the lack of regular communication by key Terra developers, in wake of the recent crash.
Tetot said the LFG is now waiting for confirmation from exchanges on the timing and the transactions needed to release the reserves, which are estimated to be around $1.5 billion.
He also said an official statement will be issued soon, but did not specify an exact date.
5. The UK Plans to Regulate the Stablecoins Following The Terra (LUNA) Collapse
The British Treasury has declared about regulating the stablecoins after experiencing the collapse of TerraUSD(UST) and terra (LUNA). The HM Treasury, UK Treasury Department by acting on this has planned to regulate the stablecoin payment despite the crypto market meltdown, reported on Saturday, last week.
The declaration followed the collapse of Terra, an algorithmic stablecoin terraUSD (UST) losing its peg to the U.S dollar and terra (LUNA) falling near zero.
6. El Salvador To Discuss Bitcoin Adoption With 44 Countries
El Salvador President Nayib Bukele said on Sunday that the country will host delegates from 44 countries this week to discuss Bitcoin.
Bukele said in a series of tweets that delegates from 44 countries, consisting of 32 central banks and 12 financial authorities will meet in El Salvador to talk financial inclusion, economic digitization and the country’s famous Bitcoin adoption.
Delegates attending the talk appear to be from a mix of South American, African and South Asian countries.
7. Crypto capital gains one of four key areas for Australian Tax Office
The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus in 2022.
A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold. The percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months.
The ATO, which has fired off many warnings to crypto investors over the past few years, has also directly mentioned nonfungbile tokens (NFTs) as an asset class it will be scrutinizing for correct tax reporting.
According to a May 16 announcement, alongside capital gains from crypto, property, and shares, the ATO will also look at record-keeping, work-related expenses, and rental property income/deductions.
