Archive | January 2021

Bitcoin (BTC) drops briefly below $30,000 before rising again

  • The Bitcoin course has a support at $29,000 and a second one at $26,000.
  • The indicators on the daily chart are bearish.
  • The BTC has likely completed the first phase of a long-term corrective structure.
  • The Trust Project is an international consortium of news organizations based on transparency standards.

The price of Bitcoin (BTC) declined significantly on January 21, dropping briefly to a local low of $28,800 in the early hours of January 22.

Despite this fall, it is likely that at least the first phase of the corrective movement is now complete. Bitcoin is likely to rise in the short to medium term.

Bitcoin bounces back to its support

On January 21, Bitcoin declined by more than $5,000 from a high of $35,600 to a low of $30,000.

The descent first resumed on January 22nd, but the BTC rebounded to a Bitcoin Profit fibonacci retracement of $0.5 to $29,000. It is now in the process of creating a bullish candlestick with a long lower wick.

Despite the rebound, technical indicators are firmly bullish.

The MACD has turned into a terrific negative, the daily RSI has dropped below 50, and the stochastic oscillator has formed a bearish cross.

If the BTC loses the $29,000 support zone, the next support would be at $26,000 (fibonacci retracement level 0.618).

In BeInCrypto’s Bitcoin analysis of January 21st, it was said :

A move below the $34,000 support and the symmetrical triangle would probably confirm that the BTC will continue to decline, perhaps towards $29,000.

The January 21st drop brought the BTC down to the 0.5 fibonacci level at $29,000, providing a 1:1 ratio for the X:Y waves (in orange).

That said, the long-term count remains bearish. It is therefore more than likely that this is only the first part of the corrective structure.

This would mean that the BTC will eventually decline further, probably towards 22,969 (fibonacci level 0.5).

That said, this movement can take many different forms, so it seems futile to speculate on which one will be the correct one. Nevertheless, a significant rebound is likely before the downward trend resumes.

Short-term movement

The short-term graph shows that despite initial signs of a bullish turnaround, as shown by the bullish divergence in the RSI, a turnaround is not yet confirmed.

A rebound in the $31,400 zone would probably confirm that the turnaround has begun and that the BTC will continue to rise.

In addition, there is solid support at $28,200. Thus, even if the BTC is rejected and falls to a slightly lower trough, one would expect it to rebound at that level.

This entry was posted on 31. January 2021, in Blockchain.

Expertos: las salidas de oro están impulsando a Bitcoin al alza

Las perspectivas del oro parecen atenuarse a medida que el brillo de Bitcoin.

Según varios expertos, una posible razón del notable aumento reciente de los precios de Bitcoin son las salidas masivas de inversores de otra cobertura de inflación popular: el oro

El oro al contado se desvaneció durante la semana pasada, cayendo un 4,62% ​​a 1.857 dólares. El activo anteriormente había estado aumentando al unísono con Bitcoin Loophole, que aumentó más del 40% desde los mínimos de $ 28,000 la semana pasada .

En un tweet el viernes, Charlie Morris, fundador y CIO de ByteTree Asset Management, dijo que el retroceso del oro podría atribuirse a que los inversores se mudaron a Bitcoin:

Del mismo modo, a principios de semana, el presentador de Mad Money de CNBC, Jim Cramer, dijo que las salidas de los ETF de oro “van todas a las criptomonedas”. El seguimiento de las entradas y salidas del fideicomiso de inversión de Bitcoin de Grayscale y los ETF de oro respaldan esta afirmación, ya que Grayscale ha eclipsado al oro:

Los movimientos podrían ser una señal del creciente estatus de Bitcoin como una clase de activo legítimo. El oro y Bitcoin han estado vinculados durante mucho tiempo, ya que ambos se consideran una forma de proteger la riqueza contra la inflación y la incertidumbre macroeconómica, pero si los movimientos de precios durante la última semana son una indicación, Bitcoin puede estar ganando la carrera narrativa.

En una entrevista con Bloomberg, el director de ingresos de Coinshares, Frank Spiteri, dijo que la narrativa que rodea a Bitcoin como cobertura de inflación está ganando terreno “frente a un entorno de política monetaria muy poco convencional”.

This entry was posted on 12. January 2021, in Bitcoin.

Nisbah Capital, Saudi Arabia invests in Tezos

In a statement released today by Nisbah Capital, a subsidiary of Taibah Valley located in Saudi Arabia, we learn that the company will join the Tezos ecosystem, being among the first companies to support this blockchain in the Far East region.

Tezos (XTZ) is a blockchain that uses the Proof of Stake (PoS) protocol, and as Crypto Cash such users can stack their tokens. Because of the complexity involved, users often delegate their tokens to known companies – also known as bakers – who have everything they need to run the network.

In fact, the minimum to become a baker is to block 8,000 XTZs, or over $20,000 at the current price.

With this announcement, Nisbah Capital intends to operate actively on this blockchain having all the requirements and providing its users with a reference point to use Tezos.

Among other things, a subsidiary of Nisbah Capital, Exaion, had already become a baker in October last year and already has a functioning system in place.

This country is certainly very interested in crypto and blockchain, and last year there was already talk of launching a pilot cryptocurrency for banks, as if it were a centralised crypto or stablecoin.

Nisbah Capital and the collaboration with Tezos
A Taibah Valley specialist, Raghad Abdulghani commented on the news as follows:

“By becoming a Tezos Baker, we see an opportunity to spread awareness of cryptocurrencies and how they work, and to attract different companies to recognise the potential of the MENA region. Furthermore, we believe that the baking will help build the future of Tezos blockchain in the region.”

In contrast, Waleed Rassuli of Tezos Gulf, explained that collaboration is the best way to spread the technology:

“This collaboration with Taibah Valley will be a major boost to stimulate the adoption of decentralised blockchain-based technologies in the Middle East. Given the growing number of enterprise bakers in the Tezos ecosystem, we think having one in the Middle East will give a boost to local blockchain projects in this region.”

This entry was posted on 7. January 2021, in Bitcoin.