Bitcoin for the past two months has been closing consecutive weeks in the red. The previous week had seen it close its seventh consecutive weekly candle for the first time in history, and although investors hoped that this would end with a reversal, the digital asset has gone on to mark another week in the red. This makes it the first time ever for bitcoin to see eight consecutive weekly closes, causing major panic among crypto investors. Eight Weeks Red Not Bad? Normally when a large digital asset such as bitcoin is closing multiple weeks in the red, it points towards a massive bear market on the horizon. Now, it can be safely assumed that the crypto market has successfully made its way into the bear market. This has been the reason for the low and negative momentum among investors over the last couple of months. But with bitcoin closing so many weeks in the red, it is expected to get worse. Related Reading | Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000 One thing that has been consistent when bitcoin has closed multiple weeks in the red has been the downtrend that has usually followed the market. Even though there are those who see this as a time to accumulate, the massive sell-offs triggered by these red closes have simply won out in the end. These types of consecutive negative weekly closes have become known as an unavoidable part of being in a bear market. BTC marks eight consecutive red close | Source: BTCUSD on TradingView.com However, the market has never seen anything like this. It would be natural to want to use historical context when something alarming occurs but with no point of reference, there is no way to tell where the market might go from here. Bitcoin In For A Bear? Even though there is no historical context to compare the current market conditions to, the opposite has happened before. Last year, bitcoin had recorded eight straight weeks of green closes. What followed this was multiple bull rallies that saw the price of the digital asset eventually hit its all-time high of $69,000. If this were to be taken and compared to current market conditions, with the eight consecutive red closes, the digital asset is likely in for multiple dips and crashes that will likely send it back into the $20,000 territory. So it is very likely that the bottom of the market is not as many would like to believe. Related Reading | MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals There are indicators that suggest otherwise though, such as bitcoin trading above its 5-day moving average. But this is only a good indicator for the shorter term as longer-term indicators remain bearish. Small investors are also picking up the pace when it comes to accumulating BTC. The number of Bitcoin wallets with more than 1 BTC on their balance had recently touched a new high, now sitting at 844,906. While this points to positive sentiment among these investors, in the grand scheme of things, these smaller investors hold too little to actually move the market. So if there is to be any recovery, the digital asset would need some movement from larger holders. Featured image from Unsplash, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
As an ambitious project that emerged to lower crypto’s entry barriers, Grand Time – the community-driven Web3 ecosystem of several interconnected solutions – has contributed significantly to improving the lives of billions of people worldwide. The Grand Time team is on a mission to provide financial freedom to underbanked and unbanked populations across underdeveloped countries, […]
As the number of blockchain games increases, the more difficult it will be for you to choose a really good one out of them. To make your search easier, we have handpicked a game that is easy to play and requires no entry fees. Attack Wagon Studios will soon launch a beginner-friendly game called Scrap […]
Bitcoin price continues to stagnate and move sideways, but according to the cryptocurrency following an Elliott Wave market cycle, a break in the boredom is due soon. Price action follows the predicted path so perfectly, that when layering Bitcoin directly over the comparison, there is little room for doubt about what comes next for crypto. Take a look for yourself and decide. All About Elliott Wave Theory And The Guideline of Alternation Bitcoin is maturing with each passing bull cycle, but it remains a speculative asset. As such, narratives tend to drive the price action. When the cryptocurrency is bullish, it moves in a powerful parabolic impulse up. When things are bearish, the rollercoaster ride turns scary and many get ejected along the way. Markets might seem like an unpredictable rollercoaster at times, but on several time scales, they can be quite predictable. In the 1930s, Ralph Nelson Elliott developed what he referred to as Wave Principle. According to Wikipedia, “Elliott stated that, while stock market prices may appear random and unpredictable, they actually follow predictable, natural laws, and can be measured and forecast using Fibonacci numbers.” Related Reading | Now Or Never: Bitcoin Builds Base At Decade-Long Parabolic Curve Today, the study is more commonly referred to at Elliott Wave Theory. Each “wave” has a specific type of characteristic and guidelines. Waves alternate between bullish and bearish phases. Odd numbered phases are impulse waves that move in the primary trend direction, while even numbered waves are corrective phases that move against the primary trend. In addition to waves alternating between positive and negative growth, they also alternate in their degree of severity. And according to the Guideline of Alternation, one correction is typically sharp, while the other is flat or sideways. When this exact example is projected over Bitcoin price action the path ahead looks a lot more clear. If Bitcoin continues to follow the path, what comes next? | Source: BTCUSD on TradingView.com What Is Next For Bitcoin When The Flat-Style Correction Ends? The length of each correction is also different, according to Elliott Wave Theory. Sharp corrections tend to be over with a lot faster than a flat-style correction, which painfully grinds sideways. The market itself still has a sort of post-traumatic bear market syndrome from the severity of the sharp style correction, that it is expects the market to behave in the same manner yet again. Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet However, according to the Guideline of Alternation, the probability of two of the same type of corrections is extremely low. In rare situations, two sideways corrections occur, but never two sharp corrections. This suggests that whenever Bitcoin price finally does turn around, the corrective wave four should be complete and the grand finale wave five will begin. What happens after wave five is complete? Another bear market, and likely the worst and longest in the history of Bitcoin. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Play-to-earn (P2E) NFT games are a combination of games, cryptocurrency, and NFTs. Players can swap or sell assets bought in the game. This income promise […]
Bitcoin price continues to move sideways in an increasingly tightening trading range to the dismay of cryptocurrency investors. The bearish sentiment across the space is among the most prominent in years — potentially more bearish than the 2018 bear market. Here is why the recent correction has felt far more painful than even Black Thursday, despite BTCUSD trading at roughly the same price as one year ago. Bearish Bitcoin Sentiment Could Be Blind To Bull Market You might not know it by the current price action, sentiment, or even economic backdrop, but there is a strong chance that Bitcoin is still in a bull market. The ongoing sideways consolidation phase could ultimately result in another, unexpected thrust upward, according to Bitcoin market structure mimicking an Elliott Wave Theory motive wave. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season A motive wave is five waves in total, with three of those waves moving in the direction of the primary trend. Two waves move in the opposite direction of the primary trend — the same direction as the bear market. Up and down waves alternate, and the characteristics of each wave also alternate between sharp and sideways. Up-waves are called impulses and also move in the same five-wave pattern. Corrective phases are typically in an ABC pattern. The final wave of wave V of wave 5 | Source: BTCUSD on TradingView.com Bitcoin price very clearly follows this structure on a variety of scales. And all of these structures indicate that there could be a grand finale still left to complete a motive wave with a powerful wave five. Why Ongoing Sideways Is More Painful Than Black Thursday If this is what could still be ahead, then why exactly is sentiment so bearish? For one, bearish sentiment is often the driver of a wave five. At this point in the trend, fundamentals are no longer improving at the same pace that pulled in market participants. Profit taking is increasing. Wave fives are FOMO-driven. And how does that FOMO develop? By having a market on the wrong side of the trade, due to overly bearish sentiment. Such a situation leads to participants chasing entries as prices soar higher. Bearish sentiment is a result of positioning. Bears have either sold, are short, or expect more downside. Sentiment is so bearish not because Bitcoin has seen horrific new lows like Black Thursday. Sentiment is so bearish because it has taken almost twice as long to go exactly nowhere. Sideways stabs more painfully than a sharp correction | Source: BTCUSD on TradingView.com If Black Thursday, put in the “sharp” wave two bottom, then the market could be painfully moving “sideways” in wave four per Elliott Wave’s law of alternation. Although the March 2020 correction took BTCUSD down more than 70% from wave one high to wave two low, it only took around 250 days. The intra-cycle peaks on the RSI as the wave three top puts in a potential wave four bottom at roughly the same exact price as it was 14 months ago. Even though investors haven’t lost anything in value since then, there is the cost of their time. This correction has gone sideways but taken more than 460 days to mostly go nowhere. Even the bear market itself took only 370 days to reach a capitulation bottom. In a world where instant gratification is commonplace, Bitcoin was expected to already be more than $100K, a war is waging, an economic crisis is looming, and more — no wonder why the masses are so bearish on Bitcoin. Related Reading | Now Or Never: Bitcoin Builds Base At Decade-Long Parabolic Curve But what if they’re wrong, and wave five remains? This theory is shared by contrarian David Hunter, who reminds us that a “bull market climbs a wall of worry.” Hunter has made chilling calls in the past, and is expecting a “once-in-a-generation melt up” to ensue any day now, based on little more then the bearish sentiment. The idea is that after all this time of sideways, the market has overpriced in any downside, and instead the market corrects to the upside in a dramatic bang. When wave five completes, the market will be blinded by greed and the bearish price movement causing all this negative sentiment will catch everyone off guard. “Bear markets slide down a slope of hope.” Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Considering the NFT market’s explosive expansion over the last year, it may be tough to determine which NFT projects have the highest prospects. This post […]
Web 3.0 prioritises decentralisation, and cryptocurrencies are, by definition, decentralised. This is why cryptocurrencies are tightly linked to Web 3.0. Experts believe crypto assets will […]
One plebs journey across the largest Bitcoin event of all time, finding signal and the pulse of an ongoing revolution.
More than 30,000 crypto enthusiasts flocked to Miami for industry’s flagship annual conference Bitcoin 2022 in Miami was a rousing success as expected, with tens of thousands of crypto enthusiasts and industry luminaries descending on the city for the annual event, and Foresight Ventures was there for every thrilling moment as an event sponsor. Foresight Ventures had a number of goals it set out to achieve during the conference, including forming new partnerships and playing a part in guiding the next generation of Web3 companies toward success. These goals were all met and exceeded, and the firm has advanced a number of its biggest priorities around finding the next major Web3 disruptors. Foresight Ventures sponsored one of the conference’s most highly anticipated events, Nolcha Shows: NFT Edition, powered by Tron DAO, a one-of-a-kind event featuring extraordinary and diverse artwork presented through creative programming, engaging activities, and captivating entertainment. Nolcha Shows featured a dizzying array of NFT art, large-scale sculptures, photography, and paintings by artists including Beeple, Yiying Lu, Zevi G, Kfir Moyal, Mateus, Jason Skeldon, Lawrence Leyderman and more. The event also featured a number of launches and NFT marketplaces, including Courtyard, BitKeep, ChainGuardians, and APENFT. During the show, Foresight hosted an investor meetup with Illust Space, Zebec Protocol, Yield App,Bitget, and many others. Foresight Ventures also sponsored the Grand Ballroom Seatdrop, through which it built partnerships with some of the top Bitcoin projects poised to deliver some of the industry’s most in-depth research reports over the next quarter. The firm connected with Yale Blockchain’s incubator lead and will be running a hackathon with a group of Yale based startups to empower the student developer community. Last but not least, Foresight Ventures participated in Cheetah Mining’s investor mixer, helping host more than 100 crypto investors across Bitcoin, Layer2, NFT and Metaverse, etc The massive annual expo is attended by some of the industry’s biggest names, and each day packed with speakers, meetups, and deep-dives gives way to a series of after-parties that continue the celebration late into the night. It was a whirlwind of an event, but Foresight Ventures made some meaningful inroads with industry peers and will have even more partnerships and event sponsorships to announce in the near future.
Phemex continues to celebrate all it’s achieved so far, making it their mission to help everyone Break Through and Break Free. It is well-known that the conventional frameworks for financial services are often inefficient and unfair. As blockchain technology continues to digitize and decentralize the world, fresh opportunities for financial freedom are gradually emerging. With a successful past, Phemex now keeps a vigilant and hopeful eye on the future and the platform is no stranger to adopting nascent concepts. This time, Phemex is bringing the Phemex Universe to everyone and is now opening its doors for crypto enthusiasts who want to become a Citizen X. With a vision to delve into different business areas: new currencies, financial tools, investing opportunities, games, NFTs, and a lot more, Phemex is looking into a freer tomorrow, where every crypto user is empowered. The recently launched Phemex Universe will allow users to receive grand prizes and potentially even win their very own NFT. Enjoy the opportunity of winning up to $15 trading bonus! Ten lucky winners will be chosen at random and be awarded their Citizen X cards as NFTs. The campaign period will start 6:00 UTC on April 8 to 6:00 UTC on May 7, 2022, while the winners will be announced on May 30. Jump into the universe Launched in 2019, Phemex is now one of the most prominent and comprehensive cryptocurrency exchanges in the world. Over the past two years, its user-base has grown exponentially as a result of its exceptional and user-friendly features. The Singapore-based platform intends to position itself as the world’s most trustworthy and efficient cryptocurrency derivatives exchange. In addition, Phemex’s user-base has grown tremendously over the past two years, thanks to its unique approach of prioritizing user-oriented features and community feedback. Currently, Phemex hosts over 2 million traders and over 200+ spot trading pairs. What makes Phemex stand out amongst other platforms is that it offers a variety of services for both newbies and experts in the crypto space. Phemex aims to provide users with the best trading experience by making transactions simple and managing risks efficiently. Learn and Win Prizes The “Phemex Universe Campaign” aims to educate the public about the emerging industry. Here’s how to begin your journey in the universe: Visit the Phemex website Explore the four planets – BTC, ETH, SAND, and DOGE to learn how the Phemex universe works Fun minigames can earn you points that can be exchanged for trading bonuses, so play them! During the promotion period, enter your email address and sign up for Phemex. The trade bonus you earned from the minigame will be yours if you complete KYC verification during the campaign duration Your own Citizen X card can be created by uploading an image or by connecting to your social media accounts Continue by downloading and sharing your Citizen X card on social media. Winners at random will be awarded Citizen X cards as NFTs after the event has concluded. With the Phemex universe, users will not only learn more about crypto but also win rewards and prizes. This campaign is beginner-friendly and offers a quick and easy way to earn money for everyone. Terms and Conditions Qualifiers must complete the tasks on the official page in order to participate in this competition. The promotional benefits of this event are only open for new users who create an account during the event’s duration (April 8, 2022 – May. 7, 2022). On May 30, 2022, at 06:00 UTC, the NFT winners will be announced. Although trading bonuses cannot be withdrawn immediately, they can be used to initiate trades, pay fees, and cover losses. Attempting to withdraw trading bonuses straight from your trading accounts will result in the loss of any remaining bonuses. Profits earned from trading the bonus, on the other hand, can be withdrawn. Each email address is only eligible for one bonus claim. Your bonus will be calculated based on your score. Please keep in mind that in order to receive your bonus, you must register your Phemex account using the email address you provided. India, Venezuela, Indonesia, Bangladesh, Pakistan, Philippines, and Vietnam users are not eligible to participate in or get bonuses from the event. KYC verification is required before a user may claim prizes. Participants may only use one account to participate. Every account that shares the same IP address or UID will be instantly removed from consideration. The following activities will immediately disqualify you: Profits via market manipulation, self-dealing, or wash trades. Only main-accounts are allowed, sub-accounts will not be counted. These rules are subject to change at Phemex’s sole discretion. For more information on terms and conditions, visit the Phemex Universe Campaign Announcement.
The third-largest metaverse, Next Earth, has been on fire lately. As discussed in a recent Business Insider article, the platform has seen tremendous growth, with over 230,000 users and a host of exciting new features. This has been the moment the community was waiting for! One of the most buzzed-about recent developments is Next Earth’s […]
The TNC Group, an IT company that provides blockchain developments and security services globally, has announced that it has successfully hosted back-to-back conferences in Dubai. The events were held between March 25 and March 26 at the Dubai Festival Arena. Both conferences reported an attendance of over 30,000 people. Which, the attendees included professionals from […]
On April 4, the bitcoin mining operation Northern Data published its financial statements and noted that the company’s mining fleet had grown by approximately 21,000 machines by the end of March 2022. The newly added machines increased the company’s hashrate from 2 exahash per second in February to 3.95 EH/s by the end of March.… More
Manchester United defender Phil Jones has become the latest high-profile sportsperson to enter the metaverse. Jones, who has been on the club’s books since 2011, has joined forces with Web3 firm Antourage to develop an exclusive metaverse members project dubbed Red Lion Sports Club (RLSC). The venture will function as a kind of gated online community, where holders of special NFTs can congregate to play games and interact, view exclusive content, enter competitions and support worthy causes. Designed by noted augmented reality creator Doddz, only 4,000 algorithmically-generated Red Lion member NFTs will be released on the Solana blockchain, at a cost of two SOL (around $250 at current prices). A New Model for Fan Engagement Scheduled to launch in the coming month, , Red Lion Sports Club will focus on major sports events such as Premier League games, the NBA playoffs, Formula 1’s British Grand Prix and golf’s British Open, with fan-influenced content and mini-games devoted to the various sporting occasions. “Over the past six months I’ve been researching and learning about Web 3.0 and the potential of the metaverse,” revealed Jones, who has won Premier League, FA Cup and Europa League trophies while making over 100 appearances for United. “The idea behind the Red Lion Sports Club is to enable a new way of engaging with fans that promotes a genuine sense of community rooted in mutual respect for other members. RLSC will be a venue for fans of all sports that want to have a say in how a digital community grows and develops, interact with athletes, celebrities and other members, and influence the content that will be created around major events.” Red Lion Sports Club is the first metaverse project that Stockholm-based startup Antourage has been involved with, and co-founder Johan Junker said he was “thrilled to have Phil on board as the driving force behind RLSC.” He explained, “This project is at the heart of Antourage’s existence: to connect passion-driven fan communities with authentic content that is distributed across the latest social platforms. “We believe fans should be at the centre of the content ecosystem and be rewarded for their engagement. Red Lion Sports Club fully represents this philosophy and Web 3.0, driven by the metaverse, will expedite this change that will deliver greater value and a richer experience for fans and creators alike.” Jones and Junker aim to slot their exclusive sports-centric members club into a prominent metaverse, and to develop additional content and activations as its community develops. Premier League Stars Go Mad for Meta A number of metaverse enthusiasts now occupy the Old Trafford dressing room, with Jadon Sancho having recently partnered with Genies to release his own digital avatar and Luke Shaw launching his own NFT collection. Last week, Cristiano Ronaldo also participated in a $100 million funding round for FanCraze, which creates NFTs based on major cricket tournaments. Elsewhere in the English top flight, United’s cross-town rivals City have teamed up with Sony to reproduce their Etihad Stadium in virtual reality. The digitally mapped stadium could eventually ‘host’ live games, giving fans – or the digital avatars that represent them – the opportunity to enjoy a match day experience from the comfort of their own home.