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TA: Bitcoin Consolidates Gains, Why Dips Could Be Limited Below $50K

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Bitcoin extended its recovery above $51,000 against the US Dollar. BTC must remain stable above $49,500 to continue higher in the near term.

  • Bitcoin started a recovery wave above the $50,500 resistance zone.
  • The price is now trading above $50,000 and the 100 hourly simple moving average.
  • There was a break below a connecting bullish trend line with support near $50,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if it is above the $49,500 level.

Bitcoin Price Loses Steam

Bitcoin price extended its recovery wave above the $50,000 resistance zone. BTC even climbed back above the $50,500 and $51,200 resistance levels.

However, the price failed to surpass the $52,000 resistance zone. A high was formed near $51,955 and the price is now correcting gains. There was a break below the $51,000 support zone. The price declined below the 23.6% Fib retracement level of the upward move from the $47,210 swing low to $51,955 high.

There was also a break below a connecting bullish trend line with support near $50,800 on the hourly chart of the BTC/USD pair. The pair is now trading above $50,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $51,000 level. The next major resistance is near the $51,800 level. A clear break above the $51,080 resistance zone could open the doors for more upsides. The next key resistance is near the $52,000 level, above which the price could rise further. In the stated case, the price could rise towards the $53,500 level.

More Losses In BTC?

If bitcoin fails to clear the $51,800 resistance zone, it could continue to move down. An immediate support on the downside is near the $50,000 level.

The first major support is now forming near the $49,500 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the upward move from the $47,210 swing low to $51,955 high. A downside break below the $49,500 support may perhaps increase selling pressure. The next stop for the bears might be $48,000.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $50,000, followed by $49,500.

Major Resistance Levels – $51,800, $52,000 and $53,500.

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ETH has Shot up 1777%, Clocking $4.34B From Q4 2020 to Q4 2021

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Ethereum Killers Have Helped the Ecosystem Prosper! Find out how!
  • Bankless puts out a report on ETH surges from Q4 2020 to Q4 2021.
  • ETH has shot up 1777% from Q4 2020 to Q4 2021.
  • DeFi has exploded to about 770% up from Q4 2020 to Q4 2021.

The second largest crypto in the world, in terms of market cap, the Ethereum (ETH) is obviously one of the most anticipated. Indeed it has come up a long way still maintaining its supremacy over the altcoin industry. In spite of this, one of the most profuse online crypto analysis platforms and investment advisory, the Bankless posts a tweet, regarding it’s report on ETH. 

Upon the tweet Bankless terms, that as protocols unusually don’t put up their yearly statistics, they have completely published the report on ETH from Q4 2020 to Q4 2021. 

ETH Surge Between Q4 2020 to Q4 2021

Though be something of the past, the past records are obviously vital in the crypto industry, solely on the basis of market analysis. According to the Ethereum report by Bankless, a complete project like Ethereum has surpassed effortlessly in almost all it’s attributes together for the year 2021.

Regardless, it was in the Q4 of 2021 that ETH even hit it’s still current ATH of $4,860. In addition, on comparing the Q4 of 2020 with Q4 of 2021, ETH has massively exploded in all terms. Also, the complete revenue shot up from $231.4 million to a whopping $4.34 billion for the overall ETH platform. This accounts to a massive surge of 1,777% rise in it’s revenue on comparing Q4 of 2020 to Q4 of 2021. One of the major reasons for this surge on ETH also accounts to the platform’s increase in active users during Q4 of 2021. The active users rose upto 34% on Q4 of 2021 alone. 

DeFi’s Boost for ETH

Apart from the other attributes based upon the ETH blockchain, the Decentralized Finance (DeFi) obviously plays a major role for ETH such surges in between the period of Q4 of 2020 to Q4 of 2021. 

Similarly, taking into account the DeFi surges between Q4 of 2020 to Q4 of 2021, the sector has witnessed a striking surge of overall about 770%. In addition, the overall Total Value Locked (TVL) has surged up from $17.73 billion to $154.2 billion astonishingly. Amongst this, the Curve plays the major role as it alone holds about $20 billion TVL.  

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Justin Sun Embraces His New Role as Grenada’s Brand Ambassador to WTO

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Tron Founder Justin Sun Appointed as Grenada's WTO Ambassador