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Is Bitcoin Headed For Its Ninth Red Weekly Close?

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This week, Bitcoin had made history when it recorded its eighth consecutive red weekly close. This first-of-its-kind streak had cemented the digital asset on one of the worst bearish trends that have ever been recorded. Now, even as the week runs towards another close, the cryptocurrency has not been able to make any considerable recovery, indicating that it may not be done with its bearish streak.

Bitcoin Headed For A Ninth Red Close?

With bitcoin still trading well below $30,000, it is no long shot to speculate that the digital asset may close out this week in the red too. If it does so, then it will break its previous record while plunging the market into even worse bearish trends. Nine consecutive weekly closes would prove that bulls have mainly relinquished control of the market, meaning the bears have the leeway to pull the market down further.

Related Reading | Bitcoin Dominance Remains High As Market Sell-Offs Settle

This combined with the increased interest rates from the Fed has left investors feeling warier about financial investments. Thus driving them towards more ‘stable’ investment options. With such money leaving the market, bitcoin possesses little chance of actually reversing the current trend.

Even though bitcoin has been providing a safe haven from the altcoin bloodbath, it does not mean that the digital asset itself has not taken losses. NewsBTC reported that while bitcoin has been the best performer of all the indices, the cryptocurrency is still down 24% from the start of the month. This decline in price means that investors are still not as bullish on the pioneer cryptocurrency. 

BTC price falls to $28,000 | Source: BTCUSD on TradingView.com

What The Indicators Say

For bitcoin, maintaining above the 50-day moving average has always been a bullish indicator. This is why the current trading value of the cryptocurrency does not spell good news for it. For example, bitcoin is more than $9,000 below its 50-day moving average. To cement a recovery trend, it would not only have to move above this point but will need to establish significant support above the $40,000 level. This would mean that bitcoin would have to recover 37% to achieve this.

Related Reading | Perp Traders Remain Quiet As Bitcoin Struggles To Hold $30,000

While this is not outside the realm of possibility, exchange inflows show that it is very unlikely to happen. Over the last 24 hours alone, BTC exchange inflows have surpassed outflows by $7.5 million, showing that the sell-off trend continues to wax stronger.

Unless this sell-off trend can be halted and turned into an accumulation trend, a 37% recovery remains out of the picture for bitcoin. Coupled with the extreme fear sentiment that is being experienced in the space, BTC is more likely to touch below $25,000 before establishing support above $40,000.

Featured image from BBC, chart from TradingView.com

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TA- Alien Worlds (TLM) Set For A Major Rally As Market Looks Promising

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Ta- Alien Worlds (Tlm) Set For A Major Rally As Market Looks Promising

The price of Alien Worlds (TLM) has struggled to break out of a range recently with few bullish signs against Tether (USDT). 

Alien worlds could be set for a major rally after narrowly holding above key support as other crypto assets continue to trend higher.

Alien Worlds (TLM) Price Analysis On The Weekly Chart

Weekly Chart Analysis For TLM Price | Source: TLMUSDT On Tradingview.com

From the chart, the price of TLM saw a weekly low of $0.02, which bounced from that area and rallied to a price of $0.0313.

The price has struggled to build more momentum as it faces resistance at $0.031.

If the price of TLM on the weekly chart continues with this structure, it could quickly revisit  $0.02 acting as a good support area for buy bids.

Weekly resistance for the price of TLM – $0.0313.

Weekly support for the price of TLM – $0.02.

Price Analysis Of Alien Worlds On The Daily (1D) Chart

1660596725 742 Ta Alien Worlds Tlm Set For A Major Rally As
Daily Chart Analysis For TLM Price | Source: TLMUSDT On Tradingview.com

The price of TLM found strong support at $0.021, with what seems to be an area of interest on the daily chart.

TLM bounced from its support and has rallied as it faces resistance at $0.032. The price of TLM has continued to range in a channel, breaking out of this channel could send the price of TLM to $0.04 where it will face a major resistance before trending higher in price.

At the point of writing, the price of TLM is at $0.032, above the 50 Exponential Moving Average (EMA) which corresponds to $0.03. TLM holding above the 50 EMA on a high timeframe is good for market recovery and for price to trend higher.

TLM needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of TLM to $0.022

The Relative Strength Index (RSI) for the price of TLM on the daily chart is above 50, indicating healthy buy bids for TLM.

Daily (1D) resistance for TLM price – $0.032, 0.04.

Daily (1D) support for TLM price – $0.022.

Price Analysis OF TLM On The Four-Hourly (4H) Chart

1660596725 6 Ta Alien Worlds Tlm Set For A Major Rally As
Four-Hourly Chart Analysis For TLM Price | Source: TLMUSDT On Tradingview.com

The price of TLM is having a hard time breaking out the ranging channel, where it faces resistance at $0.032. 

On the low timeframe, the price of TLM has remained strong above the 50 and 200 EMA which corresponds to the prices of $0.032 and $0.03 acting as support for TLM prices. 

If TLM fails to hold these supports due to a sell-off we could see the price of TLM in the region of $0.25.

Four-Hourly (4H) resistance for TLM price – $0.4.

Four-Hourly (4H) support for TLM price – $0.032, $0.03.

Featured image from BeInCrypto, Charts from TradingView.com 
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Singapore High Court Grants Zipmex 3 Months of Protection

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Singapore High Court Grants Zipmex 3 Months Of Protection