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Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again

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Bitcoin price is showing recovering signs above $32,000 against the US Dollar. BTC is facing an uphill task at $34,000 and it is likely to continue lower towards $30,000.

  • Bitcoin is correcting higher from $28,865 and it is trading above the $32,000 resistance.
  • The price is facing a strong resistance near $34,000 and the 100 simple moving average (4-hours).
  • There is a short-term contracting triangle forming with resistance near $33,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could face a strong resistance near the $33,800 and $34,000 levels in the near term.

Bitcoin Price Remains At Risk

This past week, bitcoin price saw a sharp decline below the $35,000 and $34,000 support levels against the US Dollar. The BTC/USD pair even tumbled below the $30,000 support and settled well below the 100 simple moving average (4-hours).

A low was formed near $28,800 before the price started an upside correction. It broke the $30,000 level and it even recovered above the $31,500 level.

There was also a test of the 50% Fib retracement level of the downward move from the $37,847 swing high to $28,867 low. There is also a short-term contracting triangle forming with resistance near $33,000 on the 4-hours chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a triangle break, the price could face hurdles near the $33,800 and $34,000 levels. There is also a key bearish trend line forming near $34,500 on the same chart. It is close to the 61.8% Fib retracement level of the downward move from the $37,847 swing high to $28,867 low.

A close above the $34,000 and $34,500 resistance levels could open the doors for a larger increase. The next major hurdle is near the $38,000 level.

Fresh Drop in BTC?

If bitcoin fails to clear the $33,500 and $34,000 resistance levels, there is a risk of another decline. An initial support on the downside is near the $31,800 level.

A clear break below the $31,800 and $31,500 support levels could clear the path for a push towards the $30,000 support zone in the near term. Any more losses might call for a test of $28,800.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising towards the 50 level.

Major Support Level – $30,000

Major Resistance Level – $34,000

Source: https://www.newsbtc.com/analysis/btc/bitcoin-facing-uphill-34k/

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Market Analysis Report (05 Mar 2021)

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The SigmaUSD stablecoin has been deployed by the community and is live and ready for all Ergonauts to use at https://sigmausd.io/

After several months of hearing whispers about a stablecoin being built and teasers being thrown around, the Ergo community enjoyed an information-packed Ergo Summit 2021 which explained everything they needed to know about the AgeUSD Protocol; a novel crypto-backed algorithmic stablecoin protocol that has been created in joint partnership by the Ergo Foundation, EMURGO, and IOG on top of the Ergo Blockchain.

A community-wide vote was held to decide on the exact names for the stablecoin and the reservecoin (the other coin part of the AgeUSD protocol). After many days of back-and-forth, the community landed on “SigmaUSD” for the stablecoin and “SigmaRSV” for the reservecoin.

For those who are new to the Ergo ecosystem, “Sigma” refers to the core of what powers Ergo’s cryptography & smart contracts, that being Sigma Protocols. No other blockchain in the cryptocurrency sphere uses Sigma Protocols, and thus this is what makes Ergo extremely unique. They enable privacy-preserving primitives to be used for cheap by anyone in the ecosystem, which has future potential for business/enterprise use cases, and more.

The Ergo ecosystem has a growing trend of Sigma Protocol-inspired themes with recently released projects such as the Ergo dApp explorer, The Sigmaverse. Thus the community-chosen SigmaUSD fits perfectly in place and is a testament to the community’s appreciation for all of the impressive tech which is embedded within Ergo itself.

The Ergo DeFi ecosystem is just beginning to bloom, and it is clear that with so much interest in this first DeFi dApp we are only going to see more and more being developed and launched. With so much excitement coming out within just the first two months of 2021, this year looks like it’s going to be one to remember for Ergo and all Ergonauts.

What are you waiting for? Head to SigmaUSD’s website and see what all of the Ergonauts are praising for yourself.

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Source: https://www.cryptocompare.com/email-updates/daily/2021/mar/05/

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Metis | Enabling Web 3.0 Through Easy-to-Use Layer 2 Next Generation Framework

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The next generation of web platforms is beginning to emerge, as the explosion in demand for DeFi projects demonstrates. Unfortunately, as the high gas fees and scaling issues plaguing Ethereum have shown, there are currently limitations to innovation and adoption. The technology behind Metis, however, enables a true breakthrough in blockchain business operations, allowing companies to easily launch decentralized companies with a full suite of management and community governance tools. Through the Layer 2 framework, Metis will act as the missing puzzle piece in ushering in the age of Web 3.0. 

Here’s everything you need to know about Metis and how it will revolutionize the blockchain industry. 

Learning The Difference Between Layer 1 and Layer 2 Blockchain Technology

Long before a contractor can begin building walls or start laying tile, they must first build a strong foundation that can support the structure for decades to come. The more ambitious the project, the stronger that foundation needs to be to support what’s built on top of it currently and anything added in the future. 

Think of Layer 1 technologies as that foundation. Much of the crypto universe is built on Ethereum, including most of DeFi. However, the platform’s popularity, combined with a lack of ability to scale, has left decentralized applications difficult to use due to high ETH gas fees. 

The costs have begun to hinder innovation and force developers to consider other blockchains and avoid using the platform altogether. 

Fortunately, there are solutions to this today, as Vitalik mentioned, “Rollups,” which can significantly improve the scalability, lower the cost, and enable more functions to be built on top of it. Optimistic Rollups, for example, are layer two constructions that enable running smart contracts at scale while still being secured by Ethereum. These constructions resemble Plasma, but trade it’s almost infinite scalability to run an EVM compatible Virtual Machine called OVM (Optimistic Virtual Machine) which enables ORs to run anything Ethereum can.

By hard-forking Optimistic Rollups and tailoring for managing a virtual entity, Metis enables the streamlined building of decentralized companies, building trust among distrusted community members, and managing all the collaborations(business activities) via blockchain-based tools. 

Metis and other Layer 2 technologies can be thought of as the framing built on top of the foundation that can correct many of the limitations of the foundational Layer 1. With a strong foundation laid down, and a proper framework in place, innovators can begin to build the future of Web 3.0 before our eyes. 

More About Metis Protocol Powering The Future of Web 3.0

Metis is a disruptive Layer 2 blockchain technology aiming to enable Web 3.0 to flourish. Using the Metis protocol, anyone can create a decentralized company in just three easy steps. 

To begin, simply visit the Metis app and input the DAC name, logo, and description; stake Metis tokens to activate, and within a few clicks, a fully autonomous, decentralized company can be launched. 

Using the Metis toolset, decentralized companies can manage their community, create incentivized tasks, build a community-based knowledge base, perform accounting, and much more at an extremely low operational cost. 

Developers and entrepreneurs can innovate without limitation, creating the future of Web 3.0 consisting of Dapps, sharing and gig economies, volunteer networks, open-source projects, etc. 

Metis is launching its own mainnet in 2021, which will further improve scalability. To learn more or leverage state-of-the-art blockchain-based tools for the streamlined creation of decentralized companies and stay updated regarding the upcoming token airdrop and public sale, visit the Metis website

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Source: https://bitcoinist.com/metis-enabling-web-3-0-through-layer-2-blockchain-framework/?utm_source=rss&utm_medium=rss&utm_campaign=metis-enabling-web-3-0-through-layer-2-blockchain-framework

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Bitcoin Retraces After Bouncing, Falling Below $47,000

Bitcoin is approaching a crucial support area. A strong resurgence will be mandatory for the possibility of bullish continuation to remain.   Bitcoin Bounce Retraces On Feb. 28, BTC reached the $45,000 support area and bounced upwards. It proceeded to reach a high of $52,652 four days later but has been moving downwards since. So … Continued

The post Bitcoin Retraces After Bouncing, Falling Below $47,000 appeared first on BeInCrypto.

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The Bitcoin (BTC) price has been retracing since getting rejected by the $52,500 resistance area on March 3.

Bitcoin is approaching a crucial support area. A strong resurgence will be mandatory for the possibility of bullish continuation to remain.

 

Bitcoin Bounce Retraces

On Feb. 28, BTC reached the $45,000 support area and bounced upwards. It proceeded to reach a high of $52,652 four days later but has been moving downwards since.

So far, BTC has reached a low of $46,294 in the early hours of March 5. This is still inside the body of the bullish candlestick of March 1. Therefore, it’s still inside the parameters of a normal retracement. 

However, both the MACD and Stochastic oscillator are bearish. The latter has already made a bearish cross. On the other hand, the RSI is trying to hold on above the 50-line.

BTC Daily Movement
BTC Chart By TradingView

Bitcoin Struggles to Find Support

The six-hour chart shows that the main resistance area is found at $52,476. This is the 0.618 Fib retracement of the most recent downward movement and a horizontal resistance area. 

Therefore, until BTC manages to clear it, we cannot consider the trend bullish — at least not in the short/medium-term.

Similar to the daily time-frame, the MACD and RSI are bearish.

BTC Six-Hour
BTC Chart By TradingView

Finally, the two-hour chart shows that BTC is still above the $46,600 support area (0.618 Fib retracement). 

However, there are no bullish reversal signs yet.

If BTC were to break down, the next closest support area would be found at $45,000. This is the 0.786 Fib level of the most recent move and a horizontal support area from the daily chart. 

Therefore, the loss of this level would be a significant bearish development for BTC.

BTC Short-Term
BTC Chart By TradingView

Corrective Decrease?

A look at the very short-term 15-minute chart shows a continued decrease that has been ongoing since March 3. 

The downward movement is perfectly channeling, and the significant overlap suggests that it’s likely to be corrective. This means that despite the lack of bullish reversal signs, an eventual breakout is expected.

BTC Correction
BTC Chart By TradingView

The most likely wave count suggests another upward move towards a new all-time high. 

However, a decrease below the Feb. 28 low would signal that BTC is likely to fall towards $40,000.

BTC wave Count
BTC Chart By TradingView

Conclusion

Bitcoin is expected to find relief at one of the support levels outlined and continue moving higher.

The loss of the $45,000 support area would be a major bearish development, indicating that the local low might not be in yet.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/bitcoin-retraces-after-bouncing-falling-below-47000/

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