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| Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Bradley Keoun, Managing Editor, Markets May 18, 2021 Sponsored by Bitcoin (BTC) +1.4% $45,264 Ether (ETH) +1.1% $3,501 (Price data as of May 18 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning. Here's what we're writing about: Market Moves: Is the worst of bitcoin's price correction over? Price-chart indicators suggest that might be the case, as the largest cryptocurrency appears to stabilize around $45K.Technician's Take: Bitcoin held support around $42K. Upside appears limited towards $50K to $53K resistance.
Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Michael Casey and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests: Mike Cagney, Figure CEO Gary Vaynerchuk, VaynerMedia CEO Nick Mancini, Trade the Chain chief community officer
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Aave (AAVE): +15%XRP (AAVE): +11% NuCypher (NU): +11% Losers: Cardano (ADA): -3.1%
The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
Market Moves by Omkar Godbole Bitcoin Chart Indicator Suggests Worst of Pullback May Be Over Bitcoin’s bull market correction may be coming to an end, according to the relative strength index (RSI) – a technical indicator widely used to gauge momentum and identify overbought and oversold conditions.
The 14-week RSI has now dropped to 53.00, a level that has consistently acted as solid support and marked an end of corrective pullbacks during the 2016-2017 bull run.
The RSI support has come into play as bitcoin (BTC, +1.56%) charted a 35% drop from $64,801 to $42,000 in the past four weeks. While Twitter comments from Tesla CEO Elon Musk look to have scared some retail investors into selling, there were already signs of exhaustion in the market. Whales had started moving money out of bitcoin, leaving less wealthy investors struggling to do the heavy lifting above $60,000.
However, the bull market looks intact, with the cryptocurrency still up 365% year-on-year and evidence of long-term investors buying the dip. Coupled with the weekly RSI hovering at historically strong support, that suggests the cryptocurrency may soon resume its uptrend.
Bitcoin is showing signs of life at press time, trading 4% higher on the day at $45,300, according to CoinDesk 20 data. Bitcoin weekly price chart. (TradingView) As shown above, bitcoin saw at least four significant corrections during the 2016-2017 bull run that ended with the weekly RSI near 53.00.
The make-or-break level was finally breached in January 2018, marking bitcoin’s entry into a bear market. What followed was almost a year-long sell-off to as low as $3,200.
Since then, crossovers above and below 53.00 have served as reliable indicators of bullish/bearish trend changes. The RSI moved above 53.00 in April 2019 and April 2020, kicking off major price rallies. Meanwhile, drops below the level in September 2019 and February 2020 brought significant losses. Read the original story here: Bitcoin Chart Indicator Suggests Worst of Pullback May Be Over
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Technician's Take by Damanick Dantes Bitcoin Stabilizes at Support; Faces Resistance Around $50K-$53K Bitcoin (BTC) buyers continued to defend support around $42,000 on Monday. The sell-off that began last week appears to be weakening as the cryptocurrency registers oversold signals. However, upside appears limited towards $50,000-$53,000 resistance.
The cryptocurrency was trading around $45,000 at the time of writing. Daily bitcoin chart shows support and resistance levels with oversold RSI. (Trading View) The relative strength index (RSI) on the four-hour chart is now oversold similar to the last week in April which preceded a price bounce. The RSI is also oversold on the daily chart and is neutral on the weekly chart, which could signal a brief price recovery as sellers capitulate. Initial resistance is around $50,000 and then at the 100-period moving average on the four-hour chart at $53,000. Bitcoin continues to consolidate and is now at the bottom of a three-month range. The broader uptrend remains intact, albeit vulnerable to sharp swings and frequent drawdowns.Original story found here: Bitcoin Stabilizes at Support; Faces Resistance Around $50K-$53K
A message from Farsite Ever dreamed of owning a spaceship? It is possible in Farsite - upcoming DeFi powered MMO RTS, where NFTs acquired a new meaning. Designed for Ethereum 2.0, Farsite runs cNFT protocol to allow collateral staking against game assets. Explore a myriad of galaxies in the everlasting search for rare resources, modernize your vessel, and trade assets on the open market. Preorder launches May 31 - join the Airdrop to charter your first spacecraft, traveler, the countdown begins.
BOLO Be on the look out for these upcoming events: 12:30 UTC (8:30 a.m. ET): U.S. housing starts for April. Est. 1.69M, -19% month-over-month. (Census) 14:05 UTC (10:05 a.m. ET):Former U.S. Treasury Secretary Larry Summers delivers keynote speech at Federal Reserve Bank of Atlanta conference on the role of central banks in fostering a resilient economy and financial system. (Atlanta Fed)
A message from CoinDesk Will bitcoin pump? Is a pullback around the corner? Is ether a better way to position? Next week at Consensus by CoinDesk, our virtual big-tent conference, we help investors hone their skill sets with trading and yield generation strategies. investment theses and market intelligence and get up to speed on crypto market developments. Join our Explorations track "Trade Secrets" with Philip Gradwell of Chainalysis, Matthew Roszak of Bloq, Darius Sit of QCP Capital and more at Consensus by CoinDesk, May 24-27. Register today.
ICYMI In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:
Is Crypto’s Weekend Slide More Than the ‘Musk Effect’ and What Happens Next?s "First Mover" checks in with experts on the bitcoin selloff as Elon Musk hints at Tesla's dumping of its bitcoin holdings. Lindsay Joo of BitBull Capital joins our markets discussion. Plus, John Wu of Ava Labs, which launched the proof-of-stake Avalanche blockchain, discusses proof-of-stake over bitcoin's proof-of-work. And, last but not least, Tax Day is here; what you need to know for your cryptocurrency investments. "First Mover" talks taxes with Amy Kim of the Chamber of Digital Commerce.
A message from CoinDesk Bitcoin Miner Metrics: Hashrate and Thermocap
How is hashrate calculated? What does thermocap represent? What do hashrate ribbons say about bitcoin price cycles? This research note looks at Bitcoin miner metrics and how investors can use them to glean insight into the asset’s price and network fundamentals. Download the free report here.
Latest Headlines Swiss Asset Manager Valour Launches Cardano and Polkadot ETPsFully backed by ADA and DOT, the products are listing on the Nordic Growth Market. DeFi Platform DeversiFi Raises $5M in Bid to Scale Trading on Ethereum DeversiFi’s platform is aimed to stop small and mid-size investors being deterred by high gas fees on Ethereum. $4B Ponzi Scheme OneCoin and ‘CryptoQueen’ Leader Found in Default in US Lawsuit Ruga Ignatova and her company failed to respond to the case, documents filed in the New York federal court say. The Swiss digital asset bank will follow up with a suite of services for ICP, such as loans, spot trading and options trading. Crypto Custodian Copper Raises $50M in Series B Round The digital asset custodian says revenues and client growth tripled in the last quarter.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. If you are in doubt about a link, type https://www.coindesk.com directly into your browser; do not copy and paste. Remember, if something seems too good to be true, it probably is.
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