Bitcoin is attempting to break another $30K support at the time of writing. But there is not much confidence in the market at the moment – something via CommBank.
Last November, the Commonwealth Bank of Australia revealed its planned foray into the world of cryptocurrency trading. Australia’s largest bank then announced a pilot program for a service that will eventually enable more than 6.5 million CommBank users to buy and sell up to 10 cryptocurrencies, includingAnd And .
The program was also in progress, but as of today its pause button has been pressed, with no specific time frame yet on when it will resume. Dust from a Terra LUNA failure may need to settle first.
As market uncertainty spreads, the Commonwealth Bank of Australia has temporarily halted the launch of its planned cryptocurrency trading service. pic.twitter.com/IXpUAPa4KU
– Mr. Block™ (@mrblock_com) May 19, 2022
Ah well, forward and up… (after cutting aside or potentially falling off another cliff first).
Overview of the top 10
With the total market capitalization of cryptocurrencies at around $1.35 trillion, up 3.6% since this time yesterday, here is the current state of the top 10 coins – according to CoinGecko.
It looks a little healthier than it did yesterday, as does the number one sentiment indicator in the industry – the Crypto Fear & Greed Index – which we thought could be number one today.
He’s actually up 1 point out of 100 since Wednesday, making him less likely to wet his pants very slightly in his very dreaded state.
So what do many analysts see today? WhaleMap, which tracks and analyzes the trading patterns and movements of large Bitcoin investors, detects support levels just below the $30K USD that the market is launching at the moment.
About $24,000 to $26,000 is where it’s at, apparently, otherwise… See you in ‘Puck Town’ as the crypto kidz says.
Let’s make it simple
Do or don’t support # bitcoin Now they are:
This or we go much deeper pic.twitter.com/h6PEHL2HDz
– whale (whale_map) May 19, 2022
Want something more bullish in the short term? Yesterday we said Roman_Trading has been somewhat bearish in recent months, but five hours ago (at the time of writing), it was spotting an “inverted head and shoulders” pattern on a lower time frame. This is often preceded by a move higher, although it may have already taken place, causing Bitcoin to pull back above $30K once again.
I’m not saying it’s a move that will last, but it looks like he made another valid short-term call.
BTC dollars 30 pm
I’m not a fan of LTF but I mentioned a low support level at 28.6K last night. This generally indicates that rebound is in play, or at least further consolidation.
– Roman (@roman_trading) May 19, 2022
Meanwhile, a robust chart watcher, Rekt Capital is one such trader to look to the RSI (Relative Strength Index) — a “momentum indicator that measures the magnitude of recent price changes to analyze overbought or oversold conditions,” according to Investopedia. .
Seeing the Bitcoin RSI at this low and “oversold” looks kind of exciting, indicating that a market bottom could, in theorybe soon.
#BTC The RSI is now entering a period that historically precedes huge investment returns for long-term investors
Previous setbacks from this region include January 2015, December 2018, and March 2020
– Rektcapital May 19, 2022
But…then again…as the author and trader “Cheds” recently pointed out, RSI trends can last for a long time.
Quick reminder of the name BTC dollars The RSI is approaching “oversold” on larger time frames.
Being “oversold” is a better reason to sell than to buy.
Trends tend to continue. The RSI can remain “oversold” or “overbought” for a long time.
BigCheds May 9, 2022
Upper and lower parts: 11-100
Sweeping a market cap range of between $11.3 billion and approximately $563 million in the rest of the top 100, let’s find some of the biggest gainers and losers over 24 hours at press time.
• XDC Network (XDC), (market capitalization: $589 million) +11%
• expensive Gala, (MC: 639 million USD) + 7%
• synthetic (SNX), (MC: $604 million) 7%
• Cosmos (ATOM), (MC: 3.16 billion USD) 5%
• sand (Sand), (MC: 1.59 billion USD) 5%
• TerraUSD (UST), (market capitalization: $891 million) ($0.078) -22%
• Tera Luna (MC: $919 million) -19%
• Series (XCN), (MC: 1.56 billion USD) -15%
• convex finance (CVX), (MC: $640 million) -6%
• waves (WAVES), (MC: $617 million) -5%
Upper and lower parts: lowercase letters
Going below crypto unicorns (in some cases much less), here’s a selection that catches our eye…
• DIA (DIA), (market capitalization: $43 million) + 48%
• Marilyn (POND), (mc: $44 million) + 41%
• Polysurm (NCT), (MC: $37 million) + 36%
• Keep3rV1 (KP3R), (MC: 57 million USD) + 35%
• slope (RAMP), (mc: $18 million) + 29%
• goldfinch (GFI), (market capitalization: $13 million) -21%
• Retrip (TREEB), (MC: 16 million USD) -18%
• Tokemak (token), (MC: 72 million USD) -16%
• UniLend Finance (UFT), (mc: $15 million) -16%
• Anchor Protocol (ANC), (MC: $36 million) -13%
Lots of new macroeconomists emerged last week talking about this recession and stagnation. You feel like you’re getting a tip from a barber or taxi driver when you’re in reflexology. November was the time to be an expert. No -70% later lol
– Pentosh 🐧 (@Pentosh1) May 19, 2022
They can have their moment.
Eric Voorhees (@ErikVoorhees) May 19, 2022
– InvestAnswers (@invest_answers) May 19, 2022
Elon, 2021: “We will stop accepting BTC in Tesla’s online store until Bitcoin mining becomes more ESG compliant.”
Elon when Tesla Stonk downgraded by S&P 500 due to ESG non-compliance: ‘ESG has awakened left compliance bullshit’
Oh, how the tables turn Tweet embed
– Vlad “BTCTKVR.com” Kostea ⚡️ (@TheVladCostea) May 19, 2022
My view: the two biggest issues are:
1. Web3 Studios must build great games. It starts there. Without a great game, 3 web games wouldn’t matter.
2. Great games take time. Be patient and build wisely to navigate the highs and lows of the market.
– Chaseᵍᵐ (🥃, 🦉) @Permissionless (@itsmechase) May 19, 2022
– Shibitoshi Nakamoto (@BillyM2k) May 19, 2022