​​👩‍💻 #REVIEW BITCOIN

I think it's time to turn bullish again guys! #BTC bounced after beautiful double bottom, now the price should test the bearish pennant support.

Usually I'd say that it's a bearish setup, however, I think that this time we'll see smth like that: flat around $54500 - $55000 and then pump back to $60k.

Note that this is risky and basically against the local trend! Don't go all in and be ready to fix some loss in case of failure!

​​#Ethereum on-chain USD transaction fees hit the second highest level in history yesterday.

#Ethereum on-chain fees hit $47.3M per day, coming close to the ATH of $49.8M set on 23-Feb.

Total fee revenue has exceeded $10M/day since 1-Feb.

Breaking: Eminem Joins the NFT Mania

https://bit.ly/2PeYG00

Follow Coingape: https://t.me/coingape

​​Polylastic will have a token sale on KickPad. Powered by Binance Smart Chain upon launch, Polylastic aims to build a chain agnostic aggregator that tracks elastic finance and smart futuristic algorithmic money. Date, token sale details and metrics TBA.

​​Equalizer (EQZ) gets listed on KuCoin on April 22. EQZ/USDT and EQZ/BTC trading pairs will go live at 9:00 AM (UTC).

​​Ampleforth Governance Token (FORTH) is launching on Coinbase Pro on April 21. Deposits are now open. Trading to begin shortly.

​​This night some Coinbase whale tried to push BTC below last LL at 51300 but was stopped exactly at that level and pushed back. This is 1 minute timeframe of that moment. What a scam exchange 🤦🏻‍♂️

Remember Coinbase CEO and top stuff dumped almost 100% of their stocks on the 1st day of direct listing. No believe in their company = no reason to trust it. Scam.

​​The Latest Breaking News 📣

#1 BitGo expands crypto insurance to cover over $700m — link

#2 £3.8 billion investment trust acquires stake in crypto exchange Kraken — link

#3 South Korea kicks off new crackdown on illicit crypto activities — link

#4 Baillie Gifford backs crypto with $100 million in blockchain.com — link

#5 Coinbase commits to devoting 10 percent of its resources to 'innovation bets' — link

​​💬 Chat chart request 💬

SRM is one of those coins that look really promising in case market bounce. Which is still under question. SRM may pull back to 6-6.2 in bullish scenario and to 5-5.5 in bearish scenario.

Targets can be only above ATH. Otherwise makes no sense in taking any longs at current stage. Double top is too close comparing to stop loss distance.

​​WeWork Now Accepts Bitcoin and Other Cryptocurrencies Through BitPay

WeWork now accepts Bitcoin and other cryptocurrencies through BitPay. Customers are now able to pay for co-working spaces or fixed offices in cryptocurrency.

Coinbase Exchange will be the first client to pay for WeWork membership. WeWork will accept BTC, ETH, USDC, PAX and other Crypto.

WeWork plans to hold the cryptocurrency received from the payments without converting to fiat. The co-working space will pay the landlord and third-party partners in crypto.

​​📈 Market Overview

Bitcoin recent downturn temporarily pulled its dominance rate down to 49.5% which is the lowest level since August 2018. This has led a growing number of traders to predict that altcoins will outperform Bitcoin in the short term.

The entire Top 10 is traded in the red zone. Dogecoin fell by -28.2%, Ripple -22.3% and Cardano -15.6%

Market capitalization: $1.86T (-12.2%)
The BTC dominance: 49.82% (+3.14%)
Fear & Greed Index: 55 (Greed)

​​The Latest Breaking News 📣

#1 Regulators to examine crypto exchange Binance’s foray into equities — link

#2 Morgan Stanley bitcoin fund draws $29.4m in 2 weeks, filings show — link

#3 BitMEX to offer custody, spot trading to expand beyond crypto derivatives — link

#4 UK bank NatWest bars businesses that accept crypto — link

#5 Young UK investors choose cryptocurrencies over stocks — link

​​Binance will list Ampleforth Governance Token (FORTH) on April 23. FORTH/BTC, FORTH/BUSD and FORTH/USDT trading pairs will go live at 9:00 AM (UTC).

​​AlgoPainter will have a public token sale round on KickPad on April 29. The startup will be raising $100k during this round and will enter the market with $600k initial market capitalization. Both public and private sale rounds are fully unlocked. AlgoPainter is a platform to connect digital painters to collectors.

​​📉 Daily Bitcoin chart review 📈

I hoped for Bart pattern or some other crypto magic instead of listening to my own forecast made April 18th which clearly indicated nearest future. The problem in trading is that you often forget the big picture when smaller timeframes revive your bullishness just before everything dump to the hell.

BTC hit support pivot at 47500. AC indicator pending green (yesterday started same but ended up with another red arrow). So bounce could be near. Support at 45k is strong and attract price like a magnet - may see a scam wick there before next short term bounce. Big picture stay same -correction can easily take price to 35k within next week.

🟥 50050 - 51000 - 52150
🟩 45000 - 42500 - 39500

Momentum at daily:
~23~: AO 🔻🔻 AC 🔻⬆️
20-22: AO 🔻🔻 AC 🔻🔻
18-19: AO ⬆️🔻 AC 🔻🔻
15-17: AO ⬆️⬆️ AC ⬆️🔻

😱 Fear & Greed index: 55 (<= 65 <= 73)

​​$1.5 Trillion Transaction Handled By Ethereum In The First Quarter Of 2021

The Ethereum network records the highest transaction of $1.5 Trillion in the first quarter of 2021 and could hit $6 Trillion by the end of 2021.

Arthur Hayes believes Ethereum is the most developed smart contract network, this is because of the popularity of its DeFi platforms and NFT marketplaces.

While other smart contract platform are looking for opportunity to improve.

​​📉 Daily Ethereum chart review 📈

Lets take a look at crypto bulls locomotive. Yesterday's volume was record high since February bottom, but closed at Feb Higher High level. Although lots of volume came from dips bought below 45000, we can't be sure that its enough to push ETH to 50000-55000 yet (while mid term these TP stay valid in any case). Watch daily close. Chances of drop back to 40000 for higher liquidity stay open.

​​Iran Approves Banks, Currency Exchangers To Use Cryptocurrencies For Importation Payments.

Cryptocurrencies mined by licensed crypto miners in the Iran can now be used for imports by banks and currency exchangers as per the new directive by the Central Bank of Iran.

This is after the Iranian government amended its cryptocurrency regulation, now giving them access to electricity and also they can sell their coins directly to central bank.

This is a new and massive move by the Central Bank of Iran.

​​#Bitcoin supply held by Long Term Holders (LTH) usually needs to be spent to 'put the top in'.

At the 2017 top, LTHs had reduced their holdings from 74% at the point of 'Peak Hodl' down to 58% of circ. supply.

Currently, coins accumulated in late 2020 are maturing and LTH owned supply is actually increasing > 67%.

We analysed this metric in Week 12 of The Week On-chain Newsletter for more details.

​​The total BTC balance on exchanges continuously decreasing since 2020. This shows that investors are withdrawing and storing their BTC in hardware and cold wallets. They are accumulating BTC for long term. Less BTC on exchanges means less selling pressure.

The same pattern is find after the 2016 halving and we see a long bull run until Dec 2017.

We are still far away from the bull run top. Hold some BTC for long term.