Bitcoin is trying to make another attempt to support US$30k at the time of writing. But there’s hardly a lot of confidence in the market right now – something that happens to CommBank.
Last November, the Commonwealth Bank of Australia announced its planned step into the world of crypto trading† Australia’s largest bank then announced a pilot program for a service that would eventually allow more than 6.5 million CommBank app users to buy and sell up to 10 cryptos, including Bitcoin† Ethereumand Litecoin†
The program was also underway, but as of today, the pause button has been pressed, with no exact timetable as to when it will resume. The dust raised by the Terra LUNA fiasco may need to settle first.
Due to uncertainty surrounding the market, the Commonwealth Bank of Australia has paused the launch of its planned crypto trading service. pic.twitter.com/IXpUAPa4KU
— Mr. Block™ (@mrblock_com) May 19, 2022
Oh well, further and up… (after chopping sideways or possibly falling off another cliff first).
Top 10 overview
With the total crypto market cap of approximately US$1.35 trillion, up 3.6% since this time yesterday, here is the current state of affairs in the top 10 tokens – according to CoinGekko†
It looks just a little bit healthier than at this time yesterday, as does the industry’s key sentiment indicator – the Crypto Fear & Greed Index – which we thought could be a single digit today.
It’s jumped a point in 100 since Wednesday, making it only marginally less likely to get wet in its pants in its extremely anxious state.
So what are different analysts seeing these days? WhaleMap, which tracks and analyzes the trading patterns and movements of major Bitcoin investors, is seeing support levels well below the $30k the market is currently targeting.
About US$24k to $26k is where it is, apparently, otherwise… see you in “goblin town” as the crypto kidz say.
Let’s keep it simple
Do or die support for #Bitcoin at the moment are:
This or we go much deeper pic.twitter.com/h6PEHL2HDz
— whale map (@whale_map) May 19, 2022
Want something a little more bullish in the short term? Yesterday we said @Roman_Trading has been fairly consistently bearish over the past few months, but just over five hours ago (at the time of writing) saw a “head and shoulders inverted” pattern on a low time frame. That often precedes a rise, although it may have already played out, pushing Bitcoin back above US$30k.
I’m not saying it’s a move that will hold up, but it looks like he made another correct short-term decision.
Not a fan of LTF but I pointed out low volume going into 28.6k support last night. That generally indicates that there is a bounce or at least more consolidation involved.
I see an inverted HS (bullish reversal pattern) confirming here.#bitcoin #cryptocurrency #crypto trading pic.twitter.com/hItajUwwDE
— Roman (@Roman_Trading) May 19, 2022
Meanwhile, Rekt Capital, another solid chart watcher, is a trader who watches the RSI (relative strength index) — which is a “momentum indicator that measures the magnitude of recent price changes to analyze overbought or oversold conditions,” according to Investopedia†
Seeing the Bitcoin RSI so low and “overold” seems a bit tempting, indicating that a market bottom in theorybe close.
#BTC RSI is now entering a period that has historically preceded too high a return on investment for long-term investors
Previous chargebacks from this area are January 2015, December 2018 and March 2020
All Bear Market Bottoms$BTC #crypto #Bitcoin pic.twitter.com/jofNT7gnsT
— Rekt Capital (@rektcapital) May 19, 2022
But… on the other hand… as author and trader “Cheds” recently pointed out, RSI trends can linger for a long time.
Quick reminder if $BTC RSI is approaching “oversold” on larger time frames.
Being oversold is a better reason to sell than to buy.
Trends tend to continue. RSI can remain “oversold” or “overbought” for a long time.
— Cheds (@BigCheds) May 9, 2022
Top and bottom layers: 11-100
With a market cap range of about US$11.3 billion to about US$563 million in the rest of the top 100, let’s find some of the biggest 24-hour winners and losers at the time of writing.
† XDC Network (XDC), (market cap: US$589 million) +11%
† Gala (GALA), (mc: US$639 million) +7%
† Synthetix (SNX), (MC: US$604 million) 7%
† Cosmos (ATOM), (mc: US$3.16 billion) 5%
† The sandpit (SAND), (mc: US$1.59 billion) 5%
† TerraUSD (UST), (market cap: US$891 million) ($0.078) -22%
† Terra (LUNA), (mc: US$919 million) -19%
† Chain (XCN), (mc: US$1.56 billion) -15%
† Convex Finance (CVX), (mc: US$640 million) -6%
† Waves (WAVES), (mc: US$617 million) -5%
Uppers and downers: lower caps
Among the crypto unicorns (well below in some cases), here is just a selection that catches our eye…
† SLIDE (DIA), (market cap: US$43 million) +48%
† marlin (POND), (mc: US$44 million) +41%
† PolySwarm (NCT), (mc: US$37 million) +36%
† Keep3rV1 (KP3R), (mc: US$57 million) +35%
† DISASTER (RAMP), (mc: US$18 million) +29%
† goldfinch (GFI), (market cap: US$13 million) -21%
† retreeb (TREEB), (mc: US$16 million) -18%
† Tokemak (TOKE), (mc: US$72 million) -16%
† UniLend Finance (UFT), (mc: US$15 million) -16%
† Anchor protocol (ANC), (mc: US$36 million) -13%
Around the blocks
Many new macroeconomic experts emerging in the past week are talking about recession this and recession that. It feels like getting a tip from the hairdresser or taxi driver when you are this far into recession pregnancy. Nov was the time to be an expert. Not -70% later lol
— Pentoshi ? (@Pentosh1) May 19, 2022
They can have their moment.
— Erik Voorhees (@ErikVoorhees) May 19, 2022
#SPX right, #DowJones down #Bitcoin up 6%. Too early to say if we’re disconnecting, but that’s a big delta pic.twitter.com/NCduHKPKyW
— InvestAnswers (@invest_answers) May 19, 2022
Elon, 2021: “We will stop accepting BTC in the Tesla webshop until bitcoin mining becomes more ESG compatible”
Elon when Tesla stunk gets downgraded by S&P 500 for lack of ESG compliance: “ESG woke up left-wing compliance bullshit”
Oh, how the roles are reversed @Elon Musk
— Vlad “BTCTKVR.com” Costea ⚡️ (@TheVladCostea) May 19, 2022
My POV: The two biggest themes were:
1. Web3 studios need to build great games. It starts there. Without a great game, web3 gaming doesn’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
— Shibetoshi Nakamoto (@BillyM2k) May 19, 2022
#Mooners #Shakers #Bitcoin #Stable #Analysts #CommBank #Pauses #Crypto #Pilot #Stockhead