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BTC won’t die. Web 3.0 Needs it.

Be greedy when everyone is fearful. 

I’ve never seen so much fear as I have seen this week in crypto assets. 

Ethereum has crashed to new lows, last seen in October. 
All crypto assets are stabilising, unsure of what Bitcoin is doing. 

But what about the institutions behind the major crypto asset companies? 

If the general sentiment is that Bitcoin and Ethereum is failing. Why would BAKKT by ICE still continue? 

BAKKT is a crypto asset exchange that offers coins to retail investors as well as physical settlements. In the same way that Gold when the futures expire gets delivered to your house – Physical bitcoin will be sent to your house. 

What about Coinbase ? 

Coinbase, one of the largest Crypto to Fiat exchanges has doubled their hires. 

This is quite weird considering that Bitcoin transactions are at an all time low, Investors are scared that Bitcoin will crash to $4200. 

Even though this may be the case, later during the year this doesn’t mean we will see crypto assets die. 

Rather, they will prosper. 

Bearish Case: 

If retail investors are correct in their negative sentiment and BTC/ETH shirts have hit an ALL time high. Then lower coins in the Top 100 will see a further 45% retracement. 

Nouvive believes this is an excellent proposition, Coins that have no differential factors should in fact die. The same as what happened during the 2000 dot com crisis. 

What happened following the crash saw Amazon, AliBaba, Ebay and PayPal rise out of their ashes. 

Followed was the Web 2.0 that led to Facebook and their consorts. 

What will happen to BTC today? 

As can be seen by the graph below, Bitcoin has been using the 90D Moving Average as a Resistance. 

On the 9th, we had an outlier that saw it spike above the Moving average before being brought down by the heavy sell pressure. 

The negative market sentiment in the market is illustrating that Bitcoin will try to re-attempt for the $5800 once more. 

Moreover, the decreasing volume illustrates that Bitcoin will have a big move today. 

If bITCOIN DOES FALL TO $6250, and does not hold there, we will see it retest $6150. 

Moreover, there is on the higher time frames, a Moving Average Crossover, this could indicate that before we see this go down, we will see a retest of the $6350-400 before retesting the bottom of the trendline at $6250. 

Nouvive recommends a long from the current position to $6375, before shorting to $6250. 

First stop loss is at $235, with a take profit at $6375 and for a short at $6250. 

Nouvive: Home of Crypto Beginners, Traders & Investors. Nouvive provides Cryptocurrency trading news, Analysis and indicators for beginners, traders and investors.

Information on these pages contain speculative statements that involves risks and uncertainties. Crypto-Assets profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell. Nouvive does not in any way guarantee that this information is free from mistakes, errors or material misstatements. It does also not guarantee that this information is of a timely nature. Crypto-Assets involve risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing or trading are your responsibility alone. For more information, please view the Risk Warning Below.

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