Bitcoin is approaching the end of the week on a relatively weaker note. As BeInCrypto reported yesterday, there was a decent chance for the bulls to kick start a new rally by pushing the price above $9,460 without any further delay.
Instead, just the opposite happened as the alpha-crypto dipped all the way down to the $9,200s earlier on Friday. Although it has since made a slight recovery and currently trades around $9,370. As you may know, Bitcoin usually swings wildly during weekends, and the price tends to dip more often than not.
So, overall, the odds are reasonably high that the bulls will have to wait a tad bit longer than they would ideally want for that next rally. More on that and other big stories from the day in the Friday edition of BeInCrypto’s Cryptocurrency News Roundup.
Bitcoin Struggles to Hold on to Critical Support [Analysis]
The Bitcoin price is currently trading very close to the $9,250 support area, which is the 0.5 Fib level of the entire upward move that started on June 15. The price reached this area on June 17 and immediately bounced upward on above-average volume.
The current bounce is noticeably weaker, both in magnitude and volume. This is a bearish sign that indicates that the bulls might be losing strength.
- The Bitcoin price is trading around the $9,250 support area.
- The price is trading inside a longer-term descending wedge.
- BTC is trading inside a longer-term range of $8,500 – $10,100.
A Look at Coinbase’s History of Controversies: An In-Depth Report
As one of the largest cryptocurrency exchanges in the world, there are a lot of things to admire about Coinbase. It would be unfair to suggest otherwise. However, a growing number of users and community members are now becoming increasingly wary of the various controversies Coinbase currently finds itself in.
Some of the criticisms against Coinbase are naturally more valid than others, and they’re worth looking at in greater detail. In this article, BIC colleague Anton Lucian attempts to break down the long history of Coinbase-related controversies up until today. And perhaps even more importantly, whether or not the exchange has taken concrete measures to resolve these issues.
DASH and EOS: When Will These Two Lagging Majors Begin to Move Upwards?
The EOS price is possibly undergoing a double bottom pattern, which is reinforced by bullish divergence on the RSI. The price action is pretty unusual, though, and there is no guarantee of a reversal here.
The main support area for DASH, meanwhile, is found at ฿0.0076. The price reached this level on May 14 and initiated a rapid upward move. It touched that level once more on July 15, but failed to break out and is at risk of falling below it again.
- EOS is trading in a range between 2700 and 2900 satoshis.
- The price is trading inside a short-term symmetrical triangle.
- DASH is trading inside the ฿0.0076 support area.
Can Ethereum Break Out Above Current Resistance?
As pointed out by BeInCrypto’s technical analyst Valdrin on Thursday, it looks like the ETH price is trading inside a short-term descending parallel channel. Currently sitting near the resistance line, if the price declines towards the nearest support line at $220, it is likely to bounce.
The likelihood of this happening is relatively higher considering that the same area has previously supported the price three times already.
Investors Eyeing Next Big Thing in DeFi — Liquidity Mining
Described as ‘liquidity farming’ or ‘liquidity mining’, this new method of wealth generation is a token distribution mechanism for DeFi protocols.
Participants in the respective platforms can earn tokens by providing digital assets, or liquidity, to the network. The end-goal here is to increase protocol usage and liquidity. For popular project Compound, this appears to be working well.