The BTC price has witnessed a ‘golden cross’ after the 50-day moving average (MA) crossed over the 200-day moving average earlier on Wed.
A crossover like that is a relatively rare occurrence and is also a widely tracked indicator that many analysts feel safe enough to count on. The ‘golden cross’ has the potential to add more meat to Bitcoin’s recent uptrend by causing additional buying pressure for traders heavily relying on MA strategies.
For a more in-depth review, you can check out BeInCrypto’s Bitcoin analysis for May 19, 2020.
Bitcoin Analysis for May 19
Per a chart recently shared by cryptocurrency trader @Inmortalcrypto, a new all-time high could be reached in December 2020. However, since it took 1,134 days for a new ATH in 2013, projecting the same this time around would lead to a new ATH being reached in January 2021.
- Bitcoin could reach a new all-time high in January 2021 if it follows on a similar trajectory as its 2013 performance.
- The length of the movements in the correction after the 2013 high and current are not identical.
- The current price movement has some similarities with that of June 2016.
BitMEX’s Trading Engine Goes Abruptly Offline
BitMEX users faced a massive setback earlier today after the exchange’s trading engine abruptly went offline. The source of the outage was unknown as of this writing, although BitMEX promised that their engineers were investigating all possible reasons.
Once a go-to destination for traders hooked on Bitcoin futures, the exchange has seen a lot of competition coming from the likes of Binance and Huobi of late. In fact, BitMEX has been struggling to recoup the loss of users it has been experiencing since March.
Matic Network Confirms Staking is About to Start
Matic Network, one of the most popular tokens on Binance by trading volume, has officially confirmed that the network will kick off staking with the first set of validators considering no further delays. The community will be able to lock their MATIC tokens and earn rewards.
Bakkt Announces Additional $500M in Crypto Custody Insurance Coverage
Bakkt President, Adam White, announced earlier this Monday that the company will be collaborating with insurance broker Marsh to provide $500 million in coverage to cryptocurrency custody clients.
The $500 million is a supplement to the $125 million in insurance already in the Bakkt books.
Italy Allows Short Selling Again
CONSOB, the Italian markets and securities regulator, has lifted the ban on short-selling it originally imposed in mid-March in the wake of the COVID-19 crisis and the ensuing instability across financial markets.
The ban was initially designed to prevent panic sellers as the coronavirus situation worsened.
2 Altcoins With Massive Potential for Sizeable Gains
MATIC charts are showing that the price has moved above a crucial resistance area and possibly validated it as support. The next major resistances are at 244 and 272 satoshis.
QNT, meanwhile, has created a double-bottom inside the 50,000 satoshi support area, which is combined with bullish divergence.
- There is a handful of altcoins that are showing potential for growth.
- MATIC has broken out from a symmetrical triangle.
- QNT has broken above a long-term descending resistance line.