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Topics - Tubelight

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DeFi tokens / Kava Teams up With Simplex Enabling Fiat-to-DeFi Transactions

« on: June 22, 2021, 06:52:04 PM »

Fiat-to-crypto provider Simplex is teaming up with decentralized finance (DeFi) platform Kava to provide the first “Fiat-to-DeFi” ramp.

An EU-licensed financial institution, Simplex provides a fiat infrastructure for digital currencies globally. This enables users to nearly instantly exchange their funds from debit and credit cards into crypto. Simplex already provides this service for a number of leading exchanges, including Binance, Huobi and Bitpay.

Now, users of DeFi lending platforms on the Kava blockchain will also be able to benefit from these services. Ari Last, VP Business Development at Simplex, expressed his delight at being able to provide services previously only available for crypto exchanges to DeFi.

“Our partnership with Simplex provides for a simple and streamlined way to use credit or debit cards to buy KAVA and gain access to all of the assets on the Kava chain,” said Aaron Choi, Vice President Global Business Development at Kava.

Kava ecosystem
DeFi lending platforms on the Kava blockchain already cater to over 250,000 users. Based on the Cosmos SDK, the Kava blockchain is able to utilize the cross-chain capabilities of the Cosmos tech stack. This enables access to assets like Bitcoin, XRP, Binance Coin (BNB) and Polkadot.

One of Kava’s premier products is a lending platform that issues Kava’s decentralized stable coin USDX. Another is its Hard Protocol which enables two-sided money markets for assets like BTC, KAVA, BNB and XRP.

Kava Swap
Last month, Kava announced the launch of the highly anticipated Kava Swap platform in August 2021. It will be the first production-ready cross-chain liquidity hub for all DeFi applications and services. Kava Swap will also enable the aggregation of capital and the deployment across many different blockchains. It will act as a cross-chain Autonomous Market Making (AMM) protocol that gives users a method of swapping assets on different blockchains.

Between the anticipated release of Kava Swap and this integration with Simplex, the Kava ecosystem anticipates explosive growth in the near future. This is a phenomenal reversal of fortune for a project that less than a year ago nearly bottomed out.source

Bitcoin Forum / Crypto Market (Bitcoin, Ethereum) and Elon musk

« on: June 22, 2021, 06:50:22 PM »

I blame Ilnmask for this situation in the market. Because we have noticed that much of the control of the crypto market has gone into the hands of Ilnmask.
Looking at the market's tax situation, we have already guessed that Ilnmask is making an effort to promote crypto day by day, which has a positive effect on the market's tax situation.
Ilnmask can do a lot if he wants to, but I understand that he is trying to promote cryptocurrency, but my point is -
He is promoting Crypto which has had a positive impact on the regular market. In fact, what is his purpose, to promote crypto, he completely destroyed the market.

Where does it end?
What could be the real motive behind his promotion of this market?

Bitcoin News & Updates / Jim Cramer Says He Will Buy Bitcoin Again at This Price Range

« on: June 22, 2021, 06:47:48 PM »

Jim Cramer, the former hedge fund manager and host of CNBC’s Mad Money might have sold a majority of his Bitcoin holdings just yesterday, but he is already looking to get in the Bitcoin game again. During his recent appearance of Squawk Box Cramer said he doesn’t believe the market is near its bottom as he can’t see people giving up on the top cryptocurrency. He also said that he would buy Bitcoin again at $10,000-$12,000 price range where he had bought a lot earlier.

He also talked about the Chinese factor and said they don’t like American billionaires to control a rival currency to their own.

"The Chinese don't want billionaires in America to control a rival currency to their own," says @jimcramer on #bitcoin. "I would go back in if I get it back in at $10,000, $11,000, $12,000." pic.twitter.com/o89snPMsU7

— Squawk Box (@SquawkCNBC) June 22, 2021

The Mad Money host yesterday raised concerns over the Chinese crackdown and revealed that he has sold a majority of his Bitcoin holdings. Cramer had also cited the growing number of ransomware attacks to be another reason behind his selling as he believed the FBI and Treasury department could also issue a crackdown on the top cryptocurrency.

The news about Cramer selling the majority of his Bitcoin holdings came just a couple of months after he revealed he has paid off his house mortgage from Bitcoin Profit.

“I like Ethereum more than Bitcoin at this point”
During today’s appearance on Squawk Box Cramer also said that he likes Ethereum more than BTC at this point. Although he didn’t elaborate on the reasons behind his liking for the second largest crypto asset, it could be because of the China factor.

Bitcoin price today fell below the key support of $30k, currently trading at $29,447 registering a new 5-month low. The next immediate support is between $28,000-$28,500. Just like Bitcoin, most of the altcoins registered a double-digit decline as the crypto market fell by nearly 15%.source

Bitcoin News & Updates / FT says cybercriminals prefer Monero (XMR) to Bitcoin, but here's what it didn't

« on: June 22, 2021, 06:44:35 PM »

The FT has put out an article titled, “Inside monero, emerging crypto of choice for cybercriminals.” In it, the privacy coin Monero (XMR) is painted as the rising option for cybercriminals, taking the place of Bitcoin.

Why? Because its suite of privacy features, such as stealth addresses and Ring signatures, hides information on the sender, receiver, and amount.

“For cybercriminals looking to launder illicit gains, bitcoin has long been the payment method of choice. But another cryptocurrency is coming to the fore, promising to help make dirty money disappear without a trace,” it says.

The recent ransomware attacks on the Colonial Pipeline and JBS saw hackers demand Bitcoin. This raised many questions about the circumstances of the partial recovery of funds in the case of the Colonial Pipeline company and why hackers would even ask for Bitcoin, given its poor privacy features.

Nonetheless, mainstream media sensationalist headlines often do more harm than good. Especially in cryptocurrency, where misconceptions can set off false narratives in the general populace.

Although cybercrime is a real thing we should all be wary of, it’s about time we separate criminality from our right to privacy.

Monero is not a hotbed for criminality
The FT claims that Monero’s privacy features make it increasingly sought after by criminals. This, in turn, is making the job of law enforcement much more difficult. They also mention that the criminality element is driving the rise of Monero.

Unfortunately, there are several problems with this. Firstly, any hacker worth their salt would naturally gravitate to privacy coins anyway. To connect privacy features and criminality is as irrational as saying cash holders are drug dealers.

Also, Monero has been around since 2014, and if anything, it is falling in popularity relative to other cryptocurrencies. For example, in January 2020, Monero was a top-ten coin. But today, it ranks 26th, which is contrary to the idea that the activity of cybercriminals is putting buy pressure on XMR.

What’s more, a study on the illicit use of cryptocurrency found that the vast majority of criminal activity is conducted using fiat and through traditional financial institutions.

“Meanwhile, estimates of illicit activity in the economy as a whole, overwhelmingly conducted through traditional financial intermediaries and with traditional fiat currencies, are on the order of 2 to 4 percent of global GDP.”

Privacy is not a crime
Michael Saylor said he set up the Bitcoin Mining Council to ensure those against cryptocurrency cannot control the narrative around Bitcoin and mining.

“…hostile to Bitcoin and the crypto industry aren’t defining those narratives, models and metrics. In the absence of any good information or any response on our part, they will define those models.”

There are similarities between this and our right to privacy. But the issue is that most people have become so reliant on the media and authorities they willingly give up their rights, even shunning those who call out the issue.

It’s about time we realize that narratives around privacy being bad are just the tiptoe towards a digital dictatorship.

source

Bitcoin Forum / Elon musk and Bitcoin and Cryptocurrency

« on: June 18, 2021, 08:40:11 AM »

One thing I notice very well is that there is an Elon Musk hand on the back of every coin in the cryptocurrency. That's because if Elon Musk tweeted about pumping a coin, it would go to the moon at rocket speeds. And again, these would mean that you have to spend for these processes. So I wonder why Elon Musk has anything in common with the cryptocurrency he created, if not with his words.

Bitcoin Forum / Future of others Crypto coins without bitcoin and Ethereum!

« on: June 18, 2021, 08:35:13 AM »

Bitcoin and Ethereum have grown the most we've ever seen. Many have speculated that with the rise of Bitcoin and Ethereum, the price of all other coins began to rise. But only Bitcoin is rising the most, the price of all other coins is not rising that way.
If anyone has the right idea, you must discuss this. In fact, what will be the future of all other coins in the coming days?

Bitcoin News & Updates / Bitcoin retests $37K support, gold and stocks drop lower over Fed comments

« on: June 18, 2021, 08:31:27 AM »

Bitcoin (BTC) price dropped another notch to $37,365 today after a failed attempt by bulls to retake the $40,000 level. The renewed slump comes as the stock market and commodities also pulled back as a result of Federal Reserve Chair Jerome Powell’s comments related to future interest rate hikes and concerns over rising inflation which led to pdeclines for both Bitcoin and gold.

Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC climbed from $38,200 in the early trading hours on Thursday to a high above $39,500 by midday before being pummeled down to a low of $37,365 as bears took control of the market.

BTC/USDT 4-hour chart. Source: TradingView
Inflows to spot exchanges increase
One signal provided ahead of Bitcoin’s price decline on June 17 was increased inflows to spot exchanges which led some analysts to speculate that traders who failed to cash out near the high are taking advantage of lower highs to lock in gains.

#Bitcoin here you can see quite a contrast between the recent inflows into spot exchanges vs derivative exchanges. Very recently a big increase into spot. One theory is that spot holders who didn't sell the top are taking the opportunity to get out on a lower high. pic.twitter.com/6SOI2uXHk8

— Tempting Beef (@tempting_beef) June 17, 2021
As the sell-off intensified, the netflow of BTC into exchanges saw a noticeable uptick and this selling pressure, along with the lack of dip buyers, kept Bitcoin pinned below $38,000.

Bitcoin all exchange netflow. Source: CryptoQuant
While the recent BTC inflows to exchanges point to a bearish short-term outlook, it is also worth noting that whale wallets holding between 100 BTC and 10,000 BTC have actually increased their holdings by 90,000 BTC over the past 25 days, suggesting a more positive long term outlook.

Open interest in BTC options is on the rise
Another source to get a better overview of how funds are being deployed across the market is looking at open interest in BTC and Ether (ETH) options.

According to Delphi Digital, “open interest for BTC and ETH options have been in decline since mid-May,” but there has been a slight increase in the options open interest for BTC recently. This figure has remained stagnant for Ether, “indicating traders are trying to position themselves for a BTC move instead.”

Change in open interest for BTC and ETH options. Source: Delphi Digital
Delphi Digital also said that the recent price action for Bitcoin and gold has revived discussions on the ability of each to operate as a “safe haven asset,” with investors increasingly seeing gold as the main inflation hedge, meaning “rising inflation could negatively impact BTC sentiment.”

BTC vs. gold price deviation. Source: Delphi Digital
Given that both assets responded negatively to Powell’s comments, there is a chance that the correlation seen between BTC and gold in 2019 could lead to a revival of the narrative that BTC has evolved into a safe haven asset.

Altcoins lose steam
The overall altcoin market trended down on June 17 as the lack of optimism weighed heavily on most tokens.

Daily cryptocurrency market performance. Source: Coin360
Notable exceptions to the market stagnation include a 34% increase for XinFin Network (XDC) following a partnership with Flare Finance and a 32% increase for NuCyper (NU) which has benefited from its recent merger with the Keep project to form the Keanu DAO.

As seen in the chart below, the announced merger between NuCyper and Keep was picked up by the NewsQuake™ service from Cointelegraph Markets Pro on June 15 and was followed by an increase in the VORTECS™ Score to a high of 74 on June 16, around 15 hours before the altcoin gained 44%.

VORTECS™ Score (green) vs. NU price. Source: Cointelegraph Markets Pro
The overall cryptocurrency market cap now stands at $1.568 trillion and Bitcoin’s dominance rate is 45.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.source

Bitcoin News & Updates / Traders search for bearish signals after Bitcoin futures enter backwardation1

« on: June 18, 2021, 08:27:37 AM »

An unusual phenomenon called 'backwardation' is taking place in Bitcoin (BTC) futures trading, mainly the June contract, which expires on June 25.

The fixed-month contracts usually trade at a slight premium, indicating that sellers request more money to withhold settlement longer. Futures should also trade at a 5% to 15% annualized premium on healthy markets, in line with the stablecoin lending rate. This situation is known as contango and is not exclusive to crypto markets.

Whenever this indicator fades or turns negative, this is an alarming red flag. This situation is known as backwardation and indicates a bearish sentiment.

FTX June BTC futures versus Coinbase USD. Source: TradingView
As displayed above, a healthy 0.1% to 0.5% premium took place for most of the previous three weeks. This is equivalent to a 2% to 9% annualized rate, therefore oscillating between slightly bearish and neutral.

When short sellers use excessive leverage, the indicator will turn negative, which has been the case on June 17. However, considering there is only one week left for the June expiry, traders should use longer-term contracts to confirm this scenario. As the contract approaches its final trading date, traders are forced to roll over their positions, thus causing exaggerated movements.

Huobi Sept. BTC futures versus Coinbase USD. Source: TradingView
The September futures have displayed a 1.7% or higher premium versus spot markets, a 7% annualized basis. This indicates a lack of appetite from longs, but far enough from backwardation.

What's really going on?
The final piece of the puzzle is the funding rate on perpetual contracts, which are retail traders' preferred instrument. Unlike monthly contracts, perpetual futures prices (inverse swaps) trade at a very similar price to regular spot exchanges.

This condition makes retail traders' lives a lot easier as they no longer need to calculate the futures premium or manually roll over positions nearing expiry.

The funding rate is automatically charged every eight hours from longs (buyers) when demanding more leverage. However, when the situation is reversed, and shorts (sellers) are over-leveraged, the funding rate turns negative and they become the ones paying the fee.

Bitcoin perpetual futures token-margined funding rate. Source: Bybt
Since May 24, the funding rate has been oscillating between positive 0.03% and negative 0.05% per 8-hour. Thus, on the most "bearish" moments, shorts were paying 1% per week to maintain their positions.

In comparison, on April 13, longs were paying 0.12% per 8-hour, which is equivalent to 2.5% per week.

While many traders point to backwardation as a bearish signal, there is currently no sign of excessive leverage from shorts. As a result, the absence of buyers' interest for the June contract does not accurately reflect the overall market sentiment. If traders had effectively been bearish, both the longer-term futures and perpetual contracts would be displaying this trend.source

Litecoin Forum / Litecoin is very demandable coin in cryptocurrency

« on: June 16, 2021, 08:21:47 AM »

The position of light coins is much better than the current state of cryptocurrency. The price of unique coins has come down drastically but the price of light coins has come down comparatively less. So light coin investors are investing more which is why its future is much better. And like coins, there is a huge demand in cryptocurrency.

Ripple News & Updates / Why Ripple Price Holding Above $0.8 Fails To Excite Investors?

« on: June 16, 2021, 08:16:32 AM »

Ripple dealt with massive bearish calls last week amid the drop from levels slightly above $1. Many analysts believed that the cross-border money transfer token headed for a significant dive to the support in May at $0.65 and perhaps extend the down leg to $0.5.

However, XRP eagerly embraced support at $0.8, allowing bulls to push the price to higher levels. Nonetheless, since the week started, the international money transfer token has not made any appreciable gains above $0.9.

When will Ripple price come out of this crucial range?
In the last few days, XRP sustained in a narrow range between $0.8 and $0.9. The immediate downside sits on top of the 50 Simple Moving Average (SMA) support on the four-hour chart.

As long as this support is intact, bulls will focus on gains above $0.9 and toward $1. On the other hand, closing the day under this same level may see XRP testing the lower range limit at $0.8.

The Moving Average Convergence Divergence (MACD) indicator currently levels at the zero line. This indicator identifies positions to buy the dip or sell the top, especially in a trending market, by following the asset’s trend direction and momentum.

Note that the leveling motion has no definitive direction; thus, Ripple price consolidation will likely continue to the end of the week. However, the MACD line (blue) may help traders figure out the next breakout direction.

XRP/USD four-hour chart
XRP/USD price chart

A MACD line crossing above the signal will be a bullish signal, calling buyers to increase their exposure in anticipation of gains toward $1.

On the flip side, the MACD line crossing beneath the signal line would imply that losses would take precedence. Apart from $0.8, other key anchor zones are $0.7, $0.65, and $0.5.

Ripple price intraday levels
Spot rate: $0.86

Trend: Sideways

Volatility: Low

Resistance: $0.9

Support: $0.8, $0.7 and $0.65source

Bitcoin News & Updates / Kazakhstan Could Soon Introduce A Tax On Crypto Mining Operations

« on: June 16, 2021, 08:14:59 AM »

Crypto mining has been a hot topic of discussion at this stage, and with China cracking down on local miners, Kazakhstan has emerged as the next big destination for crypto miners. With a major influx of crypto miners over the last few weeks, Kazakhstan is now considering ending the tax-free regime for crypto miners and data centers.

Lawmakers are now proposing an amendment to the Tax Code of Kazakhstan to stop the uncontrolled electricity consumption by crypto mining farms. The amendment proposes a very minimal tax fee of one tenge per one kilowatt per hour starting from January 1, 2022, in case the draft law is adopted.

Well, such a nominal fee introduction is more symbolic rather than a real one. Besides, it aims in kickstarting the crypto administration process in the country. As per the Data Center Industry and Blockchain Association crypto miners in Kazakhstan currently consume 3.3% of the total energy consumption of the country every year. Speaking to local news publication Kursiv, Albert Rau, deputy of the Tax Code Department said:

“We have to adjust our legislation with real-life because as a matter of fact mining work in the country it is done in a parallel reality”.

As per the estimates of local agencies, there are currently 13 crypto mining farms in Kazakhstan and the country accounts for 6.17% of the total Bitcoin mining operations. Outside China, it competes against other giant nations like Russia (6.29%) and the USA(7.15%).

As per the Ministry of Digital Development, Innovations, and Aerospace, crypto mining operations in Kazakhstan generated a revenue of $18-$25 million every month.

Local miners Not Happy With the Crypto Mining Tax Proposal
Despite the minor fees, local cryptocurrency miners in Kazakhstan aren’t happy with the new proposal of taxing crypto operations. Alan Dorjiev, President of Kazakhstan’s blockchain association said:

“Implementation of a new additional tax in a specific industry, in this case in the mining industry, can cause a precedent that would affect Kazakhstan in terms of investment attractiveness. Investors are used to evaluating the risk of regulation impact and would prefer more stable and reliable jurisdictions”.

Dorjiev further added that the electricity costs in Kazakhstan are now at par with that of the U.S, Norway, and Iceland. Introducing an additional tax will further discourage local miners forcing them to move out.source

Crypto Exchanges / Baanx Brings ‘Free’ Secured Lending To Tezos

« on: June 15, 2021, 12:41:21 PM »

Baanx is bringing a new chapter in Decentralized Finance by bringing "free" secured lending to Tezos, and the wider crypto ecosystem, in June 2021.

Expanding The Appeal Of Lending
Baanx, one of the leading B2B2C crypto asset friendly white-label service providers, brings "free" secured lending to Tezos users through the Tezos Crypto Life App. Users can access free secured lending and a free Tezos crypto-friendly debit card (physical and virtual), by staking various amounts of BXX. BXX is the Baanx token that powers an increasing number of free services in the growing Baanx ecosystem.

Expanding these services to the users and projects on the Tezos blockchain marks an important milestone. As the Tezos ecosystem expands adoption to an increasing number of projects, many can benefit from this, and other Baanx products and services, already integrated with Tezos, for fast and easy deployment. This includes cards, secured lending, acquiring gateways (fiat on/off ramps), and remittance.

Baanx has already sold over 300,000 debit cards globally through its whitelabel and API solutions. Cards are currently available in over 30 EU countries, with further client roll outs in the USA and Asia happening in 2021. This effort is made possible thanks to the Baanx Group Ltd. and its access to EMI licenses in the UK, EU, a Credit Broking License in the UK, through an expanding network of regulated partners.

An Ongoing Story of Growth For Baanx
For Baanx, the expansion to Tezos is only the latest development in a long and successful story. In addition, the team has a partnership with Akoin, Scalable Solutions, and AlphaPoint to make its alternative financial solutions easily ‘pre integrated’ into top exchanges, for faster roll out. Furthermore, they have raised over £12 million from over 2500 investors, ensuring the project remains well-funded and can scale up operations on-demand quickly.

As is courtesy in the cryptocurrency world, every service provider has a native token. Baanx's token is BXX, of which only 250 million remain after burning the remaining 1 billion. The token will make its way to Uniswap soon and provides access to the free debit card, interest-free secured lending, and additional rewards for those who provide lending liquidity.

Closing Thoughts
Expanding the reach of existing DeFi products and services will prove essential in the quest to gain mainstream adoption. The move by Baanx to cater to the Tezos community is an intriguing development in a space that grows more competitive by the day. However, most public blockchains are suitable for decentralized finance, and it remains essential to look beyond Ethereum. Despite the appeal of that blockchain, it too has drawbacks, including high fees, slow transactions, and an overall lack of scalability, at least until the next big network upgrade goes live.

Focusing on a cross-ecosystem solution is what will eventually drive broader DeFi adoption. The user needs to benefit from a seamless experience rather than wondering if a specific project is available on a particular blockchain. Entering the cryptocurrency space is already difficult enough for most. Removing any unnecessary friction from the equation is mandatory before the mainstream will even begin exploring the available optionssource

Bitcoin News & Updates / Bitcoin Cash Value

« on: June 15, 2021, 12:38:03 PM »

Find out the Bitcoin Cash value from the top cryptocurrency exchanges: Binance, Bitfinex, Bitstamp, Coinbase, HitBTC, Kraken, Okex. Select the checkbox to compare prices between exchanges on the charts. Various views are available: Candlestick, OHLC, Line chart. Use buttons to switch between Bitcoin Cash charts. By default, information is provided for the last week, but users are able to choose one day/week/month/year, three months of data, or custom period. There is a built-in feature of prining and downloading Bitcoin price charts. There is an opportunity to download data in .xls/.csv formats.source

Crypto Wallets / Popularity of doge wallet

« on: June 14, 2021, 07:15:07 AM »

Doge wallets are now widely known and widely used by investors. Because doge wallet cryptocurrency occupies a wide space, all investors are leaning more towards doge wallet. This doge wallet can hold all the necessary information which is why this wallet is going so far. I think this very necessary for every dogecoin holders.

Ethereum News & Updates / Etheruem Price Analysis: ETH Facing Critical Decision Point, $2200 or $2500 Next

« on: June 14, 2021, 07:12:10 AM »

ETH/USD – Market Falls Beneath 100-day MA
Key Support Levels: $2330, $2250, $2200.

Key Resistance Levels: $2470, $2600, $2720.

ETH failed to break the 50-day MA around $2890 at the start of June and, unlike bitcoin, ETH has been consistently dropping since. On Friday, ETH slipped beneath support at $2470 (.382 Fib) and slumped below the 100-day MA to find support around $2330 (.5 Fib).

On the short-term charts, an ascending trend line provides support for the ETH/USD market. Combined with the .5 Fib at $2330, this trend line will be critical to defending over the coming days. Failing to do so, ETH is likely to head toward $2200 again, and even further down towards the $2k mark.

ETH-USD Short Term Price Prediction
Looking ahead, if the sellers break the support at $2330 (.5 Fib & ascending trend line), the first support lies at $2200 – $2250 area (.618 Fib), Slightly below lies $2K, which was the Feb 2021 highs.

On the other side, the first resistance lies at $2470 (100-day MA). This is followed by $2600 (20-day MA), $2720, $2800, and $2890 (bearish .382 Fib & 50-day MA).

The daily RSI is at the lowest level seen in June, indicating that the bears are starting to gain momentum. On the other hand, looking at the 4-hour chart, the RSI rebounded from oversold conditions during this weekend and is attempting to head back toward neutral territory. If the short-term momentum can turn bullish, it should help ETH remain above the critical trend line support.

The bottom line is that ETH/USD reaching a decision point.

ETH/BTC – Bulls Battle With 50-day MA
Key Support Levels: 0.065 BTC, 0.0628 BTC, 0.06 BTC.

Key Resistance Levels: 0.07 BTC, 0.0737 BTC, 0.077 BTC.

ETH continues to struggle against BTC. It was trading as high as 0.077 BTC (1.414 Fib Extension) at the start of the week but has since dropped beneath the 20-day MA at 0.07 BTC and continued to fall into support at 0.0628 BTC this weekend before a quick rebound toward the current trading levels of 0.066 BTC (50-day MA).

ETH-BTC Short Term Price Prediction
Looking ahead, if the bears push the market lower, the first support lies at the current level of 0.065 BTC. This is followed by 0.0628 BTC, 0.06 BTC, and 0.056 BTC (late-May low).

On the other side, the first resistance lies at 0.07 BTC (20-day MA). This is followed by 0.0737 BTC (bearish .618 Fib), 0.077 BTC (June highs), and 0.08 BTC.

The daily RSI sits beneath the midline and struggles to head back toward the neutral territory, indicating that the bears are still unwilling to relinquish control of the momentum right now.source