Coreto Platform to Get a Makeover with Coreto Design Language

A month after its Alpha launch, the reputation based online social platform for crypto communities, Coreto has entered Phase II and is in the process of receiving a huge upgrade. As a part of this new development, the community-driven, crowdsourced crypto information platform is implementing Coreto Design Language (CDL) – a design language system optimized for efficiency, cost, stability and usability of the platform.

The implementation of CDL is an unmistakable sign of Coreto’s evolution as the project prepares to soon emerge from Alpha release to Beta launch. The new design language is created keeping the community’s as well as Coreto’s own developers’ needs in mind. As a community-oriented project with plenty of features in the pipeline, it is important to create a simplified, user-friendly platform for the convenience of users. At the same time, developers should have enough flexibility with access to necessary tools for rapid deployment without compromising on the user experience front.

By following a modular approach with reimagined graphical elements, the new Coreto Design Language will promote a sense of familiarity to all the stakeholders, throughout their journey with the platform.

Achieving Consistency While Maintaining Competitive Edge

The implementation of CDL into the Coreto ecosystem is more than just a branding exercise. While there is no arguing that a refreshed look with improved user experience will grab the user’s attention, the design language should also ensure consistency in all aspects, throughout the platform.

Coreto

The modular approach adopted by CDL is slated to drastically cut down the time needed to develop and launch new features. With clearly defined elements in place, the development team won’t have to worry about the looks or spend time perfecting the user experience for each new release. By cutting short the turnaround time, CDL will put Coreto in a position to keep up with the constantly evolving technology and community needs.

More Time and Resources to Serve the Community

The official launch of revamped Coreto will also mark the project’s entry to Phase II. The timing of CDL upgrade will provide adequate time for the Coreto team and early adopter community who are part of Phase II to test the new system and achieve perfection before production.

The time and resources saved by eliminating the need to create everything from scratch will help Coreto to focus on planning and development of new features without taking their eyes off the main mission that is clearly outlined in its manifesto.

Celebrating the “First-Month Anniversary”

Coreto announced Alpha launch on April 12, 2021, with a select batch of 500 users to test and experience the platform first-hand. Exactly after a month, on May 12, 2021, Coreto is onboarding another 500 pre-registered users who have been patiently waiting for their turn until now. These 1000 users will be instrumental in giving quality feedback about the platform to Coreto team, helping them further improve their offering.

With registrations still open, interested community members can request for early access to the platform to gain a firsthand experience of what Coreto has to offer. Those registering for early access will be onboarded in multiple batches, enabling them to access all the latest features of the constantly evolving platform.

 

Are You Unbanked? Save More with Samecoin’s Revolutionary Investment Options

More and more people are deciding to move away from the jurisdiction of bricks-and-mortar banks as they want more control over their money. Unbanking is a growing movement, but people aren’t storing their cash under their mattress anymore—they’re holding crypto. Specifically decentralized finance coins (DeFi).

Getting full control of your money and operating with DeFi coins has a huge number of benefits when compared to traditional currencies. But there’s still one area where traditional banks have an advantage—savings. When you keep your money in a bank, you normally earn interest.

While crypto does have investment potential, this growth is normally only incurred when your holdings are sold at a profit. Simply holding Bitcoin doesn’t earn you anything until you actually sell them. There are no interest rates for hodling.

Thankfully, things are changing with Samecoin ecosystem, and holding the utility token Samecoin ($SAME) could be an extremely worthwhile investment with regular payouts—whether you’re unbanked or not.

The benefits of decentralized finance

More and more people are becoming unbanked these days, like Bob. Bob wanted a way to store his funds securely without relying on traditional banking companies. He doesn’t have a huge amount of faith in banks, and while most of them are secure—he’s seen a few fail in their time. He’s also seen them mismanage people’s funds.

With decentralized finance, Bob gets to hold his own money and control where it goes along with how it is spent (rather than relying on people mismanaging his funds). Transfers can also happen in minutes rather than the days that many banks take. He likes DeFi because it’s a system that’s built on transparency that’s open to everyone, and the markets are always open.

But Bob still wants a way to earn money on his savings, and that’s why he likes Samecoin’s stablecoins.

Saving with Samecoin’s Stablecoins

The Samecoin Protocol provides a Save Smart Contract that helps holders generate very good interest income. If someone like Bob chooses to save their Samecoin stablecoins e.g., SameUSD and SameEUR, the smart contract automatically deposits the coins they are backed by (like USDC) to approved applications like Compound. This pays out regular interest to users.

samecoin

Holding Samecoin opens up the potential for rewards, as well. Not only can this utility token be used to pay reduced fees, but it can also be used for governance votes on the future of the platform, by staking them for vSamecoin (the governance token for Samecoin ecosystem). Because Samecoin’s value looks set to grow in the future, you can see how the whole ecosystem has benefits for people like you and Bob as both growth and income investments.

Samecoin’s Smart Contracts work together to mint and burn currency, give loans and give interest on savings. Now Bob can enjoy all the benefits of DeFi coins that made him first start getting into crypto, but also make the most of the savings he would get by leaving his funds in a traditional bank. That’s why more and more people are choosing to get involved in the Samecoin ecosystem, and why you should too.

Worried about the security? Samecoin’s smart contracts are audited by Certik and the details can be verified transparently.

For getting further questions answered, one can check out the upcoming AMA with Satoshi Club here on May 14th, 2021 at 03:00 PM UTC.

 

 

The Future of Art Exhibitions: A Talk with the Team Behind NFT BAZL

Everyone knows about Miami’s famous Art Basel, but the NFT craze has opened the doors for a new kind of exhibition. Wealth management platform Elitium and blockchain investment firm GDA Capital have teamed up for the first-ever physical NFT showing of its kind.

NFT BAZL promises to be a game-changing event for both the blockchain and art industry. Curated by Estelle Ohayon, the event has signed Daniel Mazzone, Paul Ruosso, Super Buddha, and a group of other prominent digital artists. It’ll also feature live auctions on Elitium’s in-app marketplace which will then provide artists with automatic royalty payments for their sold work.

We sat down for a chat with the organizers, Elitium’s Raoul Milhado as well as GDA Capital’s Ori Ohayon and Michael Gord. They gave us a better idea of what both crypto enthusiasts and art collectors can expect to see on June 2nd at The Temple House in South Beach.

Q: What is NFT BAZL in a nutshell?

Ori: With NFT BAZL we’ve essentially created the world’s first physical gallery where we’re going to be able to showcase both physical and digital pieces of art and sell them both using an NFT. So we’ve essentially figured out a way to digitize the deed of ownership to a physical piece of art, tie it to a QR code that ties to the Elitium platform, and then we can transfer ownership.

When you’ve seen people in the typical NFT market selling digital art, they’ve learned how to sell the deed of ownership to a digital image. We said, “Why can’t we transfer that and apply this tech to the same physical piece of art?” So what we’ve done with NFT BAZL, enables us to transfer ownership of digital and physical assets using the NFT.

We’ve bridged the gap: we brought in a team of close to 20 of the world’s best-known artists, and we got them to bring both physical and digital pieces of art. They’re both going to be on display at the same time, at the same venue, on the same wall and sold using the same tech!

Raoul: Maybe you can share a bit of background information on how you were able to get all of these artists. Obviously, Elitium is doing the technology side of things, but maybe you can elaborate a little bit on your network, GDA’s network, and how we were able to get all this to work.

Ori: So I’ll give you a bit of my background and that will explain a little bit of how I thought of this, how we created this idea.

I was basically a banker straight out of university. I worked at Goldman Sachs where I worked on equity sales and trading and then started developing the Bitcoin trading desk. The experience was phenomenal but I wanted to challenge myself and build my understanding of traditional capital markets. So I moved to TD Securities after a couple of years to start trading equity derivatives, and eventually, I got bored of that.

After a couple of years, I started talking to Michael, who’s CEO of GDA, and he said, “Why don’t you come to join us and start working with our portfolio companies to build out their lead in their business development, Leveraging your understanding of fintech and capital markets.” Essentially, add rocket fuel to their existing ships and help them accelerate their existing offer.

So I moved over to GDA and the first company that was in front of me was Elitium. I started talking to Raoul and quickly figured out that what Elitium has created is the wealth management and fintech platform of the future. Essentially, being able to manage your wealth without requiring a physical bank.

I said, “Why don’t we show people that we can use Elitium as a fintech platform to carry out all your transactions? Given that Elitium’s already got this boutique and high-end appearance, why don’t we start with art?” Art I’m already tied into because my mom is an art dealer, so I said, “Why don’t we try high-end art?”

If we can learn to transfer the deed of ownership of a physical piece of art, we can apply this to essentially anything and just use Elitium as your bank account and use the Elitium credit card as a method of payment. Our goal with NFT BAZL is to show that we can bridge the gap between digital and physical assets and show that we can use digital banking to buy physical assets.

So we started working a couple of months ago, it took off, we onboarded a crazy, crazy roster of artists. We have people contacting us from left, right, and center.

We’ve essentially created a technology that’s going to be applied to every sector. We’re going to be able to apply this NFT technology and fintech to real estate, to sports, to memorabilia, to physical collectibles, and digital collectibles.

Q: What is the biggest advancement of NFT art and Elitium for artists?

Ori: There’s a couple of things. First, it gives the artists access to GDA and Elitium’s network of both digital asset investors and physical asset collectors. So we’ve bridged the gap between an art collector and a bitcoin buyer. That was the first value added. We’re essentially compiling those two worlds, which is why we did NFT BAZL.

Art Basel obviously is the traditional art show that happens in Miami. We said, “Why don’t we turn that into our own digital NFT event where we’re showing physical art?” So we’re bringing that value proposition.

The second value proposition we’re bringing to the client is basically that the artist will be able to collect royalty on their piece of art. So as time goes on in the secondary market, guys who are originating new masterpieces for this event will be able to collect the royalty over time. For a lot of these artists, this is a massive value-add.

Also for these artists, they’re given the ability to showcase their canvases, their sculptures, all these physical pieces of art next to their digital renderings and their digital clips. It allows them the space to show both of their styles of art.

Raoul: Maybe I can elaborate here from an Elitium perspective as well. The event itself will be hosted on the 2nd of June in Miami in The Temple House. Obviously, a few days prior we’ll be opening up the auctions already. We’re basically combining the reach of the Internet with actual real events. I think that’s kind of what is the value for the artist. Well, we can target a whole new user base, which they couldn’t do before.

Ori: By leveraging blockchain, we can show the story of ownership for each of these pieces of art. When you go into the secondary market and pieces of art become collectible over time, it becomes more and more difficult to prove where the piece was originally bought, who paid for it, where it was held, or if there was any work done to the piece. By using the blockchain, we can show who bought which piece, where, at what price, and all that data over time. This maybe exists in digital art, but no one’s ever done it on physical art. By doing this, we can really streamline the secondary market for the physical art market.

Q: Why should investors get NFT art in their portfolios?

Ori: Since the onset of digital assets, we’ve seen asset managers try to find different ways to diversify their portfolios. Over the last few years, you started hearing people saying you should put five percent, 10 percent of your assets, in digital assets because the traditional equity markets are just not fulfilling the returns that our investors need. Over the last five or six years, cash balances for these assets have gone through the roof. People are holding up to 50% in cash, just holding for an interest rate.

The reason we started thinking of this is to try to find a way to diversify investors’ portfolios. So by creating an asset offering over wealth management that is capable of investing you in art and diamonds and in real estate, even putting your money in a vault, for example, on a digital exchange, you’re essentially earning a greater return than you would in traditional equities at this point.

We found a way to diversify investors’ portfolios by using a clean digital exchange and a wallet like the one Elitium has created. It’s an invite-only platform, it’s perfect, and it’s tidy on top of all that. It’s very palatable for a traditional investor.

Q: What is the most important aspect of the NFT revolution?

Raoul: Basically, what it does, and what blockchain does in general, is it’s giving the power back to the people. So everybody talks about decentralizing this and decentralizing that. I think NFTs are a good example. Because of NFTs, like Ori was saying, you have the official ownership of every piece of art you can register using the blockchain, so the artist is more in control. The artist can take control back.

Ori: In the traditional art markets they let go of control by giving it to the galleries. The galleries dictate their pricing, the galleries control who their pieces of art are in front of. Leveraging Elitium we’ve essentially created a market where artists don’t have a gallery to report to. They simply provide the masterpieces to us and we will showcase it, exchange it, and sell it over a blockchain. So we’ve erased the middleman and we’ve basically beat the galleries if this project works.

Q: How can collectors use Elitium to protect their investments?

Raoul: On the investment side, besides the fact that we are creating new asset offerings, what we are developing right now is going to be called NFT farming. We’re basically going to generate yields for people who keep NFTs with Elitium. This way we incentivize people for holding the NFT in the wealth management platform. On the other side, we’re going to incentivize the artist because we will be able to provide them with royalties. So what we’re creating is a whole new ecosystem where we both incentivize the buyers as well as the artist by using the Elitium ecosystem.

Ori: On top of that, we also create an opportunity for artists to release exclusive pieces of art without having to contact a gallery and saying, “Can I put this on display?” They basically contact Elitium and we will be able to list it on the Elitium library and people can bid on it. It plays directly into the portfolio diversification theory; we are creating the opportunity for investors to park their money in physical and digital art from reputable artists to invest their capital.

And it’s an exclusive network. It’s only a few hundred people at a time who get to see it. By doing so, we still keep an exclusive marketplace for the artists. But at the same time, they’re able to list their products without having to worry about the gallery approving them or a gallery charging them ridiculous fees. They have significantly more freedom that way. By doing so, we’re also offering our clients a massive, exclusive offering, because otherwise, how else are they going to find these pieces? Typically, it’s very difficult to get into the art market.

Q: What currency do you use in the Elitium auctions and market?

Raoul: We’re not only targeting the crypto audience here, right? Basically, we offer both fiat as well as crypto as well as Elitium. So people can go through the buying process and they can do a bank transfer, they can pay with credit cards, they can pay with all the major cryptos, and they can pay with our native currency EUM.

We’re still in the final stage of deciding what the incentive will be if you pay with EUM. But we do try to make it as accessible as possible and that’s why we also offer fiat, bank transfer, or credit card and not just crypto payments.

 Ori: Which is a massive value add. What they’ve created is a wealth management platform where traditional users are comfortable using a credit card or a bank transfer to pay for something. It doesn’t only have to come from a crypto wallet. So they bridge that gap and that’s why we thought it would be so well-fitted to bring physical assets onto a digital market platform. They’ve created a good infrastructure for that.

Q: What is GDA Capital’s role in NFT BAZL?

Ori: GDA Capital is one of the early investors in Elitium. We’ve been going hand in hand in a lot of projects with them to help them get off the ground and find investors to develop their product. What we wanted to do is to come up with a venture we can take to market with them where GDA and Elitium will partner up to bring multiple assets onto the Elitium platform.

GDA has a massive network of projects and access to very unique and rare opportunities. Once in a while, we will get access to deals that actually make sense for the Elitium platform. What we wanted to do is to be able to funnel those into Elitium, use Elitium infrastructure and client base, and leverage that to bring them into the Elitium ecosystem.

Raoul: To create the bridge between the traditional world and the world of blockchain.

Michael: For the past eight years, our focus has been on bringing mainstream adoption for digital assets. Everything we do is focused on pushing digital assets into the mainstream, and bringing famous artists and mainstream audiences into the digital asset universe can move the needle in terms of adoption. Elitium is a platform for the future of wealth management and is exactly the kind of thing that we want to be investing into and participating in.

TA: Ethereum Dives Below $4K, Here’s Why ETH Could Struggle In Short-Term

Ethereum started a major decline from well above $4,000 against the US Dollar. ETH price is now correcting losses from $3,500, but it could struggle near $4,050 and $4,100.

  • Ethereum topped near the $4,375 before staring a downside correction.
  • The price declined heavily below $4,000 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $4,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is correcting higher, but it is likely to face sellers near $4,050 and $4,100.

Ethereum Price Corrects Sharply

Ethereum extended its upward move above the $4,200 level. ETH even traded to a new all-time high near $4,375 and it recently started a major decline, similar to bitcoin.

There was a sharp decline below the $4,000 level and the 100 hourly simple moving average. There was also a break below a major bullish trend line with support near $4,000 on the hourly chart of ETH/USD. The pair even broke the $3,700 support level.

A low is formed near $3,525 and it is now correcting higher. It recovered above the $3,700 pivot level. There was a break above the 23.6% Fib retracement level of the recent sharp decline from the $4,384 swing high to $3,525 swing low.

Ethereum Price

Source: ETHUSD on TradingView.com

The price attempted a recovery above the $4,000 level. The 50% Fib retracement level of the recent sharp decline from the $4,384 swing high to $3,525 swing low is also facing hurdles. The bulls are facing hurdles near the $4,050 level and the 100 hourly simple moving average.

A clear break above the $4,000 level could open the doors for a steady increase. The next major resistance is near the $4,100 level, above which the price is likely to accelerate higher towards the $4,400 level.

Fresh Decline in ETH?

If Ethereum fails to continue higher above the $4,050 and $4,100 resistance levels, it could start another downside correction. An initial support on the downside is near the $3,820 level.

The first key support is near the $3,750 level. The main support is now forming near the $3,700 level. If there is a downside break below the $3,700 zone, the price could decline towards the $3,500 support.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is struggling to move into the bullish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,770

Major Resistance Level – $4,100

YFDAI Releases Robust Roadmap Update for 2021

YFDAI (YF-DAI) has updated its 2021 roadmap on the heels of launching the SafeSwap Governance Token, SSGT. The launch of this token achieves a major goal set for Q2 of the year, and with more than half of the quarter still ahead, users can expect several changes for existing YFDAI products as well as additions to what YFDAI has to offer the DeFi community. The roadmap for Q3/Q4 identifies upgrades for YFDAI’s core product line of safety-centric ‘rug pull proof’ DeFi products, new products set to launch, and the foundations being laid for expansion into insurance further down the road.

Since releasing their roadmap, YFDAI has also announced a partnership with Polygon (formerly Matic), in which YFDAI will utilize the Polygon protocol and blockchain framework to resolve inherent Ethereum gas issues, while enhancing scalability and interoperability of YFDAI’s ecosystem. The two companies will also share resources in which YFDAI’s LaunchPad projects will be able to easily list on QuickSwap, Polygon’s native Dex. YFDAI plans to fully move their DEX, SafeSwap, to Polygon, with additional information to follow.

The SafeSwap Governance Token is Here

SafeSwap limits user exposure to illiquid tokens and rugpulls by upholding rigorous standards for projects wishing to enter their tokens onto the YFDAI’s DEX. The latest token to be added to SafeSwap’s liquidity pools is now its own and it has multiple noteworthy utilities. YF-DAI holders, stakers and farmers were eligible to receive SSGT via airdrops that were announced over the past 6 weeks, and earn SSGT in other ways. In addition,the tokens can also be bought through the SSGT public sale on Tuesday, May 11th.

SSGT has several uses beyond its store of value as the token of a successful DEX. These uses include voting rights in the DAO, liquidity rewards from SafeSwap, staking rewards of 72% a year, and increased allocations for upcoming presales. Further details about the token’s utility governance rights and NFT rewards can be found here. YFDAI has also published an extensive list of FAQs about its newly launched token.

Lending and Borrowing Launch Leads Q2 Updates

After receiving a token of its own, SafeSwap will be looking forward to a refresh in the weeks that follow. Additional changes for existing products include a ramp up for YFDAI LaunchPad projects and an update for SafeTrade’s low-risk, low-frequency automated trading bot algorithms. Since its launch earlier this year, LaunchPad has provided an incubation space for quality and vetted projects to attract the attention of investors, and more new projects will be on offer as Launchpad has proven to be a success of its own.

The biggest news for Q2 after the launch of SafeSwap’s token is YFDAI’s entry into lending/borrowing. The ability to collateralize and borrow against assets continues to prove itself an essential pillar of DeFi, and this June YFDAI expects to make its long-awaited entrance into the market. Details about the release are forthcoming, but it can be assumed that YFDAI’s lending/borrowing platform will be branded equally safe as its other additions to the DeFi ecosystem.

Updates and Additions for Q3/Q4

Releases announced for Q3 mean another exciting quarter is expected for users as a debit card, mobile app, and new product launch, SafePredict, are all set to arrive. While the issuance of a debit card and mobile app help round out the release of core features announced by YFDAI in 2020, SafePredict follows a more recent trend rising in popularity for predicting the future prices of coins. SafePredict will rollout with YF-DAI as its main token and plans to expand to ETH, BTC et al in the future.

The third quarter will also welcome expansion onto a layer 2 solution (although this will likely come much sooner), increasing transaction speeds, reducing fees for users, and helping to lower the overall congestion of the Ethereum network. Expansion onto a layer 2 solution will mean more transactions can be executed for less gas, and this should in turn help spur on future developments and more complex products that depend on multiple transactions. Furthermore, YFDAI will begin modeling its insurance product as it progresses step-by-step towards entering DeFi insurance.

Plans slated for Q4 include launching a new customer service platform, integration with ecommerce following the release of a debit card, and the exploration of bridging DeFi with real-world assets. Looking forward to these updated targets from today’s vantage point, YFDAI appears poised to expand the DeFi community’s access to security-focused tools well into the new year

dotmoovs Raises $840,000 to Fuel Growth of Blockchain eSports

dotmoovs, a startup dedicated to creating non-fungible tokens of athletes, has completed a private funding round of $840,000 led by several prominent figures in the blockchain industry.

The oversubscribed round was led by Moonrock Capital, Morningstar Ventures, Spark Digital Capital, Ascensive Assets, Rarestone, Building Blocks, AU21 and GBV Capital. The capital raised will be invested in product development, recruitment, acquiring new digital rights, as well as expanding the business subscribers.

“We are proud to have such notable investors joining us in building the first crypto mobile worldwide sports competitive environment. We know they can boost our growth and provide industry-specific insight and knowledge which will be a deciding factor for us. Our vision is a robust platform powered by blockchain and a state-of-the-art AI system that can analyze videos of players performing sports challenges in real-time,” said Ricardo Martins Costa, head of growth of dotmoovs.

dotmoovs is a blockchain-powered sports platform allowing athletes to enter into peer-to-peer competitions while earning digital assets. As such, the platform enables athletes to get further involved and integrated with their fans and sports community.

As the sports industry is warming to cryptocurrency in general, dotmoovs steps in to bridge the gap between physical and geographic limitations. The “play-to-earn” platform allows players to engage with each other and compete, assess their performances and monetize their time and skills.

With the NFT market getting increasingly competitive, dotmoovs worked to find a unique angle to separate itself from the rest. Through an innovative arbitration engine, athletes can bet on their own victory against an opponent that matches their skill level in peer-to-peer competitions.

Moonrock Capital and Morningstar Ventures assist in incubating dotmoovs

Dotmoovs’ platform uses a two-step algorithm to detect the human body and its various limb positions, followed by a scoring algorithm to measure the player’s skill. dotmoov’s AI-based video referee assesses performance in real-time and determines the winner, then the stake is transferred, and the ranking is updated.

Blockchain technology in the sports industry is thriving through top-tier endorsements, sponsorships, and fan incentive initiatives. The number of blockchain use cases in esports has skyrocketed over the last few months. This trend looks set to continue as mainstream crypto adoption grows exponentially sector-wide.

dotmoov is the latest incubation from blockchain advisory and investment firm Moonrock Capital, which comes in partnership with Morning Star Ventures. The two will work together on building a successful platform to launch. Moonrock Capital and Morningstar Ventures have a track record of serial successes incubating blockchain projects.

“We are very excited to see this ambitious and revolutionary project come to life – combining sports, blockchain, and NFTs with dotmoovs’ vision of growth. The level of their supporting technology is not something we see every day. For these reasons, we are thrilled to be a part of dotmoovs’ journey and helping them achieve their vision,” said Simon Dedic, Managing Partner Moonrock Capital, and Danilo Carlucci, CIO Morningstar Ventures.

TA: Bitcoin Nosedives $10K, Here’s Why Recovery Could Face Hurdles

Bitcoin price declined over $10,000 against the US Dollar after Elion Musk’s tweet. BTC is now correcting losses, but the previous support near $52,000 could act as a hurdle.

  • Bitcoin started a major decline from well above $55,000 and it even traded close to $45,000
  • The price is now trading well below $55,000 and the 100 hourly simple moving average.
  • There was a break below a key rising channel with support near $57,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting losses, but the bulls might struggle near $52,000 and $53,000.

Bitcoin Price Dives 20%

Bitcoin failed to clear the $58,500 resistance and reacted to the downside. BTC’s decline was got pace after Elion Musk’s tweet about bitcoin mining and not accepting it as payment.

It sparked a strong bearish move below the $52,000 and $50,000 support levels. There was a break below a key rising channel with support near $57,000 on the hourly chart of the BTC/USD pair. The pair even dived towards the $45,000 level on Kraken. It is now trading well below $55,000 and the 100 hourly simple moving average.

A low is formed near $45,000 and the price is now recovering higher. It broke the $47,000 and $48,500 resistance levels. Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $58,000 swing high to $45,000 swing low.

Bitcoin Price

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $51,500 level. It is near the 50% Fib retracement level of the recent decline from the $58,000 swing high to $45,000 swing low. The main resistance is now forming near the $53,000 zone (the previous support). A close above $52,000 and $53,000 is needed to start a decent increase.

Fresh Drop in BTC?

If bitcoin fails to clear the $52,000 resistance or $53,000, it could start a fresh decline. An initial support on the downside is near the $48,500 level.

A downside break below the $48,500 support zone could restart the decline. The next major support is near the $47,400 level. Any more losses might call for a fresh test of the $45,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering from the oversold zone.

Major Support Levels – $48,500, followed by $47,400.

Major Resistance Levels – $51,500, $52,000 and $53,000.