Bitcoin Within An Indecisive Chart Pattern

 

Highlights From This Week

Binance Futures Grid Trading Competition

Binance Futures has launched a new promotion where all regular and VIP 1-3 users can have a chance to share in up to 50,000 USDT in token vouchers and VIP+1 Upgrade Vouchers by creating a Futures Grid Strategy. The promotion period for this activity is from April 27 to May 17, 2023. Find out more about how to participate and the activity rules here.

Updates

• Delist - Binance Futures Will Delist and Update the Leverage & Margin Tiers of USDⓈ-M DOTBUSD Perpetual Contract on May 9, 2023.
• USDⓈ-M Contracts - Binance Futures launched USDⓈ-M 1000FLOKI Perpetual Contract on May 6 and USDⓈ-M 1000PEPE Perpetual Contract on May 5 with up to 20X leverage. Binance Futures launched the USDⓈ-M SUI perpetual contract on May 3 with up to 50X leverage.

Gain Insights From Our Latest Content

What Are Bull Flags and Bear Flags and How to Trade Them

Traders commonly rely on bullish and bearish flag patterns to try and determine whether a price trend will extend or reverse. This article explores two types of flag patterns: bull and bear flags and provides insights into how some traders use them when these patterns appear.

Charts of the Week

Bitcoin Sealed Within An Indecisive Chart Pattern

• Bitcoin has fallen back into a slightly indecisive territory, producing a symmetrical triangle on the 12-hour chart. It is currently struggling to overcome the 50 twelve-hour Simple Moving Average (SMA) at $28,997.
• If trading volume fails to pick up, BTC may continue to be sealed within the prevailing chart pattern.
• If selling pressure increases, Bitcoin could fall toward the nearest support level at the 100 twelve-hour SMA, coinciding with the lower boundary of the technical pattern at $28,545. Failing to hold above this critical support level might spell trouble for the bulls.

Open Interest Data Indicates Traders Are Expecting BTC To Rise

• On Binance Options Data, Bitcoin Open Interest is showing a bullish trend, with an increase in call options near the price of $40,000, indicating that traders are expecting the pioneer cryptocurrency to reach higher levels.

Source: Binance Options Markets

Bitcoin Funding Rate Teeters

• The Bitcoin Funding Rate on Binance Futures has fluctuated slightly during the week, bouncing from positive to negative territory during the past week as sentiment was indecisive.

Source: Binance Futures

Open Interest Remains Stagnant

• On Binance Futures, the BTCUSDT Open Interest closed the week on May 7 at about 6% lower than its peak on May 6 and about 0.50% higher than the beginning of the week on May 1.

Traders Are Optimistic

• On Binance Futures, the BTCUSDT Long/Short Ratio closed on May 7 at 1.4 as 58.33% of all Binance Futures accounts with an open position in BTCUSDT were net long, while the other 41.67% were net short. The Taker Sell Volume closed the week slightly higher than Taker Buy Volume.

News Roundup

• Liechtenstein’s Bitcoin Plans - Liechtenstein plans to accept BTC for government services, potentially converting it to Swiss francs,Liechtenstein's national currency.
• Nigeria’s National Blockchain Policy - Nigeria's crypto community celebrates the approval of the National Blockchain Policy, which aims to drive the country's digital economy and elicits positive reactions from local experts.
• ETH Gas Fee Hit 12-Month High - Ethereum's network grapples with rapidly increasing gas consumption, reaching a 12-month high with a median price of 87 gwei and an average transaction fee around $50.
• Deloitte Integrates Blockchain for Digital Credentials - Deloitte integrates blockchain technology to improve verification processes by issuing reusable digital credentials for streamlined KYC and KYB procedures.

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