Lousy Day for Cryptos After Falling for Three Days to 1-month Lows

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by | 23rd May 2018 | 0 comments

The crypto king is giving no signs of life recently with the pair declining for three three days in a row. In the last 24 hours, the BTC/USD broke the 7,925 level to reach the lowest level since April 17 at 7,840.

The BTC/USD is extending losses after its rejection from the confluence of the 10,000 area and the 200-day moving average at 10,050 on May 5 and 6. Since then, the cryptocurrency has lost 20% in value.

Also, the 20-day moving average at 8,723 is turning negative with the line heading to the 50-day MA at 8,438. It seems a matter of time for a cross. The 200-day moving average is still positive, but it is slowly turning neutral at 10,258. Indicators are suggesting more downside.

With the pair trading 1% down on Wednesday at 7,900, if the cross manages to consolidate its decline at these levels, the pair will find supports at 7,525 and 7,300.

Expectations for recovery are limited as the pair remains below the 8,600 and 8,800 areas. However, if the unit clears up those levels, next resistances are at 9,000, 9,200 and 9,500.

Ethereum dropped big on Tuesday; opened Wednesday near 1-month low

ETH/USD Daily Chart - 23-05-18

As cryptocurrencies are failing to get traction, so Ethereum is extending declines for the third day in a row too, and after breaking the 200-day moving average at 694.10, it dropped with violence.

The ETH/USD closed Tuesday with a significant decline of $55, or 8% of value, at 640.00. Then, the pair is falling 1.65% so far on Wednesday at 629.00. Previously in the day, Ethereum traded at its lowest level since April 26 at 625.00. More to come.

To the downside, the pair is now facing the 50-day moving average at 617.90. If the unit breaks that, next supports are at 600.00, 580.00 and 560.00.

Banco Maventas in Argentina to use Bitcoins for cross-border payments

On the news, Argentina’s Banco Masventas announced Tuesday that they will enable customers to send cross-border payments using Bitcoins. The processing will start Monday.

The bank will work with Bitex to use cryptocurrencies as an alternative to Swift, signaling the first time a domestic bank adopted bitcoin for cross-border payment.

According to a press release, the user will have the possibility to send money to more than 50 countries in less than 24 hours. The service will be cheaper than traditional transactions.

Happy Bitcoin Pizza day!

Yesterday 8 years ago, May 22, 2010, Laszlo Hanyecz paid about 10,000 bitcoins for two Papa John’s pizzas, making the first-ever exchange of bitcoin for a consumer product.

Hanyecz told the New York Times in 2013 that “It wasn’t like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool. No one knew it was going to get so big.”

Today, the two pizzas would be worth roughly $83.1. Pretty expensive pizzas I guess.

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