As the week’s coming to an end, let's look at action in the markets and then dive into developments here at NewsCrypto.
Looking at the charts we can see that the price of Bitcoin plunged all the way to the $33,000 level on Monday morning, before rallying to $37,500 in the afternoon. The bulls managed to make another run on Wednesday, as they pushed the price almost to $39,000 before the Fed meeting press conference. The markets interpreted Powell saying that it will soon be appropriate to raise rates, as well as that asset-purchases will end in March as somewhat hawkish, which caused a sell-off. The last few days of the week the price has been oscillating around the $37,000 level, but overall moving upwards.
On the one hand on-chain data looks like the time is ripe for reversal, while on the other hand Bitcoin's RSI on the weekly timeframe is still above the oversold territory (more than 30), which means that the price may continue its decline in the near future, possibly until it tests the $30,000 level, not to mention funding rates still being negative.
Now let’s look at what has been happening here at NewsCrypto. To celebrate the end of the biggest year for crypto and for us we released an extensive Twitter thread that covers all of the developments along with all of the important partnerships of the previous year. This thread does a great job of showing in what direction we’re moving and since I believe that all investors need to be familiar with the vision of a project they’re invested in, I would like to encourage everybody to check it out here. We’re extremely thankful for all the support we’ve received from the community and are looking forward to all of the things we’re going to accomplish in the years ahead.
Another good news we’ve prepared for all of the traders in our community (and beyond) was the announcement that everyone who thinks they are up for the challenge of becoming a Mercury trader can apply for the position. This way successful traders will be able to earn money from subscriptions and people that will follow them will be able to enjoy passive income (especially if we enter a bear market that requires a lot of skill if you want to keep being profitable). A Google form, where you can find more info and apply for the role can be found here.
I would also like to remind you that the Community predictions prize pool for this week has been doubled, which means we’re going to distribute $700 in NWC tokens (you can win up to $400 in NWC tokens). This can on the one hand serve as a great way to earn some extra money on your winning trading setups. On the other hand, if you don’t feel confident doing technical analysis on your own yet, keep in mind that there are numerous ways to predict price movements on top of technical analysis. Lots of them are incorporated on our Pro tier, which offers many tools, such as AI Sentiment price prediction tool or On-Chain analysis, which can help you gain an edge in the market. The best thing about it? You can purchase it at 22% off until tomorrow midnight by using the promo code NWC2022.
In hopes of a reversal in crypto markets, I wish you all a successful week. Looking forward to seeing what the upcoming week will bring to us. As always, I’ll update you on our development and interesting crypto events at the end of next week.