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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin is Down 50% From 2018 Highs But up 700% From 2017 Lows: Bitcoin (BTC) Technical Analysis (May 28, 2018)

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read

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The general crypto vibe is still bearish. Even if there are announcements supportive of individual cryptos as Bitcoin, we are not seeing any strong movement on the charts. Only lower lows and negative gains across the board is what we see. Despite everything, news of US DoJ and CFTC looking into possible market manipulation is a good thing for investors desirous of smooth volatility.

From the News

Straight from Argentina’s Banco Masventas to Czech Republic’s Prazska Plynarenska, there is a changing tide on the horizon guys! It’s a monitoring tide, that which could lift cryptocurrencies especially Bitcoin hopefully to new levels.

In a bid to remain relevant and not to be perceived as “old” by the young people of Czech Republic, their energy giant distributor Prazska Plynarenska will from June 2018 begin accepting payment in Bitcoin.  It came as no surprise though. The country is a host of several Bitcoin ATMs and several eCommerce platforms accept payment in Bitcoin. However, while elaborating, the company was categorically stating that they won’t be holding any Bitcoin themselves. Instead what would happen is that every time a customer settles their electricity bill in Bitcoin, conversion to fiat-national reserve currency Koruna-will be immediate. Moves like these buoy the cryptocurrency market and in the future-and following the lead of Argentina and Japan, more countries would follow suit and legitimize cryptos.

While this was happening, the US DoJ is looking into what appears to be collective pump and dump efforts. For the keen eyed, this is something that is needed and of course, eyes will be popping soon considering the unregulated nature of cryptos. In the crypto world, especially for traders trading against BTC, wild moves are common. As a matter of fact, it’s not a surprise to see Bitcoin prices swinging more than $1,000 within some few minutes. This worries many and now, together with the CFTC, the DoJ are investigating to check the level of this manipulation and fraud they are sure exists in the market. Efforts of spoofing-where unscrupulous traders place and pull different orders simultaneously or wash trading activities will in the coming days attract the keen eyes of the justice department.

Bitcoin Price Analysis

Weekly Chart

Bitcoin (BTC) Price Technical Analysis
Bitcoin Weekly Chart by Trading View

If we pull Bitcoin statistics then we see a gloomy situation. Bitcoin prices are down 12 percent in the last seven days but pretty stable in the last 24 hours shedding 3 percent as I type this. It has been mild but what we should be looking at is the close of each candlestick and the extent of losses within that week. Notice that relative to previous bars, last week depreciation was steep and saw Bitcoin prices slicing though $8,000. At this rate, trend traders should be looking for sell opportunities this day now that our close is below our previous support line at $7,800. Because of this predisposition, Bitcoin sell targets should be at February lows at $6,000.

Daily Chart

Bitcoin (BTC) Price Technical Analysis
Bitcoin Daily Chart by Trading View

To get a perspective of possible trend, May 22 and 23 candlesticks should paint a better picture. During these two days, there was a literal doubling of trade volumes with prices sinking below $7,800. After that, the follow through has been fair in volumes but then prices are not recovering safe yesterday’s weak attempts of buy shore.

In my view, taking shorts anywhere between $8,000 and $8,800 would present with better trade opportunities with targets at $6,000. This is only valid if and only if there is a short covering. Accompanying this appreciation would be light and below average volumes.

On the flip side though, if there happens to be sharp spikes in trading volumes and a bullish engulfing edging past May 23 candlestick, then it will be above time to exit shorts and buy.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

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His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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