BigONE Weekly Recap

Bitcoin price drops to $43.5K, but data and BTC’s market structure project strength

• BTC price took a sharp tumble below a key support level, but data shows April 6’s dip could be another buying opportunity for bulls.
• On Dec. 3, 2021, Bitcoin initiated a 25.6% correction that lasted 18 hours and culminated with a $42,360 low.
• Levels below 5% are extremely bearish, while the numbers above 12% indicate bullishness.
• The above chart shows that this metric dipped below 5% on Feb. 11, reflecting traders’ lack of demand for leverage long (bull) positions.
• Options traders worry about downside risk Currently, Bitcoin seems to lack the strength needed to break the $47,000 resistance, but traders should use derivatives to gauge professional investor sentiment.
• If Bitcoin’s futures premium had been running above 10%, traders would face a much higher cost to add long (bull) positions.

Ethereum traders eye the 61.8% Fib level if ETH fails to hold the $3.2K support

• ETH sold-off alongside the rest of the crypto market, leading analysts to warn of a drop to $2,900 if the current support at $3,200 fails.
• Members did concede that this would result in negative pressure being placed on financial markets and this seems to be exactly what happened on April 6.
• So if Ether does dip to black, it could wick into the green higher low.”
• Based on the chart provided, this would result in a potential drop to $2,602.
• Price is still between the 200-MA and 200-EMA Further insight into the support for Ethereum at this current price level was provided by crypto trader and pseudonymous Twitter user Don Yakka, who posted the following chart noting the importance of the 200-day moving average (MA) and exponential moving average (EMA).
• The overall cryptocurrency market cap now stands at $2.003 trillion and Bitcoin’s dominance rate is 41.5%.

Solana jumps past key selloff junction: SOL price eyes $150 in April

• SOL price enters overbought territory, but history shows that bulls are not scared of Solana‘s excessive valuations.
• For instance, the SOL/USD pair dropped by 60% two months after retracing from the said resistance level in December 2021.
• But, Solana flipped the resistance trendline as support (S/R flip) after breaking above it on March 30, accompanied by a rise in trading volume that showed traders‘ conviction in the breakout move.
• Dubbed the golden cross, the technical indicator occurs when an asset‘s short-term moving average jumps above its long-term moving average.
• Traditional analysts consider this crossover as a buying signal.
• RSI divergence The upside prospects increase further if a technical fractal highlighted by Delphi Digital is to be believed.

NFTs, Web3 and the metaverse are changing the way scientists conduct research

• To democratize science through decentralized science would allow for a new kind of interface layer for a modern Scientific Revolution.
• Blockchain tech for science Blockchain technology (tokens, NFTs, metaverses) has the potential to positively impact platform economics in such a way that democratizes access to scientific collaborations.
• Decentralized science (DeSci) is different from an IP platform or a platform in which the more it is used, the more the platform benefits, and the value consolidates.
• Blockchain is a high resolution of sensing, indexing and calculating value.
• The potential is there, and now it is up to DeSci organizations to prove their merits, scientific quality and overall effectiveness at improving the scientific process.

Here’s how pro traders use Bitcoin options to profit even during a sideways market

• BTC price might be consolidating or even reaching a short-term top, but that doesn’t stop pro traders from using options to generate profits.
• Bitcoin (BTC) price swings might be impossible to predict, but there is a strategy frequently used by pro traders that yields high returns with minimal cost.
• Typically, retail traders rely on leveraged futures positions which are highly susceptible to forced liquidations.
• This means the desired price outcome must happen during a specified period.
• Meanwhile, this strategy’s maximum loss is 0.11 BTC if the price on April 29 trades below $46,000 or above $55,000.
• The allure of this butterfly strategy is the trader can secure gains that are 6 times larger than the maximum loss.