Weak Bitcoin Price Trend, Stuck On Last Week’s Resistance

The overall theme of Bitcoin (BTC) in recent days has been calm, after the $5k price was held following a false breakout and subsequent strong rejection on April 10-11. A new short term uptrend higher has tepidly emerged, but volume remains low on average.

A small breakout occuring last night has been quickly rebuffed by the support/resistance (S/R) zone that underpinned BTC’s price action in the last two weeks - from about $5,150-200. Volume on the move, while not completely insignificant, was weak and it quickly lost steam. The breakout has helped form a faint rising wedge, visible below on the 4H chart.

bitcoin price 15 april(source: TradingView.com)

Looking at the 4H RSI, we see largely the same story. A similar S/R pattern is visible on this indicator, with BTC price already once repulsed. BTC could easily fall and return to the RSI uptrend for more consolidation - but here, the latest price history is still open, and the RSI trend is not yet clear.

bitcoin price 15 april(source: TradingView.com)

A closer look at the 1H chart shows the price action respecting, and holding above, the 55 hour exponential moving average (EMA). If it continues to do so, BTC price will retest the S/R zone above $5,150, and then the upper range of the rising wedge. This is of course a bearish pattern, making a breakdown back to $5,000 fairly likely.

bitcoin price 15 april(source: TradingView.com)

There is, however, a mini-black-swan event that may influence price in the coming hours. CryptoGlobe reported hours ago that the leading cryptoasset exchange Binance will delist the Bitcoin Satoshi’s Vision (BSV) crypto, after some dramatic and hostile actions by its creator Craig Wright on some members of the cryptoasset social media community.

The news has already caused a sharp spike in competing Bitcoin Cash’s (BCH) price, and concomitant dump in BSV’s.

bitcoin price 15 april(source: CryptoCompare)

(The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.)

Cannabis Shops Turn to Crypto Apps Amidst Coronavirus Cash Shortages

Michael LaVere
  • Cannabis shops in Boulder, Colorado are using bitcoin payment app Strike to conduct "contactless" exchanges.
  • Cash shortages and lack of sanitation are causing businesses to find alternative means for transaction. 

Cannabis shops are using bitcoin payment services to conduct business in place of fiat amidst the coronavirus pandemic. 

According to a report by CoinDesk, cannabis dispensaries in Boulder, Colorado have been onboarded to the closed beta for Strike, a bitcoin payment service application founded by lighting network supporter Zap. 

Zap, founded by Jack Mallers, has been operating a closed beta for the payment application Strike which allows users the option of sending bitcoin or dollars and receiving funds in their bank account. The application uses a simple QR code interface, similar to Venmo, that allows users to send funds without having prior knowledge or expertise with bitcoin. 

Mallers said, 

Every Strike user is given a public domain at strike.me. We’re using Lightning for really fast online settlement of value transfers. … It’s also beneficial for privacy on the sender’s side.

Johnny Kurish, general manager at Boulder’s Helping Hands Herbals cannabis shop, said the application allowed his dispensary to process $1,000 worth of purchases since being added to the beta last week. 

Kurish said the dispensary will switch to only accepting Strike payments, which allow for contactless exchanges in light of the coronavirus pandemic. 

He said, 

We’re really lucky to have curbside drop-offs. We check the ID through the roll-up window, deliver the cannabis to a podium in front of the car. We’re happy to reopen with an option that’s safe for our staff.

Featured Image Credit: Photo via Pixabay.com