On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
This week is when volatility returns and a make-or-break moment for BTC/USD hits, traders believe.
Bitcoin (BTC) is nearing the end of a consolidation period, which traders are betting will spark a fresh bullish breakout.
In a tweet on Tuesday, popular trader Crypto Ed became the latest voice in the expanding bullish movement calling time on lower BTC price levels.
Data: D-Day for Bitcoin price starts Wednesday
After consolidating in a broad range since hitting $30,000, BTC/USD is printing higher lows and lower highs on lower timeframes.
This narrowing wedge on the chart has a logical endpoint where volatility becomes practically zero — and historically, this results in a major move up or down.
“Expecting that bounce any moment now,” Crypto Ed summarized.
“When it does, I think we break out to the upside in coming days.”
He added that a failure to break out could have the opposite effect, a nod to those already warning over a possible fresh bearish dip toward $20,000.
A look at the hourly chart, meanwhile, dictates a make-or-break moment for Bitcoin on Wednesday, at which point market trajectory in the near term should be decided.
“Expect volatility by week’s end,” fellow trader Lark Davis added.
#bitcoin forming up a tasty little triangle on the daily. Expect volatility by week's end. pic.twitter.com/Pw1rtDztbm
— Lark Davis (@TheCryptoLark) June 1, 2021
The pattern of sideways trading following a major price move that culminates in a narrowing wedge and breakout — known as “compression” — is a classic chart phenomenon for Bitcoin. The process characterized much of 2020 in particular before the bull market truly kicked in to take BTC/USD past its 2017 all-time highs.
50-day moving average stays as classic support
For Rekt Capital, meanwhile, an essential long-term chart feature is of interest following the $30,000 dip.
Bitcoin’s 50-week exponential moving average (WEMA) is back as support despite overall lower levels, and historically, this has been a key bull flag.
“In a sustained bull market, you can have a crash period which is very deep, but as long as this crash period maintains itself above this indicator of bullish momentum, the 50 WEMA, we can have that bullish momentum preserved and the price rally can actually continue afterwards,” he explained in a YouTube update on Monday.
As such, $30,000 may simply have been a “really hefty discount” rather than a bearish watershed for Bitcoin.
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