Bitcoin Analysis May 9, 2023

img
Create at 1 month ago (May 09, 2023 11:34)

Bitcoin still in demand despite price adjustments

Binance, one of the largest cryptocurrency exchanges, recently suspended Bitcoin withdrawals temporarily for the second time in a short period due to network congestion. Binance has now announced the reopening of Bitcoin withdrawals after resolving the temporary suspension, which was caused by an unprecedented level of congestion on the Bitcoin network.


During the two-hour withdrawal suspension, Binance detected pending transactions that had not been confirmed on the Bitcoin network. The number of unconfirmed transactions reached a new high of 500,000, an increase from 400,000 during the first suspension.


In a Twitter statement, Binance said, "To prevent similar incidents from happening again, we have adjusted our fee structure and will have closer monitoring of on-chain activities. Additionally, our team has expedited the launch of Bitcoin withdrawals on the Lightning Network, which is expected to help alleviate such issues in the future."


Despite the temporary suspension of withdrawals, Bitcoin is still in demand. showing the increasing number of transactions Including improving network performance continues.


The government of Liechtenstein has announced that it will accept Bitcoin as payment for government services, and will exchange it immediately for Swiss Francs, which is the country's main currency. This means that Bitcoin could have an impact on current payment methods.


The use of Bitcoin for payments could make Liechtenstein residents the next group after Zug and Lugano in Switzerland who can use Bitcoin to pay taxes and some public services in a legal and regulated manner. Additionally, Liechtenstein is known for its favorable policy towards cryptocurrencies.


In 2019, Liechtenstein became one of the first countries to accept cryptocurrency and blockchain regulations, and the cryptocurrency industry in the country has been growing continuously. The combination of progressive policy directions and the financial services industry has allowed Liechtenstein, a small country, to create a prominent reputation in the growing crypto market. This is another step towards increasing the acceptance of Bitcoin as a means of payment.

Technical analysis data (5H)

Resistance: 27788.4, 27968.7, 28208.4

Support: 27368.4, 27128.7, 26948.4

Bitcoin Analysis todaySource: Investing.com
 
Pivot Points May 9, 2023 11:24 AM GMT+7
 
Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 26948.4 27128.7 27368.4 27548.7 27788.4 27968.7 28208.4
Fibonacci 27128.7 27289.1 27388.3 27548.7 27709.1 27808.3 27968.7
Camarilla 27492.5 27531.0 27569.5 27548.7 27646.5 27685.0 27723.5
Woodie's 26978.0 27143.5 27398.0 27563.5 27818.0 27983.5 28238.0
DeMark's - - 27458.5 27593.8 27878.5 - -

Buy/Long 1: If the price touches the support level in the range of 27128.7 - 27368.4 but cannot break through the resistance level at 27368.4, you may set a TP at around 27968.7 and SL at around 26948.4, or based on your acceptable level of risk.

 

Buy/Long 2: If you can break through the resistance level in the range of 27788.4 - 27968.7, you may set a TP at around 28208.4 and SL at around 27128.7, or based on your acceptable level of risk.

 

Sell/Short 1: If the price touches the resistance level in the range of 27788.4 - 27968.7 but cannot break through the resistance level at 27788.4, you may set a TP at around 27128.7 and SL at around 28208.4, or based on your acceptable level of risk.

 

Sell/Short 2: If you can break through the support level in the range of 27128.7 - 27368.4, you may set a TP at around 26948.4 and SL at around 27968.7, or based on your acceptable level of risk.

 

Technical Indicators May 9, 2023 11:24 AM GMT+7
 
Name Value Action
RSI(14) 33.389 Sell
STOCH(9,6) 92.673 Overbought
STOCHRSI(14) 24.941 Oversold
MACD(12,26) -345.500 Sell
ADX(14) 45.602 Sell
Williams %R -9.066 Overbought
CCI(14) -119.2154 Sell
ATR(14) 413.0714 Less Volatility
Highs/Lows(14) -631.1429 Sell
Ultimate Oscillator 33.650 Sell
ROC -5.985 Sell
Bull/Bear Power(13) -1093.2200 Sell

Buy:0

Sell:8

Neutral:0

Summary:Strong Sell

______________________________
Maximize your knowledgeBlog
Keep up to date on global events:News
Explore in-depth analysis: Analysis
Tags:

Forex News

ARTICLES