Main news of the crypto world:
Binance Labs', the venture capital and innovation incubation arm of Binance, made contributions to the projects of the Oasis Ecosystem Fund that supports developers of decentralized applications (dApps) based on the Oasis Network. The contribution led to the Oasis Ecosystem Fund going up to $200 million in size.
The Oasis Ecosystem Fund aims to support DeFi, NFT, metaverse, tokenization, and privacy applications.
Bitcoin is analyzed applying the Elliott Wave theory on the 1-hour time frame.
BTC/USD, H1:
We supposedly see the formation of a bearish impulsive wave consisting of 5 sub-waves. The impulse wave started to build up as soon as the formation of the major corrective wave [B] stopped at the end of December.
Currently, sub-waves 1 and 2, impulse and correction, are entirely developed. Sub-wave 3 has started to take shape.
It is likely that the first sub-wave [1] was completed at the level of 39610.00. It took the shape of an impulse wave (1)-(2)-(3)-(4)-(5). It seems that the corrective wave [2] also formed, having taken the form of a double zigzag (W)-(X)-(Y). At the moment, it makes up the 61.8% Fibonacci level of the impulse wave [1], which is a common ratio.
So, Bitcoin is expected to go down in the coming trading days, and a new impulse wave [3] is likely to build up. The price may fall below the previous low of 39610.00, marked by the wave [1].
Short positions could be entered at the movement and profits should be locked in at the specified level.
Thank you for your attention. See you on Monday when we make a new review for you.
