Bitcoin’s upper dip (BTC) allows possible rise

Bitcoin’s price created a bullish Japanese recovery candlestick on September 24.

There is support at $ 10,200, and resistance at $ 10,800.

The price could have started a bullish impulse

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On September 24, Bitcoin Lifestyle price created its first higher low since the September 4 fall, along with a bullish Japanese recovery candlestick. It is possible that this is the start of a new upward movement for BTC.

Japanese bullish recovery candlestick

On September 25, Bitcoin’s price created a bullish Japanese recovery candlestick, rising from a low at $ 10,193 to a high of $ 10,795. It also created its first upper low since the fall on September 4.

Despite this rise, technical indicators have not yet confirmed the upward trend. The MACD is on the rise, but it has not yet moved into positive territory and the RSI is below 50.

Moreover, the Stochastic Oscillator should also form a bullish cross which would go a long way in confirming the uptrend.

The shorter-term, six-hour chart also suggests that the uptrend is not yet confirmed. The rise only reached the 0.618 fibonacci level of the previous downward movement, $ 10,783, just below the $ 10,800 area. This area first served as support and should now offer resistance. It is therefore possible that the move is a retracement in response to the earlier decline. In this case, the closest support is at $ 10,200.

Technical indicators are turning bullish. The MACD is up and the RSI is above 50. That said, the MACD has not yet entered positive territory.

The rise in the two-hour chart shows that this could be the start of an upward movement. The price has broken through a descending resistance line, the MACD is positive and the RSI is rising without generating a bearish divergence.

The two most plausible options are:

A move above the $ 10,800 zone and its validation as support, before the price continues to rise (in green below);

a decline towards $ 10,400 before a rise towards $ 10,800 (in red).

At the time of writing, the second option seemed the most likely.

If the $ 10,400 area fails to support price, it would greatly reduce the chances of it being an upward move. Likewise, a decline below the low of $ 10,138 would confirm that this is not the case.

The recent move in BTC, particularly the September 25 rally, increases the possibility that the price started a bullish impulse (in orange below) on September 9.

In this case, price has completed a first wave then its correction (in red), and has now started wave 3. A decline below the September 23 low, at $ 10,136, would reject this wave count.

There is a possible bearish scenario where the earlier rise would be part of wave 4, while the September 25 rise would be the sub-wave 2 of a bearish impulse (in red below). That said, the correction was too short to be considered as such, and this count doesn’t mesh very well with the longer-term move. It is therefore unlikely that this is the correct account, unless the price drops below $ 10,136.

In conclusion, unless the price of BTC declines below $ 10,136, it is likely that it has started a bullish impulse.

Celo’s founder talks about raising $10 million and redefining the money

The Celo Foundation raised $10 million for its blockchain Celo platform at a Dutch auction on CoinList on May 12.

The auction sold out in 12 hours, with the Celo Gold (cGLD) tokens selling for approximately $1 each. Holders of the tokens will be able to participate in the Celo platform.

509 buyers from 62 countries participated in the auction, with each buyer placing an average bid of $22,076. 132 countries registered for the auction, with the largest participation coming from Europe and Asia.

Bison Trails announces support for the Celo platform

Zeal has raised $40 million so far
The collection is based on the $30 million fund that Celo raised last year, including the participation of Polychain Capital, a16z, and Andressen Horowitz, among others.

The auction also presented $504,338 in cGLDs distributed as bonds, including $4,150 in affiliate bonds from 83 successful referrals.

The first stage of the launch of the Celo main network was launched on April 22nd. Auction participants are expected to receive their cGLDs on May 18.

Major Korean blockchain platform joins the Celo alliance

Zeal enters the early stages of the mainnet
Speaking to Cointelegraph, Celo founder Rene Reinsberg stated that over 300 teams are currently building in Celo.

Reinsberg expressed her enthusiasm for the coming weeks, stating, „Once Celo Gold transfers are enabled, and the exchanges are integrated with Celo, off-chain pricing for Celo Gold can be driven through a series of Oracles. This means that the Reserve can be configured, and through chain governance, the Bitcoin Investor, Crypto Investor, Cryptosoft, Bitcoin Rush, Bitcoin Trader can come into operation.“

He pointed out that The Celo Wallet is his final step in launching the mainnet, stating, „At this point, using The Celo Wallet, you can send Celo Dollars to anyone in the world with just their cell phone.“

Celo welcomes over 20 new allied members

The mass adoption of stablecoins is coming
Speaking about the use cases of the Zeal platform, Reinsberg says that „people will start experimenting with how money is created in itself.

Just as money was backed by gold, the new stablecoins can be backed by the tokenized resources we want to see more of in the world (for example, the tokenized rainforests). By choosing between two stablecoins, you will soon be able to choose between, for example, helping to solve global warming or contributing to it.

„From the coming recession, we will see stablecoins being adopted more widely,“ he added.