The Blockseed Letter : Edition 16
1. Bitcoin Price Trend
A technical analysis of Bitcoin price variation by Amit Kaushik, Head of Quant Research, Blockseed Investments.

Bitcoin prices are showing a bearish divergence after the recent sell-off triggered by the SEC ruling a stay on ETF approvals. A technical analysis of the price chart validates this bearish trend. In the past 6 months, there is a continuous downward movement of the prices with the resistance levels dropping. Currently, we see a support level at $ 6400 and a strong resistance level at $ 6800 with a weak resistance at $ 8500. The floor price levels are reaching values of $ 6200 / 6000.The MACD readings below the price chart are signaling a bearish trend with the signal and MACD lines poised for a crossover. RSI values are expected to continue falling to values between 37–40. With these signals auguring a price drop to prior levels of $ 4500, we are looking at prices breaking the floor levels and rallying downwards.However, after this decrease, prices are geared to move up again in the same wave pattern. We predict an upswing with each peak higher than the previous one. This is essentially the mirror image of what we can see right now on the chart.
2. Weekly Crypto News
A brief look at what is happening in the cryptocurrency space all over the world.

Japan’s National Police Installing Crypto Transaction Tracking System
The Japanese National Police Agency is reportedly installing a system to track the flow of crypto transactions in order to aid investigations of cryptocurrency-related cybercrime. The system is expected to be limited to major cryptocurrencies, according….

Crypto Market Cap Shows Jittery Progress
The market has dipped in the past 24 hours after soaring for the skies on the 29th, but don’t panic just yet as this looks like the normal ebb and flow of a recovering market, and we’re already starting to see an….

Important Rules For Protecting and Storing Your Crypto Holdings
In today’s digital world, we are sitting on zettabytes of digital data generated from various online, as well as offline activities. These data volumes will only grow exponentially.….

Crypto Exchange Hacks in Review: Proactive Steps and Expert Advice
Has the cryptocurrency exchange which you typically trade on already been hacked? If not yet, this is highly possible. Centralized exchanges….

Isn’t It Time Banks And Crypto-Exchanges Made Friends?
By 2022, the UK will be a global hub for blockchain technologies and the crypto economy. That is the claim of a new report from the Big Innovation Centre, DAG Global and Deep….
3. Weekly Crypto Analysis
3.1 Top 5 Coins: Price, Volatility & Volume Trend

Based on CoinMarketCap, the graph above reflects the price changes over the past 30 days of the top 5 coins based on market capitalization.

This is a graphical representation of volatility with a rolling window of 7 days spanning the past 30 days. Volatility in the cryptocurrency market drives trade strategies to find profitable entry points.

The data from CoinMarketCap shows us the adjustments in the trade volume over the past month for the top 5 coins in the market.
3.2 Correlation Matrix

The market-weighted heatmap gives the correlations calculated by giving accurate weighting based on market capitalization of the coins. We see the coins that dominate the market are highly correlated to each other and cause significant movement in the crypto market.
