BITCOIN (BTCUSD) – Week 28 – Clear direction missing
Square CEO Jack Dorsey stated on July 9th that the payments company aims to create a Bitcoin hardware wallet via Twitter (his other company). Jesse Dorogusker, Square's head of product development, initially announced the company's decision to "create a hardware wallet and service to make bitcoin custody more popular." "We're doing it," Dorsey said in a retweet.
According to a tweet from Argentina's National Congress member José Luis Ramón, a law has been presented that would allow wages to be paid in Bitcoin (BTC). The lawmaker took the initiative in an effort to help protect Argentinians from hyperinflation. In other news, ITV America, a television production company, has issued a casting call for a new reality program about people who have locked themselves out of their bitcoin wallets and are willing to go to any length to reclaim them.
Technically, as we see the structure developing right now, the higher probability move is to the upside reaching at least the resistance area marked on the chart. However, if the price stays beneath the orange trendline and goes for one more low in the structure we may see a continuation to the downside, until the price reaches again the important support area. We advise caution, the price may swing up-down many times without giving us a clear direction.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
According to a tweet from Argentina's National Congress member José Luis Ramón, a law has been presented that would allow wages to be paid in Bitcoin (BTC). The lawmaker took the initiative in an effort to help protect Argentinians from hyperinflation. In other news, ITV America, a television production company, has issued a casting call for a new reality program about people who have locked themselves out of their bitcoin wallets and are willing to go to any length to reclaim them.
Technically, as we see the structure developing right now, the higher probability move is to the upside reaching at least the resistance area marked on the chart. However, if the price stays beneath the orange trendline and goes for one more low in the structure we may see a continuation to the downside, until the price reaches again the important support area. We advise caution, the price may swing up-down many times without giving us a clear direction.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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