BITCOIN (BTCUSD) – Week 38 – Bullish continuation
Maxime Bernier, founder and leader of the People's Party of Canada, has said he supports the adoption of cryptocurrencies in the country. In a Tuesday tweet, Bernier said cryptocurrencies are “another new and innovative way” to counter the actions by central banks, which he claimed are “destroying our money and economy.” The Canadian politician has criticized the Bank of Canada for “printing money” and called out Prime Minister Justin Trudeau for his economic policies.
Fidelity Digital Assets published the 2021 Institutional Investor Digital Assets Study that tracked institutional investor's behavior in the face of the delicate situation traditional markets endured for the past year. Considering all investors surveyed across the globe, 52% of respondents said they invest in bitcoin or cryptocurrency, and 9 in 10 investors find those assets appealing. Notably, 84% of European high-net-worth investors said they are invested in the asset class.
Technically, Bitcoin behaved as we predicted in our last weekly report, it reached the resistance area, made a consolidation and now it is breaking out of the structure. The higher probability move for the main cryptocurrency is a continuation to the upside. There may be consolidations along the way but there are no signs of reversal yet.
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.
Fidelity Digital Assets published the 2021 Institutional Investor Digital Assets Study that tracked institutional investor's behavior in the face of the delicate situation traditional markets endured for the past year. Considering all investors surveyed across the globe, 52% of respondents said they invest in bitcoin or cryptocurrency, and 9 in 10 investors find those assets appealing. Notably, 84% of European high-net-worth investors said they are invested in the asset class.
Technically, Bitcoin behaved as we predicted in our last weekly report, it reached the resistance area, made a consolidation and now it is breaking out of the structure. The higher probability move for the main cryptocurrency is a continuation to the upside. There may be consolidations along the way but there are no signs of reversal yet.
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.
Comment:
Price reversed at the resistance level and now the higher probability move is a consolidation and a continuation to the downside until it reaches the support area marked on the chart.
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