BITCOIN (BTCUSD) – Week 26 – Support decision?
Jack Dorsey, the CEO of Twitter and Square, has teamed up with other bitcoiners to form what appears to be an anti-misinformation movement. He'll be joined by Ark's Cathie Wood, the queen of innovative investing, and Adam Back, a veteran of bitcoin's 2016 civil war. The B word, as they call it, is a “Bitcoin-focused project that attempts to demystify and destigmatize conventional narratives about Bitcoin, explain how institutions can and should embrace it, and create awareness around parts of the network that need support,” according to their description.
The founders of South Africa’s largest cryptocurrency exchange have vanished, along with nearly $3.6 billion in Bitcoin, after telling investors the exchange had been hacked. A law firm hired by impacted investors in Cape Town claims it is unable to locate Africrypt founders Ameer and Raees Cajee. The company has sent a warning to crypto exchanges throughout the world, warning them to be wary of anyone attempting to sell the digital currency on its platforms.
President Bukele said nothing can stop Bitcoin from seeing widespread adoption in El Salvador, and he sees no scenario in which it can be stopped. Also, El Salvador is going to airdrop $30 worth of Bitcoin to every adult citizen, President Nayib Bukele announced Friday during his live address. Bukele presented a Bitcoin wallet named “Chivo” (a slang term for “cool” in Spanish) that works on both Android and iOS devices.
Technically, Bitcoin hit the important support area marked on the chart on Tuesday and bounced back up. Although, the bullish move had some momentum in the beginning, the move didn’t break the red trendline marked on the chart and ultimately it started reversing towards the direction of the bigger trend. For this pair we see the down move to continue, at least until the support area is reached again. After that we shall see if the price consolidates for more downside or reverses to go towards the trendline.
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.
The founders of South Africa’s largest cryptocurrency exchange have vanished, along with nearly $3.6 billion in Bitcoin, after telling investors the exchange had been hacked. A law firm hired by impacted investors in Cape Town claims it is unable to locate Africrypt founders Ameer and Raees Cajee. The company has sent a warning to crypto exchanges throughout the world, warning them to be wary of anyone attempting to sell the digital currency on its platforms.
President Bukele said nothing can stop Bitcoin from seeing widespread adoption in El Salvador, and he sees no scenario in which it can be stopped. Also, El Salvador is going to airdrop $30 worth of Bitcoin to every adult citizen, President Nayib Bukele announced Friday during his live address. Bukele presented a Bitcoin wallet named “Chivo” (a slang term for “cool” in Spanish) that works on both Android and iOS devices.
Technically, Bitcoin hit the important support area marked on the chart on Tuesday and bounced back up. Although, the bullish move had some momentum in the beginning, the move didn’t break the red trendline marked on the chart and ultimately it started reversing towards the direction of the bigger trend. For this pair we see the down move to continue, at least until the support area is reached again. After that we shall see if the price consolidates for more downside or reverses to go towards the trendline.
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.
