Week in Crypto (Top 3 Events):
#1 - Baakt continues to make headlines and progress in launching their proprietary digital asset market place that will offer a institutional grade custody program combined with a fully regulated digital asset exchange and physically delivered on Bitcoin . Understanding their partnerships with Starbucks , Microsoft as well as their relationship with I.C.E ( Intercontinental Exchange ) which operates traditional exchanges like the NYSE is a news worthy event to follow in the coming months. In the past two weeks they have closed initial funding rounds and have raised over $180M. This week they are on a hiring spree for core developers. Follow their twitter for the latest updates.
#2 - Jack Dorsey - CEO of Twitter - was recently on the Joe Rogan podcast promoting Bitcoin and digital assets as a revolutionary technology. He believes Bitcoin will become the world currency in our lifetimes as it was born on the internet and will become the currency of choice of the internet. Square continues to outperform on the stock market and allows for bitcoin payments to be sent and received via their app as well as fiat.
#3 - Dan Morehead - CEO of Pantera Digital has said recently despite the market sentiment in prices the fundamentals in the ecosystem have never been stronger. He believes all the innovation and infrastructure that is being built to accommodate institutional investments has calmed any doubts whether blockchain technology and Bitcoin is here to stay or not.
Despite the positive fundamentals what does the technical picture tell us?
BEARS - TRX bears have been getting battered since December 2018 when Bitcoin capitulated from 6k to 3k. TRX is the top performing alt coin and the bottom seems to be in. However, Bitcoin still remains King so we remain cautiously optimistic. A short position is only viable if bears can break below the 200 Day MA, the 50 Day MA and below the . Earliest short entry price can be found around .02 cents with a target goal down to the 161.8% to .012 cents. This drop , although unlikely, is in line with a Bitcoin market capitulation candle that many bear traders are calling for.
BULLS - TRX Bulls are looking to push prices back above the centerline of the and are keen to hit the next (127%) sitting at .035. TRX is trading above it's 50 Day and 200 Day MA, which is a significant development. Any pull back should find solid support in this zone especially with the 50 Day moving back above the 200 Day. If this was Bitcoin we would confirm the crypto-currency market bottom is in. However, we are impressed with TRX resilience and this price action leads us to believe higher levels are on the near term horizon.
- Showing strength and support above 50. Bulls are in control.
Trade suggestion: Our buy order level was triggered at .024. We suggest traders go long on the next pull back that finds support on the lower bound end of the with a stop loss at .021.
Today marks the launch of my 21 week trading program where I will be publishing text and video content M-F. I will be updating this report Wednesday and Friday this week so be sure to hit the like and follow to get notified.
I brought up the short entry at more aggressive levels. stop loss on short should be just above the 200 Day MA.