Cryptocurrencies are going down... What may signal a recovery?
Brian Kelly, BKCM LLC founder, CNBC analyst: “You’re starting to see a fair amount of institutional interest in this space. By institutional I mean even high net worth individuals, family offices, are starting to take a serious interest. There are a couple of major brokerage firms that are rolling out some custody solutions. So there’s quite a bit going on under the surface that you know just kind of mechanically could have the same impact as an ETF.”
This week was quite bullish for the crypto market. On Tuesday, Bitcoin rose above the 200-day SMA and managed to stick above the $4,830 level. The bullish momentum continued the next day as the BTC surged higher and tested the $5,300 level. The digital currency corrected on Thursday towards the $4,830 level. However, on Friday it has been pushed back towards the $5,300 level. If bulls continue to move Bitcoin higher, it will retest the $5,300 level. The next resistance is placed at $5,636. On the other hand, if bears take over the market, the oldest crypto will fall towards the support at $4,830. The next support is placed at $4,255. If we look at indicators, Parabolic SAR shows the upward movement for the pair, ADX demonstrates that bulls are too strong, and RSI is placed in the overbought zone.
- US Congress will examine two laws connected with cryptocurrencies regulations. They will contain information on dealing with price manipulation, customers’ protection and control of the prices.
- Jamaica’s stock exchange together with Blockstation Canadian startup will open trading of Ethereum and Bitcoin in a beta mode.
- Nimiq project announced about buying 9.9% of shares of German WEG Bank AG and now it’s the third blockchain co-owner together with TokenPay and Litecoin Foundation.
- US Security and exchange commission released the guide, which helps to recognize ICO tokens as shares. Key features include the connection between the price of the token and organization’s actions and buying the token for the revenue.
- Datalight analytics concluded that Bitcoin would be the dominating payment system in the world in 10 years.
- The reason for the rise of the cryptomarket lies in retail investors, according to Bloomberg.
Just for fun:
- Tweets by Tesla's CEO Elon Musk made the price of famous meme crypto Dogecoin to increase in two times. He wrote that he was secretly an ex CEO of Dogecoin.
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