BITCOIN (BTCUSD) – Week 30 – Testing the resistance at 36k?
This week’s big event was the B word convention that had as main headliner a talk between Elon Musk –Tesla, SpaceX CEO, Jack Dorsey – Twitter, Square CEO and Cathie Wood – Ark Invest CEO. The trio talked about the present and future of Bitcoin and in general about the crypto space. Musk continued to show his support for the top digital currency. The Tesla CEO reiterated that he wanted to see the coin succeed. Musk also said that the automotive company would “likely” resume accepting bitcoin payments. But more due diligence will be carried out to make sure that mining energy was at or above 50% renewable energy. Elon Musk also revealed that he personally owns Bitcoin, Ethereum and Dogecoin.
Dorsey is a long-time advocate of the digital currency, saying in 2018 the cryptocurrency will eventually become the world’s “single currency.” Last year, Square purchased about $50 million in bitcoin, representing about 1% of its balance sheet. “If the internet has a native currency, a global currency, we are able to able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar,” said Dorsey. “And we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach.”
Technically, as we can see from the chart, Bitcoin broke the orange trendline and we expect a consolidation in this area that will fuel the next move to the upside (higher probability move). If the price reverses to the downside we can (lower probability) expect a retest of the support area.
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.
Dorsey is a long-time advocate of the digital currency, saying in 2018 the cryptocurrency will eventually become the world’s “single currency.” Last year, Square purchased about $50 million in bitcoin, representing about 1% of its balance sheet. “If the internet has a native currency, a global currency, we are able to able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar,” said Dorsey. “And we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach.”
Technically, as we can see from the chart, Bitcoin broke the orange trendline and we expect a consolidation in this area that will fuel the next move to the upside (higher probability move). If the price reverses to the downside we can (lower probability) expect a retest of the support area.
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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