Hello! The past week on the market proved to be exciting. Since our latest review, the situation with the BTC / USD pair has not changed. Since Monday, trade has been conducted in a narrow range without apparent signs of a change in direction. However, we and our subscribers were ready for this.
On the hourly timeframe, the price found support at the level of $ 6,600 (Low $ 6,566), and right here it is trading at the time of the review writing. The MACD indicator in the trade area shows signs of further transition to the buy area. The price is between the sliding averages MA50 and MA9, which, although they have a downward margin, speak more about uncertainty.
The support at the 4-hour chart is positioned at the level of $ 6,520 (the area at the level of $ 6,500), formed by the MA50 sliding average. The MA9 sliding average is above the price and tends to go down. MACD is also in the trade area.
On the daily timeframe, the MACD indicator goes into the buy area (bulls, do you watch this good enough?) The moving averages MA50 and MA9 pass below the price, but are aimed down (hi to the bears).
Trading in a narrow channel with minimal volatility has been delayed, and an impulse will accompany the exit from it.
Whales are buying up cryptocurrency — and other bullish news of this week
The market is falling, but the number of the Bitcoins on the largest wallets is growing. The analysis of the TOP-100 largest Bitcoin wallets shows that during recent weeks they had been growing significantly. Moreover: in the TOP-100, new wallets with large deposits appeared. So this means that «whales» (which control 55% of all the Bitcoins in circulation) actively buy up the available cryptocurrency.
SEC represented by FinHub will help crypto start-up teams
Yesterday the US Securities and Exchange Commission (SEC) announced the launch of the new agency’s strategic centre for innovation and financial technology (FinHub). The new division aims to help fintech startups, including those involved in the ICO organization, in the legal intricacies during their products promotion. FinHub will operate in the following areas:
- Distributed technology and digital assets;
- Automatic investment advisers (bots for «Robo-advisers» trade);
- Artificial intelligence and machine learning;
- Financing of digital markets (Financing can be performed in the form of loans, online lending, issued shares, which are often called crowdfunding ICO);
FinHub will play an essential role in facilitating the SEC’s active engagement with innovators, developers, and entrepreneurs. Well, this time it seems that the adoption of cryptocurrency is quite close, isn’t it?
We are still set to grow: we have long positions and pending orders in case of a decline to support levels.
Essential levels have been preserved — it is overcoming the level of $ 6,800 for growth, which will open the way to the September’s maximum — $ 7,400.
The support level holds the decrease, the first level is $ 6,600.
It is also worth noting that after a sharp impulse on Monday, the price did not return to the lows of September, and is trading at the level of $ 6,800 — $ 6,600. Moreover, this level of $ 6,800 has been tested repeatedly — this is a positive signal for the further growth resumption. Have a great weekend everyone!!!