BITCOIN (BTCUSD) – Week 22 – Between S/R areas
According to statistics from itBit, PayPal's custodian, bitcoin volumes have set a new high of more than $300 million. Volumes increased from about $80 million per day to surpass the previous high of $240 million in January. Last week, bitcoin briefly surpassed $30,000, indicating that retail investors purchased the dip with bitcoin presently ranging.
The Bank of Japan's governor, Haruhiko Kuroda, has joined the list of central bankers targeting Bitcoin (BTC) during the present turmoil. Kuroda argued against the value proposition of the biggest cryptocurrency by market capitalization, according to a Bloomberg story published on Friday.
The Chairman and Chief Executive Officer of JPMorgan Chase and Co, Jamie Dimon, stated in a recent testimony to the U.S House Financial Service Committee that his personal advice to people when he’s asked about Bitcoin is to “stay away from it”. Furthermore, Dimon added that cryptocurrencies can’t compare with traditional fiat currencies and gold and warned: “buyers beware.”
Technically, Bitcoin is still in the area between the resistance and the support levels marked on the chart. The higher probability move in our opinion is a continuation of the sharp downtrend that started in the middle of April. If there is an up move that breaks the resistance sharply and consolidates above, we shall make a decision about the potential reversal of this downtrend.
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 Bank of Japan's governor, Haruhiko Kuroda, has joined the list of central bankers targeting Bitcoin (BTC) during the present turmoil. Kuroda argued against the value proposition of the biggest cryptocurrency by market capitalization, according to a Bloomberg story published on Friday.
The Chairman and Chief Executive Officer of JPMorgan Chase and Co, Jamie Dimon, stated in a recent testimony to the U.S House Financial Service Committee that his personal advice to people when he’s asked about Bitcoin is to “stay away from it”. Furthermore, Dimon added that cryptocurrencies can’t compare with traditional fiat currencies and gold and warned: “buyers beware.”
Technically, Bitcoin is still in the area between the resistance and the support levels marked on the chart. The higher probability move in our opinion is a continuation of the sharp downtrend that started in the middle of April. If there is an up move that breaks the resistance sharply and consolidates above, we shall make a decision about the potential reversal of this downtrend.
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.
