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September 7, 2021

El Salvador Adopts BTC As Their Main Currency- How To Trade Bitcoin This Week

Frank Cabibi

9/7/2021

El Salvador is now the first country in the world to be accepting Bitcoin as its national currency. The country just bought 400 BTC as it plans to go full adoption today. On top of this, crypto mining is starting to come back after it was banned in China- where the majority of global mining was located.

Our outlook

For countries that are struggling with their current monetary system in Latin and South America, the crypto adoption seems like the best option from their point of view. And this only means more usage, mining and transactions for Bitcoin while mining is now not centralized in a single place like China. More and more companies will probably come out of this emerging industry and will find ways to make the transaction process easier. And it all starts with adoption, from there more and more doors will open for this market.

Trade Setups

BTCUSD

BTCUSD on the 4H chart dipped hard today as price comes to support around the $50,500s. This level served as a previous high and a double top on this timeframe, so it could serve as a strong level of support. If not, price can find more support around the $48,800s.

ETHUSD

Ethereum looks like it's getting ready to rebound on the 4H timeframe as it rejects the lows from the 50 SMA and is currently riding it. Additional support sits under around $3380.

ADAUSD

ADAUSD Cardano came down near a bottom on the 4H chart and is rejecting the lows. If price can bounce from the $2.50s level and stay above, this could be a potential area to look for long setups.

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