Bitcoin jumps 5% on the day as former bitcoin bear bank, Morgan Stanley has purchased nearly 30,000 shares of the Greyscale Bitcoin Trust (OTCMKTS:GBTC) which appeared in their recent SEC filing causing the crypto to fly 6.15% this morning. They are one of the first banks to hold and offer crypto to their clients as the adoption of bitcoin becomes more and more prevalent. Additionally, Cathie Wood, founder of Ark Invest, has filed to the SEC to offer a Bitcoin ETF in the midst of a crypto craze taking place in the United States and the rest of the world.
Most of the crypto market seemed to have shrugged off these worries of countries tightening regulation as it does serve as the market becomes more recognized. The cycle from bullishness to bearishness is very harsh in the crypto market, so you never see mild changes in direction. Bitcoin's volatility is usually severe, but I have a bias that it will go to the upside while the China crypto news dies down.
Bitcoin has been able to successfully break above a double top and is now testing resistance on the 200 SMA. This recent move above resistance is a key indicator since the pair can now come down to this level for support. If price continues to climb, extra resistance sits at the $37,800s.
Stellar did break out of its trend line and is heading towards resistance on the 4H. New support lies around 0.272700 or the recently-broken falling trend line. And the big resistance line is around 0.298946.
Ethereum is now testing resistance on the 4H chart and looks like it has strength in momentum to test the 200 SMA. New support lies around $2,042, and big resistance is much higher around $2,837.
One of the most common questions we hear from beginner traders is "How Much Money Do You Need to Trade Forex?" and our answer is: well, it depends. The amount of money you need depends on your goals as a trader. Is your goal to make a lot of money or are you going to […]
It is likely we see a USD surge in the near future as we get closer to the Fed meeting in March. Bond yields hit yearly highs this morning as the dollar begins to look stronger. A prominent "risk-off" attitude in the markets is showing now, and it looks like investors will be getting out […]
Bitcoin has been vastly oversold due to the fact of regulation concerns from the US government wanting to make a more controlled market just like stocks. For over 2 months, the crypto has fallen nearly 42% from the highs in November, but it looks like it has found a bottom in the $39Ks. Why Bitcoin […]
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