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.
9/24/2021 The People's Bank of China banned all crypto transactions on overseas Chinese services along with its domestic ban. Bitcoin is down over 8% today and Ethereum is down 11.48%. Our outlook I think we're seeing a lot of noise around China and their condemning of cryptocurrencies before they digitize their own. In the short […]
Let's look into the Bank of England's Monetary Policy Summary which took place on Thursday the 23rd of September, 2021. Quick Summary: BoE keeps interest rates unchanged at 0.10% BoE will maintain its asset purchasing target at £875B The vote to keep policy unchanged passed with a 7-2 vote The minutes of the MPC meeting […]
9/23/2021 The precious metal snapped three days of gains and tumbled back down to the support range from $1740s-1760s approximately. Gold is down -.56% on the day going into the opening of the NY session. Our outlook Gold will likely rise on the US indices falling, and is usually due to slowing economic growth. Because […]
9/21/2021 Bitcoin Update For the past month, Bitcoin went on a tear rising over 20% from the beginning of August. Recently, however, China and other risk-off factors have contributed to a 23% decline from the recent highs around $52,760. Now the most prominent crypto has touched these monthly lows which could be a potentially good […]