Bitcoin on knife edge in a standoff between bulls and bears – it really could go either way!
Crypto at a Glance
Greetings from Dubai where it seems the whole crypto world has descended to make it a temporary home. An amazing array of conferences and meetups are in full swing. The AIBC Dubai, and the Supreme Blockchain Conference organised By Guy Yanpolskiy alongside CV Labs and Draper Goren Holm launches, Sheesha Finance networking and an exclusive film from World Mobile.
Today and tomorrow will be short versions of Crypto AM Daily as I’m away, Darren is raising money for Charity and Jimmy O’s wife just had a beautiful baby (Congratulations from all of your Crypto AM Daily Family!!)
Consequently today and tomorrow, Luno Advisor Mati Greenspan, who is with me here in Dubai, has kindly provided the market commentary together with his Technical Analyst, Imran Yusof, from Quantum Economics
A quick technical snapshot on Bitcoin this morning
Where bitcoin has been: After trying to break the ceiling at $65,000, bitcoin had been on a rollercoaster ride in the last couple of months trading around $55,000, before breaking below support at $45,000. Elon Musk’s tweets had a lot to do with the latest volatile moves. And then China roared on banning bitcoin mining and bitcoin trading on domestic exchanges. These were mostly rehashes of prior expressed positions, but they made the markets nervous regardless.
Where bitcoin is:
BTCUSD is trading widely around $35,000, with market intelligence indicating supporting bids below $27,900, and light offers above $42,000.
Where bitcoin might be:
No one is sure how strong the bids are but if bitcoin bears are stronger, BTCUSD will need to trade convincingly below $25,000 and stay down there to confirm the already-bearish bias. On the other hand, the offers above $42,000 look pretty weak. It probably won’t take much t take price action back above $45,000. Maybe Elon Musk can tweet a few more u-turns.
All displayed support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
All feedback on Crypto AM Daily in association with Luno is welcome via email to [email protected] ??
In the Markets
The Bitcoin Economy
Crypto AM Editor Picks
Further pain ahead for Bitcoin as environmental groups queue up to reject cryptocurrencies
Hedge fund legend Ray Dalio ditches bonds for Bitcoin
How are cryptocurrencies coping this weekend
Bruised Bitcoin heads into an uncertain weekend
China’s CMB International and Nervos Foundation launch $50m blockchain fund
Cardano teams up with Save the Children for humanitarian initiative
HMRC were not clamping down on crypto
Ethiopia overhauls its educational system with IOHK blockchain partnership
Crypto AM: Longer Reads
Morning Wire Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View
Crypto AM: Technically Speaking
Crypto AM: A Trader’s View with TMG
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM Parliamentary Special
Part One of Two 21-22 April 2021
Part Two of Two 21-22 April 2021
Five Part Series 8-12 March 2021
Day One
Day Two
Day Three
Day Four
Day Five
Crypto AM: Recommended Events
Crypto AM DeFi & Digital Inclusion Online Summit powered by Cointelligence Fund
20 May 2021
AIBC World
25 May – 26 May 2021 – Dubai
https://aibc.world/events/uae/general-info/
Bitcoin 2021 – Miami
3 – 5 June 2021
Crypto AM Canada Roundtable
Crypto AM DeFi & Digital Inclusion Summit
&
Crypto AM Awards 2021
29 – 30 September 2021
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. Morning Wire, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30am GMT.