CRYPTONAIRE WEEKLY MAGAZINE 206TH EDITION IS OUT NOW
The #1 CRYPTO TRADING MAGAZINEDespite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.
A survey of about 42,000 people in 27 countries by product comparison website Finder showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41%, while India and Indonesia had a 30% adoption rate.
After a weak September, Bitcoin came roaring back again in the month of October but now all eyes have shifted to its performance in November. History favours the bulls because, since 2013, Bitcoin has always risen in November barring the negative close in 2018 and 2019.
Bitcoin broke below the 20-day exponential moving average (EMA) on October 27 but the bulls did not allow the bears to have their way. Strong buying at lower levels pushed the price back above the 20-day EMA on October 28.
However, higher levels continue to attract profitbooking. The BTC/GBP pair has been stuck between £46,000 and the 20-day EMA for the past four days. This tight-range trading is likely to result in a strong trending move.
If the price breaks below the 20-day EMA, the bears will make one more attempt to pull the pair below £41,500. If they succeed, the pair could plummet to the 50-day simple moving average (SMA). Such a move could delay the start of the next leg of the uptrend.
Conversely, if bulls push and sustain the price above £46,000, the pair may challenge the all-time high at £48,426.53. A break and close above this level could suggest the resumption of the uptrend. The 20-day EMA is gradually flattening out and the relative strength index (RSI) has dropped below 57, indicating that the bullish momentum may be weakening.
We expect the consolidation to continue for a few more days hence, we are not recommending any trade in it.
Lastly please check out the advancements happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- Xanto
- Euler
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99 Defi Network- Beatbind
- Main frame Protocol
- bitcci
- Smartchem
- Mandala Exchange
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