Friday Inferno market report and round-up
The $7,800 ceiling that we noted on Tuesday (http://telegra.ph/Tuesdays-Inferno-market-report-06-05) remains intact, with bitcoin bumping up against it once again yesterday, before dropping back. If the same pattern continues to play out this will paint a higher low, before bitcoin once again takes a run at that resistance level – and, this time, hopefully breaks through it. As we also noted on Tuesday, the deadline for a significant move is approaching, since the long-term rising support line will place more and more pressure on the price as it pushes towards $7,800. One way or another, the days of sideways movement will soon be over.
On Twitter, Armin van Bitcoin paints this bullish picture for bitcoin, noting the months-long consolidation: https://twitter.com/ArminVanBitcoin/status/1004011244238594048. It’s also interesting that Google searches for ‘bitcoin’ (which have historically correlated well with price) are down 75% from January: https://www.investopedia.com/news/google-searches-bitcoin-down-75/. That’s worth watching as an indication of what might happen next.
Meanwhile, the fundamentals are pretty good. Venezuelans are buying more bitcoin, though that shouldn’t be a surprise for a country with 25,000% inflation: https://cointelegraph.com/news/bitcoin-buying-on-the-rise-again-in-venezuela
And the prospect of ‘Italeave’ (Italy exiting the Eurozone) has prompted renewed awareness of bitcoin as a safe haven asset: https://bravenewcoin.com/news/italexit-prompts-speculation-that-bitcoin-is-a-new-safe-haven-asset/
That’s all for now! Stay tuned for the next Inferno post.
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Markets are so rekt!
There were other solid fundmental stories as well specially to increase adoption of bitcoin by big money. Sec's opinion on btc is becoming clearer. Circle is preparing to set up an instititional level trading venue and coinbase also wants to become a sec registered broker dealer to play the game between the big guys.
Also there were talks about goldman beginning futures trading this month.
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