Bitcoin broke above the 200-day simple moving average (SMA) on August 9, signalling that the downtrend is over. Fundstrat’s Tom Lee told CNBC on August 9 that buying Bitcoin “when it breaks above its 200-day moving average” has rewarded investors with a six-month return of almost 180%. Lee expects Bitcoin to rally to about $100,000 by the end of the year.
Financial news outlet The Street reported on July 30 that asset management firm GoldenTree, which has about $45 billion in assets under management, has bought an undisclosed amount of Bitcoin.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE
SUBME – AN INVESTMENT TOOL THAT DISRUPTS THE SUBSCRIPTION
WORLD MOBILE TOKEN: REBOOTING TELECOMS THROUGH
BLOCKCHAIN AND THE SHARING ECONOMY
We had said in our previous analysis that a short-term trading opportunity may open up if Bitcoin rebounds off the 20-day exponential moving average (EMA) and that is what happened. Traders who bought on our recommendation may book partial profits and trail the stops higher on the rest of the position.
The BTC/GBP pair turned down from £30,310.12 on August 1 but the bulls aggressively defended the 20-day EMA. This suggests that the sentiment has turned positive and traders are viewing dips as a buying opportunity. The pair bounced off the 20-day EMA on August 4 and the bulls pushed the price above the overhead resistance of £31,005 on August 7. The bears tried to trap the bulls by pulling the price back below the breakout level of £31,005 on August 8 but the long tail on the day’s candlestick shows strong buying at lower levels.
If buyers sustain the price above £31,005, the pair could start its journey to £36,000 and then to £38,000. The rising moving averages and the relative strength index (RSI) in the overbought zone suggest that bulls are in control.
This positive view will invalidate if the bears pull the price back below the 20-day EMA. Such a move could open the doors for a decline to £26,926.16.
Lastly please check out the advancements happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Gain Protocol
– The Coop Network
– Ferrum Network
– World Mobile Token
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
We had said in our previous analysis that a short-term trading opportunity may open up if Bitcoin rebounds off the 20-day exponential moving average (EMA) and that is what happened. Traders who bought on our recommendation may book partial profits and trail the stops higher on the rest of the position. Read more
ETHEREUM – ETH/GBP
In our previous analysis, we had recommended traders buy on a strong rebound off the 20-day EMA. The price did not drop to the 20-day EMA but came close to it on August 4. Traders who bought this bounce would have made quick gains. Read more
RIPPLE – XRP/GBP
The tight range consolidation between the 20-day EMA and the overhead resistance at £0.53566 resolved to the upside on August 7. This triggered the buy recommendation given in the previous analysis. The bulls are struggling to sustain the upward momentum as bears are attempting to pull the price back below the breakout level. Read more
CARDANO – ADA/GBP
Cardano broke above the 50-day SMA on August 3 and has continued its move higher. The rising 20-day EMA and the RSI in the positive zone suggest that bulls have the upper hand. Read more
BINANCE – BNB/GBP
Binance Coin broke and closed above the overhead resistance of £236 on August 6 which triggered the buy recommendation given in the previous analysis. However, the bulls are struggling to build on the breakout as bears are trying to pull the price back below £236. Read more
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DIRTY FINANCE HITS Q3 ALL TIME HIGH ON CONTEST LAUNCH, STAKING ANNOUNCEMENT
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SUBME – AN INVESTMENT TOOL THAT DISRUPTS THE SUBSCRIPTION MARKET!
The subscription business has increased dramatically in recent years, with some regions reporting a nearly 100 per cent increase. Consumers today want personalised, frictionless, and flexible products and services. Observing the current subscription sector, one can conclude that it is no longer restricted to magazines and newspapers but has expanded its network to include media, entertainment, consumer goods, and businesses. Read more
COINBASE ADDS OPTION TO BUY CRYPTO WITH APPLE PAY, GOOGLE PAY TO FOLLOW
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AUDI TO DEBUT ITS LIMITED-EDITION NFTS ON XNFT PROTOCOL
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WORLD MOBILE TOKEN: REBOOTING TELECOMS THROUGH BLOCKCHAIN AND THE SHARING ECONOMY
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DOGECOIN, SHIBA INU POST BIG WEEKLY GAINS IN MEME COIN RESURGENCE
Is meme momentum back in full swing? DOGE’s uptick is ahead of the market, while a token burn seemingly gives SHIB a bump. Dogecoin has seen a 27% price bump over the last week, greater than Bitcoin or Ethereum in the same span. Read more
ETHEREUM NETWORK BURNS $395K ETH PER HOUR AFTER LONDON UPGRADE
At current burn rates, 2.3 ETH per minute, or $6,600, is going up in smoke. Approximately 2.3 Ether (ETH) is being burnt every minute through the new transaction fee mechanism introduced in Ethereum’s London upgrade on Thursday. The highly anticipated London hard fork went live on Thursday this week, ushering in the Ethereum Improvement Proposal (EIP) 1559 upgrade that adjusted gas fees. Part of that adjustment introduced a mechanism that burns some of the base fees collected. Read more
POLONIEX SETTLES FOR $10 MILLION WITH SEC FOR ‘AGGRESSIVE’ LISTING POLICY
Crypto exchange Pononiex has settled for $10 million with the U.S. Securities and Exchange Commission for selling digital securities. From July 2017 through November 2019, the SEC alleged that the Seychelles-based crypto exchange facilitated the buying and selling of “digital assets that were investment contracts and therefore securities.” Poloniex didn’t admit or deny the SEC’s findings. Read more
SEVERAL CRYPTO MINING STOCKS UP SHARPLY AS BITCOIN RISES ABOVE $46K
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WASDER ECOSYSTEM – AN ECOSYSTEM DESIGNED FOR GAMERS!
There are around 2.7 billion gamers on the planet. However, it is still unclear if the gaming industry has its own social media platform based on cryptocurrency. So, how many feeds would you have to go through to find the information you need? Wasder ecosystem aims to target this area by offering a gamified, token based ecosystem. It is a platform where you can play individually or as a group and have a chatroom where you can make friends. If this makes you curious enough to want to know more about Wasder, you’re in for a treat. Read more
SINGAPORE TO LICENSE DIGITAL PAYMENT PROVIDERS, APPROVES CRYPTO EXCHANGE
The Monetary Authority of Singapore (MAS) has notified several providers of digital payment services that they will be licensed to operate in the city-state. The move, which comes after the approval of a crypto exchange for a license, secures Singapore’s status as Asia’s crypto hub, industry observers say. Read more
UKRAINE COULD LEGALIZE BITCOIN PAYMENTS AFTER PROPOSED CRYPTO BILL
Ukrainian government drafted a roadmap for the integration of crypto into the country’s economy. After the crypto draft bill is adopted, Ukrainians will be able to legally hold, exchange, and spend cryptocurrencies like Bitcoin (BTC), a government official revealed. Besides allowing payments in cryptocurrencies, the Ukrainian Digital Transformation Ministry proposes lower crypto taxes as the new legislation seeks to pave the way for the industry to enter the country. Read more