Despite 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.
Bitcoin rallied to a new all-time high above $67,000 on Nov. 8. Even Ether was not to be left behind as it also made a new all-time high and neared the psychologically critical level at $5,000. With the two largest cryptocurrencies by market capitalisation leading the charge, the total crypto market cap topped $3 trillion for the first time, according to CoinGecko.
Bitcoin bounced off the 20-day exponential moving average (EMA) on November 6 and soared above the overhead resistance at £48,426.53 on November 8, defying our assumption of a consolidation. The BTC/GBP pair could now pick up momentum and charge toward the 161.8% Fibonacci extension level of £56,174.25 and if this resistance is crossed, the next stop could be £60,249.98. Both moving averages are sloping up and the relative strength index (RSI) is in the overbought territory, indicating advantage to buyers The important level to watch on the downside is £48,426.53.
If bulls flip this level into support during the next correction, the possibility of the resumption of the uptrend will be high. On the other hand, a break and close below £48,426.53 will be the first indication that traders are booking profits at higher levels. The pair may then drop to the 20-day EMA.
The bears will have to pull the price below this support to signal that the bullish momentum has weakened.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Giving to Service
– 99 Defi Network
– Main frame Protocol
– Mandala Exchange
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin bounced off the 20-day exponential moving average (EMA) on November 6 and soared above the overhead resistance at £48,426.53 on November 8, defying our assumption of a consolidation.
The BTC/GBP pair could now pick up momentum and charge toward the 161.8% Fibonacci extension level of £56,174.25 and if this resistance is crossed, the next stop could be £60,249.98. Read more
ETHEREUM – ETH/GBP
The failure of the bears to sustain Ether below the breakout level of £3098.17 attracted aggressive buying by the bulls. The momentum picked up on November 2 and the ETH/GBP pair has continued its journey northwards.
The up-move could face resistance at the 100% Fibonacci extension level at £3,590.13. If the bulls arrest the subsequent pullback at the 20-day EMA, it will increase the prospects of the resumption of the uptrend. Read more
RIPPLE – XRP/GBP
XRP broke above the overhead resistance at £0.8924 on November 4 but the bulls could not sustain the breakout. However, a minor positive was that bulls bought the dip to the 20-day EMA.
This indicates that the sentiment has turned positive and traders are buying on dips. The bulls pushed and closed the price above the overhead resistance on November 8. Read more
CARDANO – ADA/GBP
After struggling to sustain above the 20-day EMA for several days, the bulls finally managed a close above the level on November 8. This is the first sign that bears may be losing their grip.
Cardano has now reached the downtrend line, which could attract strong selling by the bears. However, if bulls overcome this resistance, the ADA/GBP pair could accelerate to £1.79719. Read more
BINANCE – BNB/GBP
During strong breakouts, the price does not retrace and retest the breakout level and that is what happened in Binance Coin. The BNB/GBP pair witnessed intraday dips on November 2-4 but did not drop to the breakout level at £377.
The buying picked up momentum on November 5 and the pair reached close to the previous all-time high of £493.20 on November 7. The long wick on the day’s candlestick indicates that bears are trying to defend this level with vigour. Read more
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