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.
The crypto markets nosedived on November 26 and Bitcoin plunged to a seven-week low below $54,000. The selling was triggered on reports that a new heavily-mutated variant of the coronavirus was detected in South Africa. The latest fall pushed Bitcoin into the bear market territory as the price dropped more than 20% from the all-time high.
Bitcoin plunged below the strong support of £41,931 on November 26 but a positive sign is that the bulls aggressively defended the 100-day simple moving average (SMA). The BTC/GBP pair rebounded off the 100-day SMA on November 28 and reached the overhead resistance at the 20-day exponential moving average (EMA) on November 29.
The bears are currently attempting to stall the relief rally at the 20-day EMA. If the price turns down from the current level and breaks below £41,931, the bears will once again try to challenge the 100- day SMA.
A break and close below this level could intensify selling and the pair may drop to the £38,000 to £35,500 support zone. Contrary to this assumption, if the price turns up and breaks above the 20-day EMA, it will signal that the bears may be losing their grip. The pair could then rise to £45,306.70. The bullish momentum could pick up if bulls clear this overhead hurdle. The pair may then challenge the £48,426.53 to £51,000 resistance zone.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
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BITCOIN – BTC/GBP
Bitcoin plunged below the strong support of £41,931 on November 26 but a positive sign is that the bulls aggressively defended the 100-day simple moving average (SMA).
The BTC/GBP pair rebounded off the 100-day SMA on November 28 and reached the overhead resistance at the 20-day exponential moving average (EMA) on November 29. Read more
ETHEREUM – ETH/GBP
Ether bounced off the £2,932.90 support on November 26, indicating that bulls are defending this level aggressively. The bulls pushed the price above the 20-day EMA on November 29, signaling that the selling pressure may be reducing.
The 20-day EMA has started to turn up gradually and the relative strength index (RSI) has risen into the positive territory, indicating that bulls are attempting a comeback. Read more
RIPPLE – XRP/GBP
XRP plunged below the support line of the ascending channel on November 26 but a minor positive is that bulls defended the strong support at £0.6911.
The bears again attempted to pull the price below this support on November 28 but the bulls defended the level aggressively as seen from the long tail on the day’s candlestick. Read more
CARDANO – ADA/GBP
Cardano has been trading inside a descending channel for the past few days. The price bounced off the support line of the channel on November 28, indicating that bulls are buying on dips to this level.
However, the bulls are struggling to build upon the bounce. This suggests that buying dries up at higher levels. Read more
BINANCE – BNB/GBP
Binance Coin broke above the 20-day EMA on November 23 and rallied to the overhead resistance at £493.20. The bulls could not push the price above this barrier on November 25 and 26, which may have prompted profit-booking.
The BNB/GBP pair plunged below the 20-day EMA on November 26 but the long tail on the day’s candlestick indicates strong buying at lower levels. The price is currently stuck between the 20-day EMA and £493.20. Read more
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