Bitcoin | Page 11 | The Gold Forecast

Bitcoin and Ether both higher

Wednesday, May 5, 2021 - 20:11 by Joseph M. Wagner II

Bitcoin continues to have resistance right above $57,000, still closing with a gain of $2,420 (+4.44%) at $56,935. Today’s closing price is right where the Monday’s close, and we have effectively formed a Doji on a weekly candlestick chart. We continue to see BTC as being in a consolidation stage, unsure of which direction it will take next.

But if you owned BTC futures, you made almost 5% in profits today, 7% if you owned Greyscale Ethereum Trust (+7.65%). ETHE went up more than Ethereum itself, which only gained +1.92% on the day at the time of writing.

Bitcoin’s dominance continues to dwindle, now sitting at around 45%. And while Ethereum’s share of the crypto space has been rising, it still remains under 20%. It seems that Alt. Coins have benefited the most from this recent bull run.

Bitcoin and Banks

On the fundamental front, hundreds of U.S. banks (mostly small) have signed up for a service that will allow their customers access to Bitcoin.

  “What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships,” Sells said. “If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.” - Yan Zhao, president of NYDIG.

While Devotion Public Data, which is a merchant to keeps money with almost 300 million financial records, will deal with the connection to moneylenders, NYDIG will deal with bitcoin care and exchange execution. Exposures will clarify that it is NYDIG, and not the banks, that handle the bitcoin, and the digital currency will not be FDIC-protected, as indicated by Zhao.

Proper Action

Remain long ETHE 

Stops at $29.00

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Previous Reports:

Friday, January 15, 2021 - 20:18
With the volatile week coming to a close BTC has seen a weekly price range only dwarfed only by last week’s $15,000 trading range. The major difference of course is this week’s large-bodied candle is red signaling a decline for the week. It seems as though BTC is indeed at a tipping point and is entering a corrective period that will intensify should BTC not hold above $30,000. It seems that... Read more
Thursday, January 7, 2021 - 18:41
Instead of going over the current wave count, I find it more relevant and noteworthy to cover a few Fibonacci harmonics in BTC which may very well mark the end of the current rally, and if a correction is to follow where that correction could take us to. The first set of Fibonacci numbers comes from a retracement starting at 2017 record highs at $20,000 down to the bottom in December 2018 at... Read more
Tuesday, January 5, 2021 - 06:41
With 2020 finally over a lot of things are pointing to the possibility that BTC’s rally is also coming to a wrap. The majority of the technical studies that are predicting the end of this rally or at least this leg of it come from Fibonacci extensions and wave theory. One of the more obscure indications is from a candlestick pattern called ‘three gaps’ where you get four green candles with upside... Read more