Bitcoin | Page 46 | 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

HD Charts Gallery

Previous Reports:

Friday, April 3, 2020 - 17:39
  Bitcoin showed signs that it is no longer trapped inside a narrow range and has made its exit from sideways trading. Next week will likely take it to higher pricing. When it broke out of its price range of $5,700 to $6,700 yesterday when BTC futures had their first close above $6,700 since March 12th. The high on March 12th was just at $8,000 which is also were I believe BTC is headed... Read more
Thursday, April 2, 2020 - 16:58
Bitcoin had quite a jump today with CME futures up over 10% at $6,870 as of 3 PM EST. Last night we had a jump in pricing that took Bitcoin futures up to $7,345. This recent action is very bullish and suggests that it BTC left its recent trading range and sideways activity and will soon likely retest resistance at just below $8,000 ($7,970) in the coming weeks. The resistance we see coming in... Read more
Wednesday, April 1, 2020 - 18:20
Bitcoin futures closed down today by approximately 1.8% at $6,355. Today’s lower pricing took Bitcoin back below the .78% retracement at $6,342 which it was able to regain footing above in the last few minutes of trading. This is the third day we tested this key level and BTC was able to close above it all three occasions. Two things are evident by today’s action. First that if Bitcoin futures... Read more