Bitcoin | Page 10 | 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:

Thursday, January 28, 2021 - 19:41
ßitcoin seems to have found at least short-term support at our first of three likely pivot points that make up the three most probable places for the current triangle pattern to find a bottom. This first area which would mark yet another extremely shallow correction occurs at the 38% retracement point coming in near $30,200 the lows that came in right at $30,000. Bitcoin futures are currently... Read more
Tuesday, January 26, 2021 - 20:23
BTC futures are trading within an asymmetrical triangle, this pattern is relevant now and could continue to define price action until the current correction concludes. The left side of the triangle is drawn by connecting the high of December 11, 2022, the all-time high on January 8, 2021. The right side of the triangle can be drawn by extending a line through the all-time highs on January 8 to... Read more
Thursday, January 21, 2021 - 06:52
BTC has been on the decline for the past two weeks after hitting a new record high of $42,700 on the CME’s most active futures on January 8th. Today the selling pressure continued currently trading $1,815 lower at $34,780 nearly a 5% decline for the day. Today’s drop has the effect of taking prices below the 23% Fibonacci retracement level and out of the symmetrical triangle that had defined... Read more