Cryptonaire weekly magazine 209th edition is out now
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’s rally has stalled in the past few days but select altcoins such as Z-Cash, Avalanche and Crypto.com coin CRO have risen sharply. This suggests that traders are focusing on coin-specific stories while Bitcoin takes a breather.
Bitcoin plunged below the 50-day simple moving average (SMA) on November 18 but the bulls successfully defended the critical support of £41,931 on November 19.
However, the subsequent rebound fizzled out just above the 50-day SMA, indicating that bears are selling on rallies. The BTC/GBP pair turned down on November 21 and the price has dipped back to the support at £41,931.
The moving averages are about to complete a bearish crossover and the relative strength index (RSI) is in the negative zone, indicating that the path of least resistance is to the downside.
If the pair breaks and closes below £41,931, the selling could intensify and the decline could extend to £38,000.
Contrary to this assumption, if the price rebounds off the current level, it will suggest strong accumulation on dips. The bulls will have to push and sustain the price above the moving averages to indicate that the selling pressure has reduced. The pair could then rise to the overhead resistance at £48,426.53.
We do not find any reliable setups, hence we are not recommending any trade in it.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this weeks Edition:
- QuiverX
- $Fren
- Mirai
- Feedcoin
- Mimir
- Beatbind
- Smartchem
- Degethal
- 99 Defi Network
- Giving to Service
- Bitcci
- Funganomics
Read More
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Avalanche Slides into Top 10 as Ethereum Users Complain About Gas Fees
Funganomics, A gaming and NFT Marketplace, Closes First Round of Private Sale
Mirai announced #mission6: “We are ready to accelerate sustainability through crypto!”
bitcci: Adopting Blockchain For The Sex Industry
The Advantages of BBND for Fans, Artists, and Event Organisers
