Crypto at a glance
Greetings from Dubai, where it seems like the whole crypto world has descended to make it a temporary home. An amazing number of conferences and meetups are in full swing. AIBC Dubai and Supreme Blockchain Conference, organized by Guy Yanpolskiy together with CV Labs and Draper Goren Holm, are launching, Sheesha Finance Networking and an exclusive film from World Mobile.
Today and tomorrow there will be short versions of Crypto AM Daily as I’m gone, Darren is raising money for charity and Jimmy O’s wife has just had a beautiful baby (Congratulations from all of your Crypto AM Daily family !!)
As a result, Luno consultant Mati Greenspan, who is with me here in Dubai, kindly provided the market commentary today and tomorrow along with his technical analyst Imran Yusof of Quantum Economics
A quick technical snapshot of Bitcoin this morning
Where Bitcoin was: After trying to break the $ 65,000 cap, it had been on a roller coaster ride for the past few months, trading around $ 55,000 before falling below support at $ 45,000. Elon Musk’s tweets had a lot to do with the latest volatile moves. And then China roared to ban bitcoin mining and trading on domestic exchanges. These were mostly repetitions of previously expressed positions, but they still made the markets nervous.
Where is Bitcoin:
BTCUSD is trading at around $ 35,000, with market intelligence pointing to supporting bids below $ 27,900 and light offers above $ 42,000.
Where Bitcoin Could Be:
Nobody is sure how strong the bids are, but if Bitcoin bears are stronger, BTCUSD has to convincingly trade below $ 25,000 and stay down there to confirm the already bearish bias. On the downside, the $ 42,000 deals look pretty weak. It probably won’t cost much to take pricing action back over $ 45,000. Maybe Elon Musk can tweet a few more U-turns.
All support / resistance levels displayed are either historical levels or actual confirmed order book levels currently being traded by major players based on available market information.
All feedback on Crypto AM Daily in collaboration with Luno is welcome by email at James.Bowater@cityam.com
In the markets
The bitcoin economy
* For definitions and findings, see https://bytetree.com/insights/
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It’s definitely tempting to get swept up in the excitement, but please keep these careful words in mind: do your own research, invest only what you can afford, and make good decisions. Hopefully the indicators included in this article will help with that. However, do not forget The content of this article is for informational purposes only and is not intended as investment advice or in any form of recommendation or invitation. City AM, Crypto AM, and Luno always recommend that you seek your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30 GMT.