BITCOIN (BTCUSD) – Week 46 – Is the trendline holding?
MicroStrategy founder and CEO Michael Saylor believes that Bitcoin (BTC) will continue to become more and more valuable if governments around the world continue with inflationary fiscal policies. In a new interview with CNBC TechCheck host Deirdre Bosa, Saylor explains that he thinks the flagship cryptocurrency will go up forever due to its capped supply, which cannot increase regardless of demand and price. He also says there is a correlation between the price of Bitcoin going up while inflation causes the value of traditional currencies to decline.
Following a series of delays, the U.S. Securities and Exchange Commission today rejected investment firm VanEck's application to launch an exchange-traded fund that directly tracks the price of Bitcoin. In its ruling, the SEC again cited concerns that the Bitcoin spot market is prone to "fraud and manipulation." To date, the Commission has only allowed Bitcoin ETFs linked to futures, contracts that bet on the future price of Bitcoin and which are regulated by the CFTC, to move forward.
Technically, Bitcoin is in a consolidation phase that is preparing the next move to the upside. One price target that we are looking for a potential reversal is the orange trendline marked on the chart. If this trendline is broken the price may reach the support area marked on the chart before reversing to the upside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Following a series of delays, the U.S. Securities and Exchange Commission today rejected investment firm VanEck's application to launch an exchange-traded fund that directly tracks the price of Bitcoin. In its ruling, the SEC again cited concerns that the Bitcoin spot market is prone to "fraud and manipulation." To date, the Commission has only allowed Bitcoin ETFs linked to futures, contracts that bet on the future price of Bitcoin and which are regulated by the CFTC, to move forward.
Technically, Bitcoin is in a consolidation phase that is preparing the next move to the upside. One price target that we are looking for a potential reversal is the orange trendline marked on the chart. If this trendline is broken the price may reach the support area marked on the chart before reversing to the upside.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.