Keep rolling…
This week we can see that bitcoin price continue to go up after it broke up the area of 4200$-4400$ per bitcoin.
As we discussed in the latest brief, the target was around 6000$ per bitcoin, and this week bitcoin price continued to go all the way to that area and touched our target.
An interesting article that caught my eye is from Coindesk, saying that a survey conducted by Fidelity investments shows 22% of institutional investors have some digital asset exposure, while 40% say they are open to investing in the cryptocurrency arena. For the research, the company said it polled over 400 U.S. institutional investors, including pensions, family offices, crypto, and traditional hedge funds and financial advisors, as well as endowments and foundations. “We’ve seen a maturation of interest in digital assets from early adopters, like crypto hedge funds, to traditional institutional investors like family offices and endowments,” said Tom Jessop, president of Fidelity Digital AssetsSM, a provider of institutional custody and trading services for digital assets.
Those are excellent news for Bitcoin and the crypto arena as institutional money is new demand that will go into the buy side in the order book, for all cryptocurrencies.
The total market capitalization grew from $176.7 billion to 182.8 billion, 24-hour trading volume is at $47 billion, very high for the last week.
BTC is currently trading at ~$5,763. RSI level on the daily chart is now at ~73, inside the ‘oversold’ region. This run-up also pushed MACD indicator to high levels. Both those indicators and the resistance level that we see on the chart around 6,000$ shows that we can see some correction around those levels. Bitcoin will need to “get some air” from new buyers to understand where the wind is blowing, before braking to new highs.
It is quite likely that the way up will go through some pitfalls as the next support is at $5,200.
Now, another project that I am keeping an eye on is TWINS. Because it is the first time I write about this project on “MEDIUM,” I will write a small summary about it:
“We will introduce a truly decentralized exchange platform and proof-of-stake blockchain network with cross-chain atomic-swap capabilities to facilitate the direct transacting of value between network users. There will be no fees for the direct peer-to-peer exchanges, as these transactions are performed directly between user wallets. The TWINS cryptocurrency will be used to power the exchange platform for buy and sell order listings and to reward the community-supported and decentralized hosting of network nodes”. You can join the project at https://win.win.
The developers of the project wrote in an FAQ letter, (https://docs.win.win/faq/ )
“We are here to build and enable a truly decentralized, autonomous, self-sustainable and independent exchange service, running as a DAPP on dedicated proof-of-stake blockchain infrastructure to facilitate the direct transacting of value between network users. There will be no fees paid to any third-party for direct peer-to-peer exchanges, as these transactions are performed directly between user wallets. The difference between win.win and any other DEX is that win.win will belong to the community of its users, will be safe, secure and will have no trading fees”.
And with all the hype around Bitcoin CV delisting, (u can read it on investing.com;
It seems that we need a true decentralized, autonomous, self-sustainable and independent exchange service.
From the technical point of view, we can see that the coin broke and held the 11 Satoshi level, as we discussed in our previous letters, and with an increase in the volume. We can see a spike all the way to 18 Satoshi.
The first target for the coin is the resistance at 20 Satoshi, which is +60% from the current price (as of the time of writing those lines).
The second target is at 30 Satoshi, where the coin will hit strong resistance.
The developers have tweeted that the project just hit 1000 masternodes, and at the time of writing those lines, they are on 1033 and continuing to grow.
signed by…
** Disclaimer:
The research contained in this report should not be construed as a solicitation to trade. All opinions, news, research, analyses, prices or other information is provided as general market commentary, a market overview and not meant as investment advice or to be perceived as an invitation to invest. The forward-looking statements are based on current views and assumptions which involve known as well as unknown risks, uncertainties that are affecting actual results or performance or events that may differ materially from those presented herein. You are under no obligation to commit investment, and any decision should be made on an informed basis and by your own volition.
