After a slight correction at the start of the week, BTC found resistance at the 9200s. However, despite consolidating, it failed to find the energy to break through 9400. After a further price correction, the market rallied to find a comfortable trading channel between 9100–9390. Thursday evening / Fridays trading makes us re-evaluate, with a sharp drop breaking through the 9200 resistance level, to bounce off of the 8900’s, indicating the bulls could still have a foot in the door. Looking at news this week, general FUD and criticism spewed forth from the public figureheads of: Bill Gates, Warren Buffett and Charlie Munger — my two favourite quotes coming from the latter two respectively, calling Bitcoin “rat poison squared” and describing trading cryptocurrencies as “akin to having dementia”. In more positive and substantiated news ICE (Intercontinental Exchange) — the parent company of the NYSE — is reported to be working on a BTC online trading platform. Additionally, Michael Novogratz — head of Galaxy Digital Capital Management — has launched a cryptocurrency benchmark index in partnership with Bloomberg. It’s called Bloomberg Galaxy Crypto Index (BGCI) and is a sign of more institutional names joining the crypto ranks. Next week is NY Blockchain Week and Consensus — A date of note for all in the crypto community. We watch the markets with interest next week, as historically this crypto mecca has seen the value of BTC increase drastically while the great and the good of the crypto world meet. [+69% last year according to Fundstrat researchers and Tom Lee]. Interestingly, Fundtrat are also calling a possible price prediction of a toppy $64,000 by the end of 2019 — viva the permabull!
Dates of Note :
11th May: EOS is launching the latest version of its EOSIO decentralised application platform — Dawn 4.0
14th-16th May: Consensus NY
19th — 22nd May: D10e Malta
