Bitcoin to USD weekly outlook for Binary Options Brokers
Contents
Introduction
With most Altcoins plummeting in price against the US dollar, Bitcoin, on the other hand, has proven its dominance as number one in the space. It appears as though binary options brokers, better known as exchanges are beginning to see high interest in the bitcoin as the crypto giant experiences good recovery in its price
Speculative Demand
A study by the bank of Canada reveals that 58% of the citizens hold Bitcoin for Investment Purposes. This study was carried out via the Bitcoin Omnibus Survey (BTCOS)
Blockchain Adoption
There’s been massive global blockchain adoption in the news this week. First is Nanjing, a city in China launches about $1.5 Billion Fund for Local Blockchain related projects. Also, last month, the PBOC has been working on blockchain integration, starting with a patent for digital currency wallet, plus tokenization of paper checks.
A $12 Million funding for a Blockchain startup Xage Security. Xage got participation from the venture capital arm of General Electric. The startup’s major focus is to deploy blockchain technology as a tamper-proof communication link in the manufacturing, building management, telecoms, and energy industries.
The stakeholders will work towards IOT deployments for the advancement of industrial and efficiency of service providers.
Google Inc. in their pursuit of offering Fintech solutions, has joined the list of tech giant to deploy blockchain technology. The company announced on the 23rd that they will be collaborating with two blockchain centred companies, BlockApps and Digital Assets.
Regulatory and Security Adoption
Bitwise, a digital asset manager recently with the SEC to launch a regulated ETF for cryptocurrencies. The digital asset management company, with its HOLD 10 Cryptocurrency Index, holds about 80% of the total market capitalization of the crypto market capitalization.
Technical Analysis
Doing some housekeeping with technical analysis, we’ll start with the monthly chart all the way down to the 2hrs chart where we took a position at the beginning of this week. This method of analyzing allows us a broader view of the market.
BTCUSD: Monthly Chart
From the above chart, it’s obvious the BTCUSD pair is still in a bearish trend, considering the fact that the current month has not yet closed, it will be hasty to name it bullish or bearish. However, a bullish close of the month has a significant impact on the direction of the pair. You will also notice that the price has not been able to close below the $6115.00 support level, plus the dead cross of the MACD oscillator in the sub-window. All that could change with a price action pattern forming on the monthly chart supporting the upside.
BTCUSD: Weekly Chart
Zooming in one step into the time series is the weekly chart. Here we can observe a Chuvashov’s fork formation which is currently being tested in the current week. Should the current week close bullish above the second trend line of the Chuvashov’s fork, the price could change course towards an upward trend direction.
BTCUSD: Daily Chart
Rolling back a little to last week, on the 18th, the price went into a bullish accumulation phase of which if it had failed by a bearish close below the support, the Bitcoin to USD price would have plummeted. Instead, it accumulated further, forming a double bullish pressure zone, which served as a strong support level for further bullish gains. The pattern triggered the bullish move of Monday 23rd.
BTCUSD: 4-hour Chart
The 4-hourly candlestick chart, presented the bullish accumulation phase of the daily chart as a range, which was then later followed by a bullish accumulation price action set up as shown above. This allowed us to enter a Long position at around $7637.00, with stop loss and take profit at $75007.56 and $8003.90 respectively.
BTCUSD: 2-hour Chart
We finally concluded our time series analysis by scrolling deeper to the 2-hourly chart displayed above, where a bearish accumulation pattern is observed to fail towards the upside, with a follow up of a bullish accumulation pattern.
Conclusion and Projection
The bulls have managed to sustain their dominance with strong accumulation patterns on multiple timeframes, culminating in a steady uptrend. Fundamentals have been favourable for the cryptocurrency market and we can’t wait to see how the week will end. With our profit target hit, we intend to be risk averse for the rest of the week. On the other hand, with blockchain and bitcoin hitting the headline, chances are that a change in trend towards the upside is on the way.
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DISCLAIMER
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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