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Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.

A survey of about 42,000 people in 27 countries by product comparison website Finder showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41%, while India and Indonesia had a 30% adoption rate.

The crypto markets nosedived on November 26 and Bitcoin plunged to a seven-week low below $54,000. The selling was triggered on reports that a new heavily mutated variant of the coronavirus was detected in South Africa. The latest fall pushed Bitcoin into the bear market territory as the price dropped more than 20% from the all-time high.

Bitcoin plunged below the strong support of £41,931 on November 26 but a positive sign is that the bulls aggressively defended the 100-day simple moving average (SMA).

The BTC/GBP pair rebounded off the 100-day SMA on November 28 and reached the overhead resistance at the 20-day exponential moving average (EMA) on November 29.

The bears are currently attempting to stall the relief rally at the 20-day EMA. If the price turns down from the current level and breaks below £41,931, the bears will once again try to challenge the 100-day SMA.

A break and close below this level could intensify selling and the pair may drop to the £38,000 to £35,500 support zone.

Contrary to this assumption, if the price turns up and breaks above the 20-day EMA, it will signal that the bears may be losing their grip. The pair could then rise to £45,306.70.

The bullish momentum could pick up if bulls clear this overhead hurdle. The pair may then challenge the £48,426.53 to £51,000 resistance zone.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- QuiverX

- Candao

- $fren

- Mirai

- Giving to Services

- Mimir

- Xanto

- Funganomics

- Feedcoin

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Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.

A survey of about 42,000 people in 27 countries by product comparison website Finder showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41%, while India and Indonesia had a 30% adoption rate.

Bitcoin’s rally has stalled in the past few days but select altcoins such as Z-Cash, Avalanche and Crypto.com coin CRO have risen sharply. This suggests that traders are focusing on coin-specific stories while Bitcoin takes a breather.

Bitcoin plunged below the 50-day simple moving average (SMA) on November 18 but the bulls successfully defended the critical support of £41,931 on November 19.

However, the subsequent rebound fizzled out just above the 50-day SMA, indicating that bears are selling on rallies. The BTC/GBP pair turned down on November 21 and the price has dipped back to the support at £41,931.

The moving averages are about to complete a bearish crossover and the relative strength index (RSI) is in the negative zone, indicating that the path of least resistance is to the downside.

If the pair breaks and closes below £41,931, the selling could intensify and the decline could extend to £38,000.

Contrary to this assumption, if the price rebounds off the current level, it will suggest strong accumulation on dips. The bulls will have to push and sustain the price above the moving averages to indicate that the selling pressure has reduced. The pair could then rise to the overhead resistance at £48,426.53.

We do not find any reliable setups, hence we are not recommending any trade in it.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!

Featuring in this weeks Edition:

- QuiverX

- $Fren

- Mirai

- Feedcoin

- Mimir

- Beatbind

- Smartchem

- Degethal

- 99 Defi Network

- Giving to Service

- Bitcci

- Funganomics


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Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.

A survey of about 42,000 people in 27 countries by product comparison website Finder showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41%, while India and Indonesia had a 30% adoption rate.

Bitcoin rallied to a new all-time high above $67,000 on Nov. 8. Even Ether was not to be left behind as it also made a new all-time high and neared the psychologically critical level at $5,000. With the two largest cryptocurrencies by market capitalisation leading the charge, the total crypto market cap topped $3 trillion for the first time, according to CoinGecko.

Bitcoin bounced off the 20-day exponential moving average (EMA) on November 6 and soared above the overhead resistance at £48,426.53 on November 8, defying our assumption of a consolidation. The BTC/GBP pair could now pick up momentum and charge toward the 161.8% Fibonacci extension level of £56,174.25 and if this resistance is crossed, the next stop could be £60,249.98.

Both moving averages are sloping up and the relative strength index (RSI) is in the overbought territory, indicating advantage to buyers The important level to watch on the downside is £48,426.53. If bulls flip this level into support during the next correction, the possibility of the resumption of the uptrend will be high.

On the other hand, a break and close below £48,426.53 will be the first indication that traders are booking profits at higher levels. The pair may then drop to the 20-day EMA. The bears will have to pull the price below this support to signal that the bullish momentum has weakened.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!


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