BITCOIN (BTCUSD) – Week 36 – Upside continuation

According to a recent survey conducted by the Central American University (UCA), a Jesuit university headquartered in El Salvador, the majority of Salvadorans oppose the acceptance of Bitcoin ( BTC ) as legal money in the country. While a whopping 67.9% of the 1,281 people polled expressed strong opposition to the usage of bitcoin as legal currency, 32.1 percent of citizens , on the other hand, were just satisfied with the choice.

Bitcoin is becoming increasingly popular in Russia, a survey found. The Russian Association of Currency Brokers (AFD), a local self-regulatory organization that focuses on the foreign exchange (forex) market, surveyed Russian investors to gauge their perception of Bitcoin and cryptocurrencies. Nearly 77% of those polled in the survey said Bitcoin and cryptocurrencies are the “most forward-looking” investment on their radar. That contrasts to gold , which was picked as the best investment by only 8.8% of those surveyed.

Franklin Templeton, the $1.5 trillion asset manager recently shared several job postings that indicate the mutual funds’ company might be pivoting toward the digital asset space. The series of job postings hint that Franklin Templeton is staffing up to execute trades for the two leading cryptocurrencies, bitcoin ( BTC ) and ether (ETH). The mutual fund firm posted two job openings earlier this week, one for a trader and the other for a researcher.

Technically, Bitcoin broke the local top of $50k again and now it’s making a consolidation in this area. For Bitcoin we see either a move to the upside after this small correction is over or a bigger retracement that could reach the support area marked on the chart before continuing higher. If the price breaks the support area the higher probability scenario is a bigger correction in this area before 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.