Bitcoin Bravado Cryptocurrency Market Analysis Update: May 1, 2018
Here is the most recent post as of May 1, 2018 with an outlook on bitcoin and other altcoin cryptocurrencies:
Currently the price of Bitcoin is $8980 with volume leveling around $8.4 billion USD. $BTC has fallen 🔻3.7% since this time yesterday. We have also seen trading volumes for $BTC decline day over day since Sunday.
Considering that we have seen fairly consistent growth from Bitcoin since the second week of April, we are not ready to succumb to a bearish mindset that we are seeing reverberated across social media platforms today. There are, however, certain levels of support that we are eyeing as crucial reversal zones.
The $8700-$8800 region was a zone where a great amount of consolidation occurred both before the climb to $9800 and then the resulting bounce point after the market turned fairly euphoric on the 25th of April.
If that level does not hold, then we believe it will complete its wave 2 to the 1.236 fib line around $8400-8450. In layman's terms, if that level holds and we see healthy volume, then we have a target of 11.3k for $BTC.
Japanese financial services giant, SBI group, has been planning to open a ‘virtual currencies exchange’ for months now. To put SBI in perspective, in 2017 their revenue was over 250 billion USD💰
SBI’s process in launching the exchange was delayed for a variety of reasons, but they have just announced they are preparing for a summer launch of their exchange. The platform will offer trading of Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and others. This will be the country’s first wholly backed cryptocurrency exchange:
🇯🇵Japan has been an international leader in terms of cryptocurrency and blockchain mainstream adoption. This is yet another example of their prolific support for the cryptocurrency community. This is a massive financial player on the international scale; by aligning themselves with cryptocurrency like this they’re helping to continue to legitmaize this exciting industry.
There you have it guys – what do you think of Bitcoin Bravado's outlook and market analysis? Be sure to catch the next one as they come out hot and heavy in preparation for their bigger play brewing behind the scenes.