BITCOIN (BTCUSD) – Week 42 – Embrace the new all-time high
American finservice company Square will soon begin investigating technical requirements for building an open-source Bitcoin (BTC) mining system, according to CEO Jack Dorsey. Jack Dorsey said in a recent tweet storm that “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes.” Dorsey believes that further decentralizing the Bitcoin network will be critical for securely settling the transactions “well after the last bitcoin is mined.” Moreover, Square’s system aims to deliver energy-efficient mining solutions by innovation in silicon, software, and integration.
After denying, delaying or ignoring dozens of applications over the last four years, the U.S. Securities and Exchange Commission has given its approval for the first Bitcoin ETF. ProShares filed an amended prospectus on Friday, indicating that it has received the go ahead for its Bitcoin Strategy ETF to move forward on Monday. The company's ETF is tied to Bitcoin futures contracts, rather than directly to the current price of Bitcoin, but its approval still represents a landmark moment for the crypto industry.
Technically, Bitcoin did exactly what we forecasted in our last weekly report. We expected a correction and then a continuation to the upside and it happened. For this week the higher probability move remains to the upside as we have no technical clue that would indicate a reversal. We may see a correction that will reach the blue trendline marked on the chart and after that the continuation to 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.
After denying, delaying or ignoring dozens of applications over the last four years, the U.S. Securities and Exchange Commission has given its approval for the first Bitcoin ETF. ProShares filed an amended prospectus on Friday, indicating that it has received the go ahead for its Bitcoin Strategy ETF to move forward on Monday. The company's ETF is tied to Bitcoin futures contracts, rather than directly to the current price of Bitcoin, but its approval still represents a landmark moment for the crypto industry.
Technically, Bitcoin did exactly what we forecasted in our last weekly report. We expected a correction and then a continuation to the upside and it happened. For this week the higher probability move remains to the upside as we have no technical clue that would indicate a reversal. We may see a correction that will reach the blue trendline marked on the chart and after that the continuation to 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.
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