Crypto Industry News:
Cryptographic winter is likely to end, said CEO of the American Venture Capital company Digital Currency Group (DCG) in a television interview.
Barry Silbert, founder and CEO of DGG, presented the cyclical nature of Bitcoin's ups and downs, which allegedly means that the recent increase in cryptographic prices will continue.
Silbert, known as a serial cryptographic investor, clearly emphasized that the price growth of Bitcoins was a "roller coaster" - its price since 2011 has fallen by 80% fourfold, to later reach another record level. On this basis - in connection with the recent increase in markets after the huge bear market in 2018 - Silbert stated: "It looks like we are coming out of the crypt of winter and we have come into crypto spring".
Executive Director of DGG also pointed to the strong involvement of institutions in the cryptographic industry, claiming that there has been a huge increase since the last bull market in 2017, when Bitcoin reached a record level of $ 20,000. Referring to large institutional cryptographic initiatives, such as Fidelity's upcoming storage offer for Bitcoins, Silbert said that the institutional commitment in 2017 compared to the current interest of the institution is "really night and day".
Earlier this year, Silbert predicted that most digital tokens would lose their value in the long term, arguing that almost every ICO was "just an attempt to raise money, but there was no point in using a base token."
Technical Market Overview:
The BTC/USD pair has tested another technical resistance at the level of $8,306 and then reversed a little towards the local technical support at $8,102. The momentum is still increasing, so there is a chance of the move up continuation. The next technical resistance is seen at the level of $8,520 and $8,800. Due to the form of the up move, it is too early to consider this move as a part of an impulsive cycle, it rather looks so far a corrective cycle in wave 4 extension.
Weekly Pivot Points:
WR3 - $9,578
WR2 - $9,128
WR1 - $8,319
Weekly Pivot Point: $7,869
WS1 - $7,020
WS2 - $6,556
WS3 - $5,664
Trading Recommendations:
The best strategy in the current market conditions is to trade in the direction of the short-term trend, which is still down and the corrective cycle continues. All the local bounces and correction should be treated as another opportunity to open the sell orders for a better price. Please notice, the larger time frame trend is up and there are no signs of any trend reversal, this is only the correction during the up trend.
