Covering the latest topics that move the market, chart signals that you should watch, the best low cap crypto projects and much more!
Hey guys!
We finally have confirmation of a bull market move again in the crypto space. It took a few months (most of the Summer) but Bitcoin broke above our resistance of $40k-$42k and is now heading higher.
A lot of the momentum can be credited to the activism stimulated by the Infrastructure Bill in the United States. Plenty of politicians are trying to slide in some slimy rules to label miners and exchanges “Brokers”, which makes no legit sense.
The bill will likely get amended to remove that terminology and the IRS probably won’t go along, so there’s no need for immediate concern. Nonetheless, it has been driving investment into Bitcoin and the crypto space.
There’s also a massive influx of miners and startups into Texas in pursuit of clean energy alternatives, giving a home to the displaced Chinese miners. That should lend more stability to the Bitcoin hashrate for now.
Overall, a lot of good is happening. So let’s take a closer look at Bitcoin below:
Bitcoin (BTC)
Bullish Prediction:
Bitcoin is clearly in a new trend upwards. We have a nice pattern beginning to form, with the price action bouncing off the Smooth Moving Average and the SMA of the Bollinger Band. I’d bet BTC finishes the year at or above previous all-time highs.
Next resistance level is near $60k, so keep an eye out for explosive growth if the buy wall stays strong. This is also a great opportunity to jump back into altcoins. Bitcoin always pulls the market up alongside it.
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Brandon Zemp
brandonzemp@blockhashresearch.com
blockhashteam@gmail.com
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