Crypto Industry News:
Silk Road founder and prisoner Ross Ulbricht sees long-term opportunities for the cryptocurrency price to stay well above $ 20,000.Writing on his personal Medium account in the American prison Tucson, Ulbricht developed his comments from the beginning of this month, in which he predicted the decline of Bitcoin to $ 3,200 as a clear possibility. Although he admitted that his prediction was the likely second wave scenario, the founder of Silk Road wants the cryptographic community to know that "it is still bullish in the long run."
Seeing both the short-term and long-term growth potential of cryptocurrency, Ulbricht attributes any possible bear behavior between two successive waves as nothing more than "slight fluctuations."
Although he admits that his access to information is limited from prison, Ulbricht continues to provide Bitcoin market analysis on his Medium blog. He is currently serving two life sentences without parole after being found guilty of money laundering, computer hacking and drug trafficking conspiracy with the Silk Road market on Darknet.
Technical Market Outlook:
The BTC/USD pair has moved higher again and has been testing the recent swing high located at the level of $7,707 for all day yesterday and is currently hovering around this level. In a case of a further breakout, the next target is seen at the level of $7,897, but there is a clear bearish divergence between the price and momentum oscillator at current levels. If bears will push the prices lower, they can hit the next technical support located at the level of $7,385 and below.
Weekly Pivot Points:
WR3 - $9,046
WR2 - $8,348
WR1 - $8,040
Weekly Pivot - $7,352
WS1 - $7,064
WS2 - $6,356
WS3 - $6,047
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.
