Crypto Industry News:
Since the beginning of the year, the Nigerian Bitcoin community has been stressed. And we are talking here about the largest cryptocurrency market in Africa. On February 7, the Nigerian Central Bank (CBN) scared traders that accounts related to cryptocurrency trading would be closed by banks operating in Nigeria, according to their guidelines. Today, after that time, we may be tempted to conclude that the community in Nigeria has not bowed down and the authorities will not stop citizens from engaging in cryptocurrencies. P2P networks helped.
It is worth noting at the beginning that we are talking about a really large market - suffice it to say that the Nigerian market takes 2nd place in terms of the volume of transactions on the top P2P trading platform, second only to the United States.
Despite the restrictive regulatory acts regulating cryptocurrency trading in Nigeria, it has not diminished. Well, it increased by 27%! Nigerians are resorting to peer-to-peer trading after Nigeria's Central Bank banned regulated institutions from interacting with bitcoin in February. The largest P2P trading platform in Africa, Paxful, has shown that Nigeria has traded around $ 567 million in transaction volume over the past 5 years - a higher figure only in the US. It can be said that CBN did not lose in this clash, but was won by Satoshi's idea - the idea of decentralized, free money, free from the manipulation of power, which for short-term benefits is able to deprive its citizens of savings and, without stuttering, reduce the purchasing power of their money. We keep our fingers crossed that in countries such as Nigeria or Turkey, the authorities finally give up obstructing cryptocurrency trading.
Technical Market Outlook:
The BTC/USD pair has been capped at the level of $55,501 and the market is reversing the recent bounce. Any violation of the level of $52,620 (technical support for bulls) will be an indication of a local top in place. Any breakout below $51, 239 would likely accelerate the drop towards the swing low seen at the level of $47,707. The momentum is currently neutral and any breakout into the positive territory might extend the bounce to the level of $57,330.
Weekly Pivot Points:
WR3 - $62,642
WR2 - $60,057
WR1 - $52,987
Weekly Pivot - $50,187
WS1 - $42,706
WS2 - $40,371
WS3 - $33,169
Trading Recommendations:
Event despite the recent correction from $64,789 to $47,060 the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $50,000 is clearly broken on the daily time frame chart (daily candle close below $50k).
