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Bitcoin: the drivers have arrived, but look closely at the chart and be careful!

Today's sponsor in the cryptocurrency market is Elon Musk: "Cryptocurrency manipulation is fast, shocking, and guaranteed!" In every joke, there is only a fraction of a joke, no matter how cynical the previous phrase may sound.

But everyone wrote about Elon Musk, who is ready to start accepting bitcoins again as soon as miners start using half of the clean energy. But there was another important catalyst that supported growth.

Legendary macro investor billionaire Paul Tudor Jones II (aka PTJ) said in an interview that he likes bitcoin as a tool for portfolio diversification.

Paul Tudor Jones II is the founder and Chief Investment Officer (CIO) of the asset management firm Tudor Investment Corporation (also known as Tudor). Today he gave his opinion on the main cryptocurrency on CNBC Squawk Box during a conversation with Andrew Ross Sorkin.

PTJ stated: "I like Bitcoin for portfolio diversification. Everyone asks me about what I will do with these cryptocurrencies. The only thing I know for sure is that I want 5% in gold, 5% in bitcoin, 5% in cash, and 5% in merchandise. At this point, I don't know what I want to do with the other 80% until I see what the Fed is going to do. "

PTJ has stated that this is simply a fundamental way for him to look at how to protect his wealth. Over time, this will become a great way to reallocate your portfolio. He looks at bitcoin and cryptocurrency as a history of wealth.

When Sorkin asked PTJ how he felt about the risks associated with holding bitcoins, such as a possible ban by the US government, PTJ replied: "Gold is more expensive in terms of energy than bitcoin. Clearly, I am concerned about its impact on the environment. If I were the king of the world, I would ban bitcoin mining just because of the environmental impact, and then force the ecosystem to find a way to do it without increasing supply at all."

Yes, big names and the goodwill of big investors are driving the cryptocurrency market. But let's take a look at the graph. The momentum after Musk was enough to bring bitcoin out of the consolidation range of 31,082.82 - 38,610.88 between the two red dotted lines. This is already good. But if you look at the daily chart, then two periods of consolidation of the main cryptocurrency are clearly visible.

From early January to February 8, Bitcoin consolidated between the levels of 28,392.99 and 41,980.24. This was followed by an impulse and growth to historical highs.

In the same corridor, BTC/USD has been consolidating since May 19. Now the price is approaching its upper border - a strong mirror level. Therefore, the dynamics of the main cryptocurrency will depend on whether the price breaks through the resistance of 41,980.24. A consolidation above it can be a signal for further growth. But if a reversal occurs, perhaps after some struggle for the level, it will be too early to talk about a new bullish stage.

The key level is close! The criteria for referral are more or less clear. So, let's keep our eyes open! And yes, there is no need to rush. The fastest ones can be taken out during the first retest with a false breakout.


The material has been provided by InstaForex Company -