Goldman Sachs Unveils New Crypto Trend! Must-Watch Video

Table of Contents:

1. Introduction
2. Technical Analysis of Bitcoin
   1. Analysis on the Bitcoin one day USD Chart
   2. Support and resistance levels
   3. Analysis on the action over the last few weeks
   4. Comparison to previous price action
   5. Weekly support level
   6. Weekend price action
   7. Orange price action trend lines
   8. Indicators: RSI and OBV
   9. Moving averages
   10. Bull and bear scenarios
3. Technical Analysis of Ethereum
   1. Analysis on the Ethereum USD 1-day chart
   2. Daily resistance level
   3. Analysis on the price trend lines
   4. Indicators: RSI and OBV
   5. Moving averages
   6. Bull and bear scenarios
4. News: Goldman Sachs executive joins crypto world
5. News: Twitter briefly shuts down Bitcoin account
6. News: Surge in cryptocurrency exchange applications in the Philippines
7. News: Gemini offers crypto currency block trading
8. News: Salesforce.com teases blockchain cryptocurrency product development
9. Updates from Twitter: IOTA and Electroneum
10. Weekly report from Binance
11. Conclusion

Technical Analysis of Bitcoin

Bitcoin has been experiencing fluctuations in its price, prompting the need to analyze its technical indicators. Let's start by examining the Bitcoin one-day USD chart. The support level currently sits at $6,600, while the first resistance level is set at $9,100. Additionally, we're paying Attention to the one-week support level, represented by the red line.

When comparing the recent price action to previous Patterns, we Notice similarities in terms of consolidation and subsequent downward trends. However, it's still too early to confirm if history is repeating itself. Therefore, we'll closely monitor Bitcoin's behavior.

Zooming into the 12-hour chart, we observe a trading Channel known as the wedge. Bitcoin recently broke out of this wedge but quickly retraced back within it. This retracement occurred at the intersection of the 12-hour and daily support levels. Additionally, indicators such as RSI and OBV suggest bearish trends.

Analyzing the six-hour timeframe, we incorporate moving averages of 250 and 14 periods. Bitcoin initially broke above the 14-period moving average, using it as a support line. However, the subsequent break back below raises the importance of closing above the 14-period and testing the 50-period moving average. Ultimately, consecutive closes above the 50-period moving average are desirable for bullish traders.

Conversely, bearish traders may consider $6,600 as a resistance level. If Bitcoin breaks below this level and closes, it could indicate a shift towards either the top or bottom of the 12-hour price action channel.

Technical Analysis of Ethereum

Shifting focus to Ethereum, we analyze the USD one-day chart. A daily resistance line has been added, indicating a trading channel of approximately $30. Moving to the 12-hour chart, we draw price trend lines, which highlight Ethereum's Current trading within a channel.

Similar to Bitcoin, Ethereum's price is attempting to reach the halfway point on the RSI indicator but has not yet succeeded. The OBV indicator also signals a bearish trend. Zooming in further to the six-hour chart, we find that Ethereum is trading between the 50-period and 14-period moving averages. The 50-period acts as resistance, while the 14-period serves as support.

To confirm a potential bull trend, Ethereum needs to surpass the $400 daily resistance level while trading above the 50-period moving average. On the other HAND, bearish traders should monitor a potential break below the 14-period moving average, settling onto the one-day support.

News:

Goldman Sachs Executive Joins Crypto World

In the latest news, another executive from Goldman Sachs has made the move to the crypto world. Mike Novogratz, an early cryptocurrency investor, has hired Richard Kim as the new CEO of Galaxy Digital, a crypto merchant bank. This move reflects the growing trend of individuals from traditional finance institutions venturing into the cryptocurrency industry. This development raises questions regarding the future potential of cryptocurrencies and their impact on the traditional financial sector.

Twitter Briefly Shuts Down Bitcoin Account

Recently, a Bitcoin-related Twitter account faced temporary suspension, resulting in the loss of approximately 750,000 followers. This incident sparked discussion and criticism among the cryptocurrency community. While Twitter eventually restored the account, concerns were raised regarding the platform's ability to handle cryptocurrency-related accounts and its susceptibility to potential glitches. This event highlights the importance of reliable communication channels within the cryptocurrency space.

Surge in Cryptocurrency Exchange Applications in the Philippines

The Philippines has witnessed a surge in businesses applying to operate cryptocurrency exchanges. This increase in popularity follows regulatory steps taken by the Bangko Sentral ng Pilipinas (BSP) to protect individuals participating in the cryptocurrency market. The BSP's efforts focus on creating a secure environment for cryptocurrency transactions and promoting the use of cryptocurrencies and blockchain technology. The Philippines' positive outlook towards cryptocurrencies sets an encouraging Precedent for their wider adoption.

Gemini Offers Cryptocurrency Block Trading

Gemini, the cryptocurrency exchange operated by the Winklevoss twins, has introduced cryptocurrency block trading. This new feature allows for off-exchange deals involving significant volumes without adversely affecting market prices. Institutional investors and hedge funds, in particular, can benefit from this service as it facilitates larger transactions while minimizing price volatility. The addition of block trading to Gemini may attract more institutional investors and further strengthen the credibility of the cryptocurrency market.

Salesforce.com Teases Blockchain and Cryptocurrency Product Development

Salesforce.com, a prominent customer relationship management (CRM) company, has hinted at the development of blockchain and digital cryptocurrency products. This announcement highlights the increasing interest in blockchain technology and its potential application in diverse industries. Salesforce.com's foray into the cryptocurrency space could lead to more significant adoption of cryptocurrencies and further advancements in blockchain technology.

Highlights:

• Technical analysis highlights similarities between the current price action and past patterns in Bitcoin and Ethereum.
• Bitcoin's support level is at $6,600, with resistance at $9,100.
• Ethereum shows consolidation within a $30 trading channel.
• A surge in cryptocurrency exchange applications in the Philippines reveals a positive outlook towards cryptocurrencies.
• Gemini's introduction of cryptocurrency block trading serves institutional investors and hedge funds.
• Salesforce.com's interest in blockchain and cryptocurrency signifies growing industry adoption.
• The temporary suspension of a Bitcoin-related Twitter account raises questions about the platform's ability to handle cryptocurrency-related activities.

FAQ:

1. Why are individuals from traditional finance institutions joining the cryptocurrency industry?

   • Professionals with a background in traditional finance are recognizing the potential of cryptocurrencies and blockchain technology. They see these emerging technologies as opportunities for growth, innovation, and financial disruption. By entering the cryptocurrency industry, they aim to leverage their expertise and contribute to its development.

2. What impact does the surge in cryptocurrency exchange applications have on the Philippines?

   • The surge in cryptocurrency exchange applications in the Philippines signifies growing interest and acceptance of cryptocurrencies within the country. The government's regulatory efforts to protect cryptocurrency market participants have fostered an environment conducive to crypto-Based businesses. This trend can contribute to the country's economic growth, attract investments, and promote technological advancements.

3. How does Gemini's introduction of cryptocurrency block trading benefit institutional investors and hedge funds?

   • Cryptocurrency block trading allows institutional investors and hedge funds to execute larger transactions without adversely affecting market prices. It provides a more efficient and convenient trading process, reducing the risk of slippage often associated with large volume trades. This feature is particularly appealing to institutional investors seeking to enter or expand their positions in the cryptocurrency market.

4. What does Salesforce.com's interest in blockchain and cryptocurrency mean for the industry?

   • Salesforce.com's exploration of blockchain and cryptocurrency product development reflects the growing recognition of these technologies' potential across various industries. As a leading CRM company, Salesforce.com's involvement in the cryptocurrency space could lead to increased adoption and integration of blockchain technology within its existing suite of products. This move also signifies the broader acceptance and mainstream adoption of cryptocurrencies as viable financial tools.

5. How do temporary suspensions of cryptocurrency-related Twitter accounts impact the cryptocurrency community?

   • Temporary suspensions of cryptocurrency-related Twitter accounts Raise concerns about the platform's ability to handle cryptocurrency-related activities and protect users' accounts. It highlights the potential vulnerabilities of social media platforms and the need for reliable communication channels within the cryptocurrency community. Users may question the trustworthiness and stability of these platforms, prompting discussions on alternative methods of disseminating information.