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The market data is provided by the HitBTC[1] exchange.
Oki Matsumoto, CEO of Japanese online broker Monex Group, believes that the cryptocurrency markets will take off[2] similar to the derivatives market. If his prediction proves to be correct, the digital currency markets can assume a significant proportion of the total global trading volume. This shows that there is a huge opportunity for the traders and investors who are early in the game.
The regulators, however, are confused on how to classify digital currencies. The Commodity Futures Trading Commission believes[3] cryptocurrencies should be classified as commodities, whereas, the Securities and Exchange Commission wants to label[4] them as securities. Whatever the outcome, after an initial hiccup, the cryptocurrency market will continue to grow because of its huge potential.
Even the South Korean Central Bank agrees that crypto and blockchain can realize the dream of a cashless society[5].
Bitcoin
Bitcoin[6] broke below the ascending channel on May 01 but found support at the 20-day EMA. It did not hit our raised stop loss at $8,600[7].
The bulls will again try to break into the ascending channel, which will be a bullish sign. We also find a small symmetrical triangle, a continuation pattern. On a breakout above $9,500, the BTC/USD[8] pair can rally to the resistance line of the channel at $10,500.
If the 20-day EMA breaks down, a decline to the 50-day SMA will be on the cards. We shall
