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BITCOIN (BTCUSD) – Week 19 – Reaching a new top? for BITSTAMP:BTCUSD by financialflagship

One of the world’s leading index providers, S&P Dow Jones Indices, has unveiled a new range of digital asset indexes. The S&P Bitcoin Index, Ethereum Index, and Cryptocurrency MegaCap Index are part of the S&P Digital Market Indices series. The performance of Bitcoin and Ethereum will be tracked by both of these indexes, with the latter measuring a hybrid of the two.

Institutional demand is reaching peak levels with Goldman Sachs which was one of the “earlier” adopters of the crypto space, reopening its blockchain trading desk earlier this year to explore new opportunities. Citigroup revealed earlier today that it was finally looking at blockchain offerings as a result of increased customer demand.

Technically, we are seeing the price rising slowly and breaking the resistance area of $59k USD and we think it will further head to the upside. However, we can’t exclude a down move (marked with the red arrow on the chart) similar to the one it did from the 3rd of May to the 5th of May. Even if this pullback happens the higher probability direction after that is to the upside.

Trade with care.

Best regards,

Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.

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