BREAKING: U.S Regulators give national banks the green light to trade Bitcoin for customers
Yep, financial institutions are now holding and facilitating trades in crypto currencies.
In a public letter (22 July 2020), Senior Deputy Comptroller and Senior Counsel – Jonathan Gould – wrote that any national bank can hold onto crypto-currencies and offer crypto services for their clients.
OCC Acting Comptroller, Brian Brooks said banks could serve “tens of millions of Americans” by supporting cryptocurrency custody.
JP Morgan Chase is one of the bank’s that is offering banking services to crypto companies.
This is a huge step for the crypto-industry even Alyse Killeen, an advisor to Mantis VC said it perfectly:
“This is bullish for Bitcoin AND self-custody. With ‘real banks’ holding bitcoin for their customers, the average person will view bitcoin more like money, and [the] differentiation of being your own bank becomes even more clear.”
In fact, on the day of the announcement we saw Bitcoin rally over 12% in a day.
This was the largest rise in a 24-hour period for the first time in six months.
The ‘Digital Gold’ smashed through the $10,000 – The bulls are back
Crypto fans are calling Bitcoin ‘digital gold’ – here’s why I agree!
On the day Bitcoin surged over 12% – the price went right through the psychological level of $10,000. This took the market cap to over $202 billion (commanding 64% of the total crypto market).
Now as a trader, you’ll know that when a financial market crosses over a psychological price level of $1,000 or even $10,000 – this is a major buying opportunity.
Whether it’s a self-fulfilling prophecy or there are other internal factors - this attracts both investor demand, interest and confidence in Bitcoin.
Naeem Aslam, chief market analyst at AvaTrade said:
It cleared a major psychological level that has been there for a long time," adding the next key resistance level for the digital coin is $15,000.”
Finally, the charts agree with the upside to come!
Bitcoin has just smashed above this three-year triangle pattern!
This is big!
Since 2017, Bitcoin has been moving sideways in a price range between $19,500 and $950.
During that time, it’s been forming one of the most powerful buying patterns there is in trading called – a Symmetrical Triangle.
In short, it’s a continuation pattern that converges two trend lines connecting to an apex with roughly an equal slope.
This pattern consists of three main characteristics:
#1: Price moves in a downtrend forming lower highs.
#2: Price moves in an uptrend forming higher lows.
#3: The price then breaks up and out of the pattern and continues to the upside.
It’s probably easier to understand how the pattern works by seeing it.
Well here it is…
Got it? Good.
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Now let’s see the Symmetrical Triangle in action
With the weekly Bitcoin chart, we can see a HUGE Symmetrical Triangle forming since 2017.
And last week, the price broke above the pattern and confirmed the breakout, showing the bulls (buyers) were in control.
Now there is no calculation to work out the next target unfortunately. But there is a rule.
And the rule is to base the next target from the highest price from when the Symmetrical Triangle started.
In this case, the next price target for Bitcoin is at $19,264.
Here’s how I’ll profit from 74% Bitcoin rally
First, I can buy the Bitcoin CFDs with a broker like Rand Swiss and hold it until it hits my target.
Second, I’m going to follow how crypto-currency expert Sam Volkering is going to take advantage and profit from the Bitcoin rally by reading The South African Investor
Exciting times ahead!
Analyst, Red Hot Storm Trader
P.S: Trader X has recently closed his Prosbient Sat Media German trade for a 16.34% profit…