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Crypto Industry News:
Bitcoin will have a 5% market share around the world by 2023, VC investor Tim Draper said in a tv interview. Speaking at the SALT Conference in Las Vegas, Draper - who became an unbending supporter of Bitcoin - said that the largest cryptocurrency would continue to rise on price: |In my opinion, the upward trend will continue. Taking this into account, I believe that in about four years Bitcoin will have a 5% share in the global market. It is a better currency - it is decentralized, open and transparent".
Draper appeared at the convention in his characteristic bitcoin tie and socks. He added that he has a vision of running a company entirely dependent on Bitcoins, in which all transactions will be carried out only in this cryptogram. "Sooner or later I want to have a fund in which everything will be done using Bitcoins: financing, payouts for employees and payments to investors. I would not need any bills, no lawyer, no accounting or supervision" - Draper continued.
Draper, who is also a major advocate and investor in intelligent contracts and the decentralized platform of Tezos, in November created one of the most optimistic forecasts in the industry for Bitcoin prices, claiming that by 2023 one Bitcoin will be worth $ 250,000.
Technical Market Overview:
The BTC/USD pair has made another higher high on its way up and it does not look like the bulls are anywhere near to stop the rally. The top for the wave 5 has been moved to the level of $8,013, but there is no bearish divergence between the momentum indicator and the price so it might be just a temporary top again. The nearest technical support is seen at the level of $7,412. If this level is violated, then the corrective sell-off might accelerate to the level of $6,821 very quick.
Weekly Pivot Points:
WR3 - $9,616
WR2 - $8,405
WR1 - $7,809
Weekly Pivot - $6,737
WS1 - $6.172
WS2 - $5,060
WS3 - $4,504
Trading Recommendations:
The market is moving down after the rally, so the best trading strategy for daytraders is to open the sell orders during the local pull-backs to trade the corrective move towards the technical support levels. The target is seen at the level of $7,412, but any violation of the technical support at the level of $7,412 will accelerate the sell-off towards the next technical support at the level of $6,821. The larger time frame trend remains bullish, so in the longer term, it is better to have a buy position on Bitcoin.
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