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Friday Inferno market report and round-up

Friday Inferno market report and round-up

Analysis Digest

The $7,800 ceiling that we noted on Tuesday ( remains intact, with bitcoin bumping up against it once again yesterday, before dropping back. If the same pattern continues to play out this will paint a higher low, before bitcoin once again takes a run at that resistance level – and, this time, hopefully breaks through it. As we also noted on Tuesday, the deadline for a significant move is approaching, since the long-term rising support line will place more and more pressure on the price as it pushes towards $7,800. One way or another, the days of sideways movement will soon be over.

On Twitter, Armin van Bitcoin paints this bullish picture for bitcoin, noting the months-long consolidation: It’s also interesting that Google searches for ‘bitcoin’ (which have historically correlated well with price) are down 75% from January: That’s worth watching as an indication of what might happen next.

Meanwhile, the fundamentals are pretty good. Venezuelans are buying more bitcoin, though that shouldn’t be a surprise for a country with 25,000% inflation:

And the prospect of ‘Italeave’ (Italy exiting the Eurozone) has prompted renewed awareness of bitcoin as a safe haven asset:

That’s all for now! Stay tuned for the next Inferno post.

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