Trading Bitcoin: Live From the World Crypto Conference

Live From the World Crypto Conference

The World Crypto Conference in Las Vegas has been a great way to get a feel for the real players in the industry. This morning, the main event took place: a panel discussion with Charlie Shrem, (Founder of CryptoIQ), Charles Hoskinson (Creator of Cardano), and Anthony Pompliano (Co-Founder of Morgan Creek Digital). While a multitude of topics were discussed, Facebook’s Libra was the most significant. The panelists noted how hostile the United States government was toward Mark Zuckerberg in the recent Congressional hearings.  The panelists all agreed that Facebook is challenging the United States’s power over the dollar. If Facebook can successfully create a currency, then Apple, Microsoft, Amazon, and other massive tech companies will shortly follow. US citizens already trust massive tech companies with their data, in the future they may trust them to hold their money as well. This course of events is inevitable if Facebook succeeds, subsequently, the US Dollar will lose a significant portion of its global influence. We already see countries such as Russia and Germany moving toward gold as opposed to USD. Above all, the panelists agreed that Facebook’s Libra opens the minds of a generation to adopt alternate forms of currency. If Libra succeeds, it will likely create a great on-boarding platform for users to buy Bitcoin. While Facebook is debatably unethical in its privacy, the crypto world is behind them with the idea that ‘the enemy of my enemy is my friend.’

Daily

Bitcoin is down a few hundred dollars today as price is trading around $9.1k. On the daily chart above, the sequential indicator has recently undergone a price flip to a red 1 candle. Additionally, the Lucid SAR (blue x) is still in a bullish posture below price. However, it appears that Bitcoin has momentarily topped at $10.5k. The bulls needed to hold the $9.2k support level, or else bullish momentum is likely to fade.

4 Hour

Sequential has recently undergone a price flip to a green 1 on the 4 hour chart above. Additionally, the Lucid SAR has flipped into a bearish position above price.

Conclusion

Bitcoin has momentarily topped at $10.5k and price is trading down to $9.1k. The bulls need to close above $9.4k. If the bulls cannot sustain this rally and price breaks below the $9k support level, Bitcoin will likely fall to previous lows. If Bitcoin cannot close above $9.4k, then this recent price increase is likely nothing more than a reaction rally following a massive price drop.