There are so many headlines and rumors circulating the crypto world right now.
If you’ve been waiting to get into cryptocurrency, but haven’t found a practical reason to trade —if you’re a sports fan— consider the fact that the top online betting sites make it easier to deposit and withdraw your winnings via BitCoin.
Latest Indicators
BitCoin has been on a bull run. Its move past the $5,200.00 mark has made the upswing official.
Super Guppy
The ‘Super Guppy’ indicator is green for the first time in over a year. Let’s start here and break this down a bit. This indicator is a complex combination of averages. Essentially it’s an exponential algorithm that signifies when the currencies action will move from Bearish to Bullish and vice versa.
EMA
The Exponential Moving Average or EMA is also showing to be bullish.
Back in mid-February, prices were as low as $3500.00. Since the Super Guppy flipped, prices have skyrocketed as high as 5267.00.
Mining Ban or no, the Bull Has Horns
When you look at the type of functionality, BitCoin is providing for say, sportsbooks, as we mentioned above, it is doing exactly what it was intended: create a financial system that allows the exchange of currency without having to be a slave to centralized institutions (banks and governments).
The most fundamental form of BitCoin mining is by creating server pools to validate and process transactions. No banks or central controlling bodies needed, large server systems do the work and add all of the movements to blockchain ledgers.
But in 2017 there was a mining boom … everyone increasing their ‘mining farms’ (server pools) and updating with the most powerful processors to try and mine faster. Miners trying to outdo one another literally created inflation. With the boom, many miners opened up shop in China, trying to reduce overhead. But now the Chinese government is proposing a mining ban.
They are looking at it as dead-weight on the country’s economy. But it isn’t just BitCoin that has been put on the shortlist for reform, it’s crypto-mining in general.
That said, China’s National Development and Reform Commission has proposed a lot of things in the past and most of these economic or industrial reforms end up staying exactly that, proposed reforms that never go into action.
In the past week, BitCoin has jumped well over 25 percent. So, we should expect it to dip a bit and stabilize around the $5000.00 mark. Then we could see a nice slow and steady climb towards the $6000.00 mark where we will see the next resistance level.
If the price dips a bit, don’t let it scare you into dumping your coins. It most likely has nothing to do with the China scare and everything to do with natural stabilization after a massive increase. If anything, the scare could further stabilize the recovering market. As Chinese traders convert their Yuan back over to USDT through OracleChain to try and get around state restrictions, it could boost the already bullish market.
