Wonderful traders, I hope you all are fine. It’s fine to make some cash off bitcoin. Our target for last week was hit and we expect some good things this week.
There is a general talk about bitcoin halving.
What is bitcoin halving?
It means that the amount of new bitcoin being generated and entering circulation every 10 minutes will drop by half from 12.5 to 6.25. Bitcoin halving is programmed to happen every time the network processes approximately 210,000 megabytes of transaction data, which takes about 4 years. Once all 21 million Bitcoins are generated, which is estimated to be in the year 2140, the network will stop producing more coins.
Historically, halvings have had significant long-term effects on the market.
First bitcoin halving: During 2012, the price of bitcoin increased from $11 to $1,000.
Second bitcoin halving: From 2016-2017, the price ballooned from $700 to $20,000.
Third bitcoin halving: Scheduled on May 11, 2020 (the price impact is still yet to be seen).
Anyways, that a lot of information though, but what I care to look at this week is that our uptrend is still in the big picture and the MACD bullish cross is about to occur. As soon as the cross occurs, our buy signal sets it.
Our target after entry should be $9,170 and $9,910.
Happy trading fellas.
- Major Support Level – $8,428
- Major Resistance Level – $9,170
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Disclaimer: This article is in no way a financial advisor for your trading. Any action taken in this regard is done at your own risk. Nigerian Bitcoin Community is not liable for any loss or gain as a result of the application of this content. We advise you to do your own research.