Crypto Technicals Remain Gloomy while Fundamentals Make Headways: What’s Next? : Here’s an overview of what’s been going down in the crypto world this week.
Bitcoin and other altcoins in top 100 saw a bit of a relief on Wednesday and Thursday, but our technical indicators suggest the bottom is yet to arrive. Taking Ripple’s XRP as an example, versus the USD, the price action on the daily chart shows the Double Top bearish reversal pattern is not yet completed. The pair has also broken below the Ichimoku cloud. The combination indicates we may see further drops towards the next key support level at 0.2636.
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Floyd Mayweather & DJ Khaled Settle with the SEC
In other news, professional boxer, Floyd Mayweather and music producer, DJ Khaled have got into trouble as the SEC has charged them for promoting ICOs without disclosing payments. They both pumped up Centra’s Initial Coin Offerings on Twitter, but they didn’t disclose that they received promotional payments to do so. I guess now that cryptocurrencies are making headways with regulators, we can expect to hear more stories like this, which will probably be good for the industry as a whole anyway because people will start to trust it more.
Fidelity to Expand its Institutional Crypto Asset to Top Five-Seven Cryptocurrencies
Talking about progress, Fidelity investment is reportedly looking to expand its institutional crypto asset platform beyond its current Bitcoin and Ethereum. On Thursday, they revealed at Block FS conference in New York in response to a question from CoinDesk, that they’re looking to add trading services for the top five to seven cryptocurrencies by market capitalization.
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You Can Now Pay Your Taxes in Crypto in Ohio
All this good news are on top of the fact that you can now pay your taxes using crypto in the state of Ohio in the U.S. So there we have it, a gloomy technical projection on the cryptocurrencies price action, paired with positive fundamentals. What are your thoughts on the future of the industry as a whole? If you’re on the bull camp, when do you think the real recovery will begin? Let me know in the comments, and subscribe to get more of my updates.
