Bitcoin (BTCUSD) prices fell this week from a 4 month high but remains above the psychologically key $5,000 mark.

Longer term investors are increasingly taking advantage of price dips as the overall industry gains more interest from mainstream technology and financial institutions. Facebook is reportedly developing a coin for its WhatsApp messenger app while JPMorgan is launching its own stablecoin. Mutual fund giant Fidelity recently debuted a unit to oversee trading and custody of digital assets.

BTCUSD bulls are also increasingly encouraged by scalability improvements from the growth of the LightningNetwork and the third Bitcoin block reward halving (which will reduce the amount of new BTC supply) scheduled for May 2020.

Bitcoin (BTCUSD) Daily / Weekly
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Darren Chu, CFA
Darren Chu, CFA, is the Founder of Tradable Patterns. As seen on Bloomberg, Refinitiv (Thomson Reuters), Factset, Interactive Brokers, Inside Futures, Amazon, Liquid (Quoine), EXMO and Zerohedge. Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures, spot FX and cryptocurrency markets can be analyzed to enhance trading performance. Tradable Patterns’ daily newsletter provides technical analysis on a subset of three CME/ICE futures (commodities, equity indices) and spot FX markets, which it considers worth monitoring for the day/week for trend reversal or continuation. Crypto Weekly Outlook offers technical analysis on Bitcoin (BTCUSD), Ethereum (ETHUSD) and Ripple (XRPUSD or XRPJPY) and attempts to provide clues as to what might happen in the coming week. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia. Tradable Patterns content does not constitute an advisory and does not make recommendations, but can supplement your own analysis. Please do your own due diligence ahead of any trades.