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The market data is provided by the HitBTC exchange.
Nikolay Storonsky, CEO and co-founder of Revolut Ltd., a digital banking provider with a user base of two million, has said at the Web Summit 2018 in Lisbon, that large institutions are showing little interest in digital assets.
Any new technology takes time to catch up and become relevant to everyone. Even the internet took time to grow to its current scale. ConsenSys founder Joseph Lubin has said that Blockchain might “take a little longer” than the internet to reach mass adoption.
Venture capital investor Tim Draper, in a recent panel discussion, reiterated his previous call that Bitcoin will reach the price of $250,000 per coin by 2022. He believes that with mass adoption of Bitcoin, people are likely to switch from fiat currencies that are bound by a specific geography to cryptocurrencies, which in turn have universal acceptance.
The recently concluded U.S. midterm elections have seen a number of pro-blockchain politicians being elected to office, which is a positive sign. Though the market movement is slow now, the future looks encouraging for the nascent asset class.
The dip below $6,400 was purchased on Nov. 11, which shows buying at lower levels. However, Bitcoin is facing overhead resistance from both moving averages, which indicates that buying dries up at higher levels.
Positional traders should avoid trading when the range is tight and shrinking.