At the core of his bullish analogy was a classic technical pattern brewing up on the BTC/USD daily chart.
Based on the analyst’s technical outlook, Bitcoin trades inside a consolidation wedge, a pattern that developed after the cryptocurrency started trading sideways upon logging a massive move upside.
The upside outlook surfaced on the day that saw investors waiting eagerly for the launch of Coinbase Global Inc shares on the Nasdaq Stock Market.
Many analysts see the direct listing as a free advertisement of cryptocurrencies on Wall Street, especially as the nascent assets continue to project themselves as alternatives to low-yielding traditional investments like the US dollar and government bonds.
Investors who do not want direct exposure in the cryptocurrency market would tend to purchase the Coinbase stock to rather speculate on its trading fee-based earnings.
He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.