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Crypto Industry News:
At the moment when Bitcoin's valuation is about 9,000 dollars, it exceeds the size of the Russian monetary base and if it were to be classified as a traditional currency, it would be the eighth highest currency in the world. In terms of the amount of money in circulation, Japan is the leader (conducting a highly adaptive monetary policy), China, the euro area and the United States.
The country's monetary base is a measure of cash in circulation or held in commercial deposits with the central bank (excluding gold reserves). Although the United States is one of the world's largest economies, in the face of a debt of $ 25 trillion, the US ranks fourth in the Asian economies and the euro area.
At the moment, the Bitcoin monetary base is larger than Russia, South Korea, Canada or Norway. Considering the growing interest in cryptocurrencies among institutional and retail investors, its value may still rise.
Technical Overview:
The BTC/USD pair has made a new swing high at the level of $9,785 and is still going up. This is the wave 5 of the overall impulsive wave progression, so the correction in wave 4 has been completed. The next target is seen at the level of $9,913, but the key long term target is still seen at $10k.
Weekly Pivot Points:
WR3 - $11,709
WR2 - $10,500
WR1 - $9,878
Weekly Pivot - $8,649
WS1 - $7,945
WS2 - $6,737
WS3 - $6,016
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current uptrend wave is wave 5, which is an impulsive wave, so this is the best wave to trade. The target for wave 5 is seen at the level of $10,000.
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