Good morning guys. Cryptos is holding up strong the past 24h, and the theories are many. From a research paper published that says that Cryptos are compliant with Sharia Law (Read more on that here), to short squeeze.
I think the reasons might be many and that the time was just right to once again test the trend line. Keep in mind though, that, depending a little bit on what exchange and charts we are using, we are testing the trend line. We are not comfortably over it.
According to @scandinavianlife's chart we are over it. (Bitfinex)
According to this chart (Coinbase) we are hitting resistance
Either way, we have to break through and stay over it.
Overall Market
What I think is very bullish is the dramatic rise in volume. A lot of it is coming from South Korea and Japan, as positive news are coming out from South Korea that self regulatory actions are being taken. Also tax season is at an end, and a lot of positive news are flooding the market. Even dinosaurs like Soros are talking positively about at least trading Bitcoin. At that point we know that he and the other whales have been at it for some time, and they are doing their best to manipulate. Hopefully they will not try to short it to death.
This is a substantial increase in volume from the 9-10 billion it was on for weeks.
Great Projects With Great Increase
I'm very happy for Steem and Steemit as we rise almost 50% the past 24h. I am also very happy for my bigger investments like Substratum. Omisego, Powerledger, Cardano and Ethereum which are all skyrocketing.
This is definitely a shift in phase for cryptos. We are seeings some unusual momentum and price action. I would however urge some caution as we are not in the "clear" yet.
Yours sincerely
Baron Von Bitcoin
