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Crypto Industry News:
Jordan Belfort, better known as "The Wolf of Wall Street", became known as a staunch opponent of cryptocurrencies several years ago. He even called it fraud. However, recent information indicates some changes in his views, to the benefit of the crypto world. He treated Bitcoin in a special way.
Belfort, played by Leonardo DiCaprio in the blockbuster, advised investors to give up Bitcoin in 2018. His words then caused an avalanche of controversy. Today, the investor admits that some of his earlier words were true, but not all of them. He believes that he analyzed the topic mainly in terms of other cryptocurrencies, admitting to an error in the assessment of the two largest ones, which are Bitcoin and Ethereum.
"My opinion about cryptocurrencies was well thought out, but not entirely accurate," admits Belfort. He also emphasizes that his opinion may change based on newly learned facts. When he expressed his negative opinions about cryptocurrencies, he believed that they were based on fraud.
Today, Belfort looks at Bitcoin differently. He compares it to unfair practices that took place in the past, but at the same time sees value in it. He thinks he has underestimated its full potential, especially when it comes to storing value and being able to pay. However, he notes that while many people are turning to cryptocurrencies in search of an alternative to Wall Street, both worlds may share some characteristics. "The key is human involvement," he concludes.
As a result, although he was once skeptical about cryptocurrencies, today he sees their potential. However, we cannot forget that Belfort's path of learning and transformation, although full of twists and turns, also shows the human ability to adapt and strive for a better self.
Technical Market Outlook:
The BTC/USD pair trades still below the technical resistance seen at the level of $26,446. The local low was made at the level of $26,000, but the hit the extremely oversold market conditions on the H4 time frame chart, so a pull-back is now in progress. The key technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $26,446.
Weekly Pivot Points:
WR3 - $27,094
WR2 - $26,626
WR1 - $26,344
Weekly Pivot - $26,153
WS1 - $25,874
WS2 - $25,682
WS3 - $25,212
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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