FX.co ★ Coinbase is listed on NASDAQ. A very important day for Bitcoin!

Coinbase is listed on NASDAQ. A very important day for Bitcoin!

Coinbase is listed on NASDAQ. A very important day for Bitcoin!

Yesterday, the bitcoin exchange rate failed to continue growing and slightly rolled back from its regular local and absolute highs. However, the key now is the ascending channel. As long as bitcoin quotes are not kept inside, the growth of the number one cryptocurrency will continue. And in order for the growth to continue, it is necessary that more new investments constantly come to bitcoin. The issue of bitcoin is limited and there is approximately the same, non-changing number of coins in the world. Thus, everything will depend solely on supply and demand. At the same time, even the fundamental background may or may not affect the bitcoin exchange rate. For example, the latest news that the companies Liberty Mutual and Starr Insurance invested on April 8 about $100 million in the investment fund New York Digital Investment Group, and on April 9, the American asset management company Millennium invested in bitcoin through Grayscale Bitcoin Trust could provoke the growth of bitcoin just on the basis of increased demand for cryptocurrency. That is to say, the rest of the market participants could not make any gestures at all, but two or three really large transactions for the purchase of bitcoin would already be enough for the growth of the exchange rate. Well, in order to determine the end of the upward trend, which we personally have been anticipating for a long time, an ascending channel is necessary, as well as the three support lines marked in the illustration. We continue to maintain the view that the bullish sentiment is weakening. Accordingly, if investors fail to organize a new powerful wave of purchases in the coming days, bitcoin will again seek to leave the ascending channel.

Meanwhile, the cryptocurrency exchange Coinbase was the first in the world to enter the stock market with the placement of its own shares. It happened yesterday, April 14. The starting price of the shares was $381, but within the first few minutes, it rose to $430. The total capitalization of the exchange, thanks to the placement of shares, exceeded $100 billion, making it the largest in the world. But not everything is so great. A little later, the share price fell to $310, and the first day of trading closed at $328, which is a decrease of 14% from the opening price. One of the company's founders, Fred Ehrsam, stated: "When we started Coinbase in 2012, bitcoin was worth $6 and no one in the world knew anything about it. Now, we are still at the beginning of the road. This is only 1% of the most important technology of the coming decades. Cryptocurrencies will change money and information, and the whole world will stand on them."

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Coinbase is listed on NASDAQ. A very important day for Bitcoin!

In technical terms, the overall picture remains the same. The upward trend continues and now bitcoin has another benchmark in the form of an ascending channel, and there are also two targets – the nearest resistance level of $65,400 and the next psychological level of $70,000 per coin. As well as three supports: $44,600, $52,300, and $56,000. The consolidation of quotes below the channel will be a signal for the beginning of a strong correction.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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