Bitcoin (BTCUSD) Retesting Key 4000 Level

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Bitcoin (BTCUSD) continues edging past a 1 year downtrend/triangle resistance (on the weekly chart), along with an ongoing effort to bounce off near the June 2017 high and September 2017 low. After briefly breaking above the psychologically key 4000 whole figure level, BTCUSD has seen a bit of profittaking as it readies to test triangle resistance (on the daily chart). The daily RSI and Stochastics are beginning to droop down, offsetting the still upsloping weekly MACD somewhat.

Longer term bulls will increasingly buy on dips as the sector overall gains interest from IBM's use of Stellar Lumens and a USD stablecoin as part of the World Wire blockchain network for regulated financial institutions (announced this past Tuesday). Ongoing anticipation is building for the coins being developed by leading messenger apps (i.e. Facebook/Whatsapp, Line, Kakao) and banks (i.e. JP Morgan, Mizuho, Bank of Tokyo-Mitsubishi UFJ), the upcoming launch of BAKKT and Fidelity's institutional offering and increasing regulatory clarity and recognition for STO exchange operators/issuers. Specifically regarding the Bitcoin blockchain, BTCUSD bulls are increasingly encouraged by scalability improvements from the growth of the Lightning Network and the third Bitcoin block reward halving (which will reduce the amount of new BTC supply) scheduled for May 2020 but which has historically (for the 2 other halving events) seen bull runs begin roughly 1 year in advance of the halving date.

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