Bitcoin Insider: 18/09/24 - Read Time: 3 Min

Welcome to another dose of Bitcoin Insider,

The charts has been trading around the same zone for the past week, this will eventually come to an end.

Price action on the higher timeframe currently has signalled a potential accumulation zone. This will mean that more sideways price action can be expected.

The immediate price action (4H) has a bullish pattern that will be discussed in the Technical Analysis section - the pattern is known as a Broadening Wedge.

In recent news events, UAE, India May Use XRP For Oil Trade Amid New Ripple Partnership in Middle East and $331 Million Cardano (ADA) Mystery Stuns Crypto Market.

Today’s report will also include:

Current Price Action

Bitcoin likes to move in cycles, the current weekly price action indicates a potential accumulation phase at the 200 MA.

The 200 MA was previously tested , price action held the level for a considerable period of time. The consolidation eventually lead to a break which resulted in a strong expansion.

As of current, there is merit for price action to trade towards the 200 MA and consolidate for a period of tome. This will be a strong bullish sign that could eventuate into another expansion.

Potential Broadening Wedge

On the smaller timeframe, price action is formulating a potential broadening wedge pattern that is yet to activate.

A broadening wedge pattern as such is considered a bullish continuation pattern. The pattern confirms when the dynamic resistance is breached - this has yet to occur.

If Bitcoin confirms this pattern, it will increase the probability of breaking a crucial resistance zone allowing for a strong bullish expansion.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

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The cryptocurrency market has been experiencing a period of stagnation in recent weeks, with minimal activity observed among the leading digital currencies. Cardano (ADA) has similarly entered a phase of consolidation, characterized by a notable absence of upward price movement.

Nevertheless, there are encouraging indicators for ADA amidst this subdued performance. Recent data from Coinglass reveals that ADA's trading volume has increased by 42.38% within the last 24 hours, reaching an impressive $331.76 million. This surge signifies a rise in trading activity for the altcoin, evident across all major trading platforms.

Binance, the largest cryptocurrency exchange, reports a leading volume of $150.58 million, followed by Bybit at $72.01 million, OKX at $35.54 million, and BingX at $15.99 million, among others. This trend suggests a shift in investor sentiment, indicating that ADA is gaining traction across top exchanges.

There are increasing speculations circulating regarding a potential shift in trading practices between India and the United Arab Emirates (UAE), with unverified reports indicating that these nations may be considering the use of XRP instead of the US dollar. Various news sources have suggested that oil transactions between the two countries could be conducted using XRP.

While this information remains unverified, its confirmation would represent a notable shift in the global economic landscape. The US dollar has served as the primary currency for oil trading since the 1970s, a system commonly referred to as the petrodollar, which has significantly contributed to the economic supremacy of the United States.

For some time, there have been discussions online regarding a potential departure from USD transactions, particularly among BRICS nations. Additionally, Russia has recently taken steps to legalize cryptocurrency mining and trading, following a law enacted by President Putin last week.

Crypto: Germany Changes Course and Says NO to the Digital EURO: Germany expresses growing skepticism towards the digital euro proposed by the European Central Bank (ECB), mainly due to privacy and data security concerns. While the ECB plans to make a decision on implementing the digital euro by the end of 2025, many Germans, particularly the older generations, remain wary of this crypto currency.

Bitcoin holds strong above $59K: Time for a rally to $63.7K?: Bitcoin [BTC] bulls have taken a backseat over the past few days as the king of cryptos’ volatility dropped. It was interesting to note that while BTC consolidated, it managed to remain above a crucial support level.

Indian authorities crackdown on $145 million crypto extortion case involving Bitcoin and Litecoin: India’s money-laundering investigator authority, the Enforcement Directorate (ED) tracked down and detained an individual Shailesh Bhatt in connection with a $145 million crypto extortion case. 

Bitcoin Insider bouncing back to work, See you in the next one! 👊