- Bitcoin Price up 1.8 percent, double-bar bull reversal pattern prints
- Fidelity Investment custodial services set for March
- Transactional volumes expected to rise in days ahead
Three months after announcing their interest in crypto, Fidelity Investment will set out and roll out Bitcoin custody in three months. No doubt this will easy crypto trading as BTC is usually the base pair as BTC/USD rise from $3,500.
Bitcoin Price Analysis
Here’s why Fidelity Investments delving into the cryptocurrency world is such a big deal. First, the Boston based firm has over $2.6 trillion in assets under management (AUM). With 27 million customers, it is a leading provider when it comes to 401(k) and 403(b) Retirement Savings Plans for individuals and non-profit organizations. It is for this reason why they are such a force.
They may pave the way for other traditional Wall Street corporations to invest and build cryptocurrency infrastructure. The Mutual Fund giant, through the Fidelity Digital Asset, is crypto centric and looking for ways of investing in crypto related products.
It is through their mandate that company insiders claim that the behemoth is planning on launching Bitcoin custodial services as early as March this year. Such a move will ease fears related to cryptocurrency trading allowing the asset to flourish.
It’s back to green, and at spot prices, BTC is up 1.8 percent. From candlestick arrangement, it looks likely for BTC bulls to pump prices, driving the most valuable coins above $3,800. As laid out in our BTC/USD trade plans, such moves will trigger longs, and the first targets will be at $4,500 and later $5,000.
Both goals are feasible, and none are far-fetched. Notice that $4,500 and $5,000 are Dec 2018 highs and while $4,500 is a significant Fibonacci retracement level, $5,000 is a round number. The reason for this is because there is a double bar bull reversal pattern off the main support level at $3,500.
All that is needed is a confirmation. Once that happens, we are likely to see prices expanding towards our targets.
Transactional volumes are still low, and even though we have a double bar bull reversal pattern off $3,500, averages are not even close to Jan 28. As above average volumes should pump aforementioned, rallies that will reverse losses of Jan 28. These volumes should exceed Jan 28’s—17k. However, the ground would be set for another wave of higher highs if they exceed Jan 20’s—20k or Jan 10’s—35k.
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