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Bitcoin’s Recovery: Analysis

Bitcoin shows signs of recovery with a current price of $62,792, despite a week of fluctuating values and ongoing market volatility.

• Main Points:

  • Price Movement: Recent 2% rise; 3.6% weekly drop.

    Daily Chart: Bearish trend; weak volume suggests risk of decline.

    

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  • 4-Hour Chart: Signs of recovery; resistance at $63,876.

    

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  • 1-Hour Chart: Strong bullish momentum; high volume.

  • Indicators: Oscillators neutral-negative; mixed moving average signals.

  • Market Sentiment: Bulls optimistic; bears cautious of long-term trends.

  

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• Detailed Insights:

  • Current Price: Bitcoin is at $62,792, with a 24-hour high of $63,156.

  • Short-Term Outlook: Slight recovery, but the weekly trend shows instability.

  • Consolidation and Risks: The daily chart indicates the potential for further losses without buyer support.

  • Recovery Efforts: The 4-hour chart displays a rebound with possible continuation if buyers persist.

  • Momentum and Volume: Hourly chart shows strong buying interest, suggesting further gains.

  • Technical Analysis: Short-term indicators are slightly positive; long-term indicators advise caution.

  • Investor Views: Bulls encouraged by short-term trends; bears wary of daily chart’s bearish pattern.

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Kiyosaki’s Alert: BRICS Crypto Threat to US Dollar

Robert Kiyosaki warns of a potential gold-backed BRICS cryptocurrency destabilizing the US dollar.

• Main Points:

  • Kiyosaki’s Warning: Predicts US dollar collapse due to BRICS gold crypto.

  • Investment Advice: Recommends gold, silver, and bitcoin to counter risks.

  • BRICS Strategy: Shift towards local currencies in trade to lessen US dollar dependency.

  • Kiyosaki’s Stance: Consistent concern over fiat currency’s stability.

  Currently in South Africa a country I love. Watching and listening to rumors of what will happen when BRICS nations, Brazil, Russia, India, China, South Africa produce BRICS crypto, possibly backed by gold. If BRICS gold crypto happens trillions in fake money, fiat US dollars… x.com/i/web/status/1…

  — Robert Kiyosaki (@theRealKiyosaki)
  1:52 PM • May 12, 2024

• Detailed Insights:

  • Potential Impact: A BRICS cryptocurrency could lead to hyperinflation in the US.

  • Diversification: Kiyosaki suggests tangible assets as a hedge against dollar devaluation.

  • BRICS Developments: New members and currency strategies indicate a move away from the US dollar.

  • Long-Term Views: Kiyosaki maintains a cautious outlook on fiat currencies amid economic shifts.

Mark Cuban’s SEC Critique and Crypto Regulation

Mark Cuban criticizes the SEC for stifling crypto industry growth and calls for clearer regulations.

• Main Points:

  • Cuban’s Criticism: Challenges SEC’s negative impact on crypto businesses.

  • Regulatory Shift: Advocates for CFTC oversight and legislative clarity.

  • Political Impact: Suggests SEC’s stance could influence voter support for Biden.

  • Trump’s Agreement: Condemns Biden’s crypto policies, supports crypto in politics.

  • Legal Actions: Highlights John Deaton’s political challenge related to crypto advocacy.

  If @JoeBiden loses, there is a good chance you will be able to thank @GaryGensler and the @NewYork_SEC
  Crypto is a mainstay with younger and independent voters. Gensler HAS NOT PROTECTED A SINGLE INVESTOR AGAINST FRAUD

  All he has done is make it nearly impossible for… x.com/i/web/status/1…

  — Mark Cuban (@mcuban)
  9:00 PM • May 10, 2024

• Detailed Insights:

  • Cuban’s Condemnation: Cuban accuses SEC Chair Gensler of harming crypto entrepreneurs and not protecting investors.

  • Advocacy for Clarity: Urges a move to CFTC regulation and new laws to nurture the crypto sector.

  • Election Concerns: Warns of potential voter backlash against Biden due to SEC’s crypto policies.

  • Trump’s Stance: Criticizes the administration’s approach and endorses crypto in campaign funding.

  • Crypto and Politics: Notes Deaton’s Senate run, emphasizing crypto’s growing political relevance.

CAN YOU PREDICT THE PRICE?

HOW DID WE DO? 🤷

Stay tuned for more twists and turns in the crypto world & Happy Investing🚀💎