Bitcoin Insider: 19/08/24 - Read Time: 3 Min

Be fearful when others are greedy and greedy when others are fearful - Warren Buffet.

Bitcoin remains trading sideways in the middle of a local range, continuing the overall consolidation phase. Price needs to visit either support and or resistance for an actionable trade.

Price action is also trading in a very clean channel, the channel low support is yet to be tested. This support area is a high technical confluence zone - discussed further in the TA section.

In recent news events, Shopify joins Facebook’s Libra cryptocurrency project and Nigeria Planning to Present Law to Tax Crypto

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Current Price Action

The current price action is still consolidating after a strong bearish expansion, further sideways is expected before the next expansion.

As long as price action trades above the current market low, there is a probability of a local trend change. This will be confirmed if the untested .618 Fibonacci resistance is breached.

The most key local support currently is the .618 Fibonacci, Bitcoin needs to have a bullish reaction here to signify strength. If price action fails, it will simply continue the bearish trend.

Trading channel

Observing price action on the line chart, we can clearly see a channel that is currently being respected. Each test as of recent has lead to a pivot in the local trend.

Price action has pivoted from resistance, the next local trade location would be the channel low support - this area has technical confluence with the .618 Fibonacci.

An area with technical confluence has a greater probability of a reaction. Bitcoin channel low support and the .618 Fibonacci gives merit for a probable bounce once the area is tested.

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

Latest Market News

Shopify joins Facebook’s Libra cryptocurrency

The Federal Inland Revenue Service (FIRS) of Nigeria intends to submit a legislative proposal aimed at imposing taxes on the cryptocurrency sector for parliamentary approval by September, as reported by Punch Nigeria on Saturday.

Zacch Adedeji, the executive chairman of the tax authority, disclosed this initiative during a meeting with the Senate and House Committee on Finances of the National Assembly.

"Our initial objective is to establish a regulatory framework, which is why we are engaging with the legislature, as this will serve as the foundation for taxation," Adedeji stated.

Nigeria Planning to Present Law to Tax Crypto

Shopify Inc., an e-commerce firm based in Ottawa, has become a member of the Libra Association, the organization responsible for Facebook's initiative to establish a global cryptocurrency. This decision is significant for Libra, particularly as numerous other companies, including Mastercard, Visa, eBay, Stripe, Vodafone, Mercado Paygo, and booking.com, have withdrawn from the project.

In its announcement, Shopify expressed its commitment to collaborating with the initiative to "develop a payment network that enhances accessibility to financial resources and supports merchants and consumers globally."

Facebook's ambition to extend its reach beyond communication and advertising into the financial sector with a digital currency, which was revealed last June, faced immediate criticism from U.S. lawmakers.

Crypto X Segment

Emerging news and trends

Trump's Election Odds Are Not The Dominant Driver of Bitcoin's Price, Data Show: Many crosscurrents influencing prices, such as U.S. monetary policy expectations and supply overhangs, might be responsible for the weak correlation between election odds and BTC prices.

What a Dubai Court Ordering a Company to Pay Its Employee in Crypto Means: A Dubai court ordered a company to compensate a worker through a cryptocurrency token, as stipulated in the employment contract, a legal precedent that raises several questions even as it lends some legitimization to crypto in the region.

Shaquille O'Neal Will Have to Defend Some of the Allegations Against Him in the Astrals NFT Lawsuit: A U.S. court has granted one part and dismissed another part of a class action lawsuit against legendary basketball player Shaquille O'Neal for his role in the NFT project Astrals, according to court documents filed on Friday.

Wisdom Center

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