Crypto Industry News:

According to the report of a company dealing with the analysis of cryptographic data, the resources of bitcoin supply have changed significantly since reaching the last bottom. The most significant pattern that emerged is institutional investors who accumulate huge amounts of digital assets at discounted prices.

The number and richness of addresses of retail investors have steadily increased in all four categories, with the highest growth in the 0.1-1 BTC category. The report confirms that more than 26% of the supply on the market ($ 36 billion in bitcoins) is currently in addresses with a balance of 1-10 K BTC.

The institutional wallet addresses, which had less than 20% of the supply in circulation, increased by 7% in less than a year. From the time of the bitcoin bottom to $ 3,200 in December 2018, a new 1.2 million BTC appeared in this range. The analysis did not include the one-off 856,000 Bitcoin movement by Coinbase in December 2018. Even with this exclusion over 450,000. Growth in this range is by far the biggest jump in all of these categories. And finally, bitcoin exchanges in the last two categories have seen a sharp decline. The trend is clear - the mood of retail investors is constantly growing. The share of institutional investors also grows, while in the field of stock exchanges there is a huge drop.

Technical Overview:

The BTC/USD pair is unfolding the wave 5 to the upside as anticipated and the new swing high was made at the level of $9.365 over the weekend. The sub-waves 1 and 2 were completed and now sub-wave 3 is in progress. The target for wave 3 is seen at the level of $9,826 and can be made very soon if the upward momentum continues at the current pace.

Weekly Pivot Points:

WR3 - $11,709

WR2 - $10,500

WR1 - $9,878

Weekly Pivot - $8,649

WS1 - $7,945

WS2 - $6,737

WS3 - $6,016

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current uptrend wave is wave 3, which is an impulsive wave, so this is the best wave to trade. The target for wave 3 is seen at the level of $9,826.