Crypto Industry News:
SynBiotic SE, a German cannabis company, announced that it is following the lead of companies like MicroStrategy and Tesla by shifting some of its liquid cash to Bitcoin.
The company said the move was driven by "legitimate concerns about a massive devaluation of fiat money" due to an "excess growth" of money supply in both Euro and US dollars.
CEO Lars Muller went further, stressing that the decision was not due to the recent appreciation in prices, but that:
(...) we have more confidence in Bitcoin than in the Euro or the dollar, where a central institution, under the influence of politicians, can increase the amount of money. "
He added that the cannabis industry in particular has "very positive experiences with Bitcoin as a simple and digital means of payment" and that several SynBiotic subsidiaries already accept Bitcoin as a tender.
Synbiotic SE is building a diverse group of companies in the cannabis sector with a focus on the synthetic production of cannabinoids and wellness products. It claims to be the first publicly traded company in Germany to invest in Bitcoin as a hedge against fiat devaluation.
Technical Market Outlook:
The BTC/USD pair keeps going up. The recent all time high was made at the level of $52,516 and the next target for Bitcoin is now located at $60,000. In the meantime, the local technical supports are: $45,902 and $50,000. The intraday support is $51,499. However, if the market is out of the main channel and the price is below the level of $43,125 ( overbalance level), then the chance for a deeper correction are high, so please keep an eye on this levels. Please notice, the momentum is now decreasing as the price go up, which might be the beginning for bearish divergence on H4 time frame chart.
Weekly Pivot Points:
WR3 - $65,941
WR2 - $57,841
WR1 - $54,644
Weekly Pivot - $45,671
WS1 - $42,441
WS2 - $34,081
WS3 - $31,183
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.
