ADA price declined further and it even failed to hold the $0.20 support against the US Dollar (tethered).
There is a crucial bearish trend line forming with resistance at $0.2100 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
The pair will most likely remain in a bearish zone and it could even break the $0.1850 support.
Cardano price is under a lot of bearish pressure against the US Dollar and bitcoin. ADA/USD could accelerate declines and it may even break $0.1850.
Cardano Price Slide
There from the $0.2800 swing high in ADA price against the US Dollar. A minor upside correction was initiated recently, but gains were capped by the $0.2400 level. The price started a fresh decline and moved below the $0.2200 and $0.2000 support levels. The recent break below $0.2000 is a crucial bearish sign and suggests that there could be more losses in the near term.
The current price action is very bearish below the $0.2500 level and the 100 hourly simple moving average. A low was formed at $0.1850 today, and it seems like sellers could even break it. On the upside, an initial hurdle for buyers is near the 23.6% Fib retracement level of the from the $0.2443 high to $0.1850 low. There is also a crucial bearish trend line forming with resistance at $0.2100 on the hourly chart of the ADA/USD pair. The pair may even face sellers near the 38.2% Fib retracement level of the latest drop from the $0.2443 high to $0.1850 low.
The overall bias is very bearish and a break below $0.1850 could trigger further declines in ADA in the near term. The next major support is at $0.1500.
Hourly MACD – The MACD for ADA/USD is gaining pace in the bearish zone.
Hourly RSI – The RSI for ADA/USD is currently moving further lower in the oversold zone.
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bitcoin’s base of supporters is growing and increasingly pouring money into the cryptocurrency ecosystem. Now, this base is attracting financial giants, who are becoming familiar with bitcoin’s value and perceiving its fantastic potential. As a result, they are seriously starting to invest in the cryptocurrency. For example, Bill Miller is successfully investing a third of his hedge fund’s capital in bitcoin.
Once a Successful Stock Market Investor, Now a Successful bitcoin Investor
Bill Miller
Influential investor Bill Miller managed a portfolio that beat the stock markets for the period 1991-2005. Now, he is also making lots of money with bitcoin.
According to a report, Miller has invested 30 percent of his fund’s assets in bitcoin. Notably, he bought bitcoin when it was $350 USD. As of this writing, bitcoin’s price is above $5,900 USD.
Among its $2.3 billion in assets is a $154 million hedge fund, MVP 1. The fund is up 72.5% so far this year, Mr. Miller said in an interview. It has about 30% of its assets in bitcoin, he said, up from about 5% in 2016.
Famed value-fund manager Bill Miller is bullish on bitcoin via
— Jason Zweig (@jasonzweigwsj)
Miller expressed his optimistic views about bitcoin, saying:
I believe there is still a nontrivial chance bitcoin goes to zero, but each day it does not, that chance declines as more venture capital flows into the bitcoin ecosystem and more people become familiar with bitcoin and buy it.
Some Old-Time Investors Still Remain Unfamiliar With bitcoin
As more people become enlightened with the virtues that bitcoin offers, the number of cryptocurrency enthusiasts is growing exponentially. However, many big-time investors remain uneducated about the cryptocurrency. And fearing the unknown, they resist change and keep on being skeptical.
One notable example is the magnate Warren Buffett, who is ignoring the potential of bitcoin and remains unconvinced about bitcoin’s amazing qualities. Indeed, he is unable to appreciate bitcoin’s value. Hence, he mistrusts it.
Recently, addressing business school students, Buffett said, “You can’t value bitcoin because it’s not a value-producing asset.” Then, he referred to bitcoin’s spectacular upward trend as a “real bubble in that sort of thing,” reported.
It is not the first time that the Oracle of Omaha has failed to see the potential that innovation and new technologies can offer. In fact, one of the problems that has affected Buffett’s decision making has been his unfamiliarity with and lack of interest in technology.
For example, Buffett previously failed to appreciate the potential of technology and social media stocks, such as Google and Facebook. Now, Buffett recognizes that excluding technology stocks in the portfolio has been one of his worst mistakes.
While discussing his failure to buy Google, at the time Google’s founders approached him to participate in the IPO, he admitted failing to act due to his ignorance. In this connection, Buffett said:
And so I had plenty of ways to ask questions or anything of the sort and educate myself, but I blew it.
Buffett also explained missing the opportunity to buy Amazon, by saying that he had been “.”
More Familiarity with bitcoin will Change Negative Perceptions
Warren Buffett
Granted, there are financial tycoons of the caliber of Warren Buffett and who will resist change and technological innovation. However, many other big names in finance and industry are becoming cryptocurrency enthusiasts. For example, Bill Gates, co-founder of Microsoft, is excited about bitcoin. In 2014, Gates , “bitcoin is better currency.”
Likewise, Steve Wozniak, co-founder of Apple, is excited, believing that bitcoin and the mighty US dollar.
Perception about the cryptocurrency is rapidly evolving, as reflected by bitcoin’s value in the financial markets. And, as education in cryptocurrency reaches multi-billionaires and their inner circles, their resistance to bitcoin will decrease. Consequently, many of them, such as Bill Miller, will start to see and profit from bitcoin’s amazing potential.
What do you think will be the impact when the world’s wealthiest people become more educated about bitcoin?Let us know what you think in the comments below.
Images courtesy of Shutterstock, Wikimedia Commons, and Miller Value Partners
