Nano price recovered and moved above $10.00 against the US dollar. NANO/USD must break the $12.00 resistance to gain upside momentum.
Key Talking Points
- Nano price corrected higher and it was able to settle above $10.00 against the US dollar.
- There is a key bearish trend line forming with resistance at $12.00 on the 1-month chart of the NANO/USD pair.
- A break and close above the trend line resistance at $12.00 is needed for further gains.
Nano Price Forecast
There was a slight increase in the bearish pressure on Nano price below $10.00 against the US dollar. There was a false spiked noted and the NANO/USD pair was able to recover back above $10.00.
The pair is now trading comfortably above the stated $10.00 level with a few positive signs. However, the price is facing a major hurdle on the upside around the $12.00 level. It seems like the price is struggling to settle above the 38.2% Fib retracement level of the last major decline from the $17.20 swing high to $8.20 swing low.
A former high-flying JP Morgan trader turned cryptocurrency fund manager says banks “have absolutely failed to innovate in any way, shape, or form and now they’re paying the price” in the cryptocurrency market.
End Excerpt –><!– Ad After Excerpt –> <!– End Ad After Excerpt –><!– Content –></p> <p><strong>A former high-flying JPMorgan trader turned cryptocurrency fund manager says banks “have absolutely failed to innovate in any way, shape, or form and now they’re paying the price” in the cryptocurrency market.</strong></p> <hr/> <p>Daniel Masters ran JPMorgan’s energy trading business in the 1990s and now oversees cryptocurrency investment at the firm Global Advisors. In an interview with <em>Business Insider,</em> he called cryptocurrency a “true revolution” that traditional financial institutions are dismissing as a “criminal enterprise, Ponzi scheme and a scam.”</p> <p>Masters, who started out as an oil trader for Shell in the 1980s, said he became interested in cryptocurrency around five years ago and refocused his firm on digital currencies two years later in 2014.</p> <p>He said established financiers, or what he calls “analogue financial service companies,” are in “trench warfare” with upstart digital financial servicers.</p> <p>In the interview, Masters said:</p> <blockquote> <p>The analogue financial services companies are not in this game at all. They don’t want to touch the core currency, which is bitcoin or ethereum, they’re suspicious about the industry itself. A lot of people think it’s a criminal enterprise and a Ponzi scheme and a scam.</p> </blockquote> <blockquote class="twitter-tweet" data-lang="en"> <p dir="ltr" lang="en">And the great dragon was thrown down, that ancient serpent, who is called the devil and Satan, the deceiver of the whole world—he was thrown down to the earth, and his angels were thrown down with him. <a href="https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw">#bitcoin</a> https://t.co/Z7tqIfKFtG</p> <p>— Danny Masters (@dannylmasters) <a href="https://twitter.com/dannylmasters/status/960935276498563072?ref_src=twsrc%5Etfw">February 6, 2018</a></p> </blockquote> <h3 style="text-align: center;">‘Ponzi Scheme’?</h3> <p>Masters’ remarks follow a slew of negative comments by financial brass on Bitcoin and cryptocurrency just over the course of this month.</p> <p>European Central Bank executive board member Yves Mersch said bitcoin is “not money” and like “Mr. Ponzi’s schemes” at the Official Monetary and Financial Institutions Forum in London. The general manager for the Bank of Settlements, Augustin Carstens, said Bitcoin is a “combination of a bubble, a Ponzi scheme and an environmental disaster” at a lecture at Frankfurt University. And World Bank president Jim Yong Kim also said Bitcoin was a Ponzi scheme at an event in Washington, <em>Bloomberg</em> reports.</p> <p>Charlie Munger, the 94-year-old vice chairman of Berkshire Hathaway, has even called Bitcoin a “noxious poison” the government needs to regulate during a shareholder meeting earlier this month for the Daily Journal, a publishing firm where he serves as chairman and director, <em>Business Insider </em>reports.</p> <p>JP Morgan CEO Jamie Dimon faced backlash for calling bitcoin “a fraud,” which he has since apologized for. The remark triggered a market abuse lawsuit by algorithmic blockchain liquidity provider Blockswater for alleged violation of Article 12 of the European Union’s Market Abuse Regulation.</p> <p><img class="aligncenter wp-image-54315" src="https://edigitalbusiness.com/wp-content/uploads/2018/02/former-top-jp-morgan-trader-says-banks-have-absolutely-failed-with-cryptocurrency.jpg" alt="Jamie Dimon" width="640" height="400"/></p> <h3 style="text-align: center;">Financiers Cozy Up To Bitcoin</h3> <p>But some financial institutions appear to be warming up to cryptocurrencies following Bitcoin’s 1,500 percent rise in value against the dollar last year. The CBOE stock exchange started the world’s first bitcoin futures trading in December, which crashed its website due to heavy traffic. Goldman Sachs has also suggested they would open desks for trading cryptocurrency during an earnings call last month.</p> <p>Masters’ firm, Global Advisors, owns a 75 percent stake in Coinshares, which announced in January that the two funds now have more than $1 billion in cryptocurrency assets under management. Masters said this growth is a sign that banks need to take digital currencies seriously.</p> <p>“The clock has lapsed, it is no longer acceptable to dismiss it,” Masters said.</p> <p><em><strong>Are banks failing to get involved in the cryptocurrency market? Tell us what you think in the comments below.</strong></em></p> <hr/> <p><em>Images courtesy of Global Advisors, Twitter/@dannylmasters, and Pixabay.</em></p> <p> <!– End Content –><!– Ad After Content –> <!– End Ad After Content –><span class="tags">banksbitcoinCryptocurrencyDaniel MastersJamie DimonJPMorgan</span> <!– Comments –> Show comments </p> </div> <p>This article was first and originally published at following website – <a href="http://bitcoinist.com/former-top-jpmorgan-trader-says-banks-absolutely-failed-cryptocurrency/">Source link </a>. All the content and copyrights belong to their original authors.</p> <p>http://platform.twitter.com/widgets.js<br /> <br /></p> ” data-medium-file=”” data-large-file=”” class=”alignnone size-large wp-image-7499″ data-src=”http://techcrunchhq.com/wp-content/uploads/2018/03/nano-price-holding-key-support-at-10-00.png” alt=”Nano Price Forecast” width=”991″ height=”1024″/>
Moreover, there is a key bearish trend line forming with resistance at $12.00 on the 1-month chart of the NANO/USD pair. Therefore, a break and close above the $12.00 is must for the current wave extension.
On the upside, above $12.00, the next resistance is around the 50% Fib retracement level of the last major decline from the $17.20 swing high to $8.20 swing low.
The current price action is positive as long as NANO is above $10.00. It may perhaps break the $12.00 resistance to gain traction. On the flip side, if the price fails to move past $12.00, there could be a downside reaction.
On the downside, the $10.00 support must hold. A break below the $10.00 level may open the doors for $8.00, which is the next major support.
To sum up, there are two key levels – $10.00 and $12.00 (support and resistance levels). A break on the either side could trigger the next move towards $15.00 or $8.00.
Trade safe traders and do not overtrade!