Yesterday we discussed two scenarios for the next Bitcoin movement, here if you missed it.
The bearish scenario was looking for a specific pattern as you can see again in the screenshot below
You can see that yesterday I was looking for a price level just below $9600 in the short-term with the potential to then dump even further to $8600 by the 15th.
Let's see where we are at today. Below you can see we reached $9555 before starting going down again.
If Bitcoin keeps its descent to the first amber line, just above $9130, I'll be looking at a further dump.
Otherwise, if rallies up to above the bottom yellow line, I will be more bullish and look for a trend upwards. We will most likely know more tomorrow, watch this space.
In other news
Brazil is pushing on blockchain technology and now working with Ripple to launch a cross-border payment system in Brazil
At the beginning of April we received news the Brazilian regulators a distributed ledger technology platform
And then in Mid-May we had news the blockchain is one of the goals of digital government strategy in Brazil