Michael Saylor Believes Bitcoin Is the Only Hope for Nigeria

CoinEditionOct 30, 2022 04:00AM ET

Michael Saylor Believes Bitcoin Is the Only Hope for Nigeria

  • Michael Saylor tweeted that BTC is the only hope for Nigeria.
  • BTC’s price is currently trading at $20,844.60.
  • Bullish momentum is present on BTC’s daily chart.

The founder of MicroStrategy, Michael Saylor (@saylor), posted on Twitter in the early hours of this morning that Bitcoin (BTC) is the only hope for Nigeria, and attached an article regarding the Nigerian Naira crashing to 800 per dollar.

Bitcoin is currently trading at $20,844.60 at press time according to the crypto market tracking website, CoinMarketCap. This is after its price rose 0.85% over the last 24 hours and 8.64% over the last week.

BTC’s price was able to set a daily high at $20,988.39, but was unable to break above the $21k mark.

BTC/USDT daily chart Source: CoinMarketCap

Looking at the daily chart for BTC/USDT, the 9 Exponential Moving Average (EMA) line has crossed above the 20 Exponential Moving Average (EMA) line 6 days ago. This bullish cross played out as BTC’s price rose from $19,157.00 to its current level in the days that followed. As a result, the price of BTC is trading above the 2 EMA lines.

There is still some bullish momentum present on BTC’s daily chart as the 9 EMA line is positioned above the 20 EMA line and both lines are currently sloped positively. In addition, the Relative Strength Index (RSI) line is positioned above the RSI SMA line, which is another bullish flag.

If BTC’s price is unable to breach the $21k in the next daily candle close then a slight retracement may occur, and the bullish thesis will be invalidated. In this scenario, BTC’s price will likely drop to the 20 EMA line which will act as support.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Michael Saylor Believes Bitcoin Is the Only Hope for Nigeria appeared first on Coin Edition.

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