Home Crypto Bitcoin The Middle East Sees Bitcoin: USD/BTC (BTC=X) Differently

The Middle East Sees Bitcoin: USD/BTC (BTC=X) Differently

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The Middle East Sees Bitcoin: USD/BTC (BTC=X) Differently

As of late, many people have been questioning whether bitcoin qualifies as a “safe haven” asset. Some say no, considering it was not able to withstand the pressures caused by panic over the coronavirus.

The Middle East Sees Bitcoin Differently

However, it looks like many traders and miners in the Middle East would disagree. Evidence suggests that bitcoin and other forms of crypto qualify as safe havens in these states, given they face tough economic conditions and sanctions brought on by the U.S.

One person – Rami Mohammad Ali, a miner and trader in Palestine – says people in his area have been purchasing bitcoin and other digital assets like crazy over the past several weeks. At the time of writing, he claims to have sold approximately 30 bitcoin units to about 90 separate customers. This is huge compared to the numbers he experienced six months ago, when he sold only 20 units to about 50 customers.

He says the big appeal of bitcoin is that can be accessed easily. In addition, it can be quickly dispersed to people who are overseas. Many of his buyers are family members of individuals who are stationed or working abroad. They purchase the coins and distribute them as needed to the people they care for.

A bitcoin trader in Tehran, Iran – who wished to remain anonymous – also claims that the citizens of his country are beginning to show newfound interest in bitcoin, and that many are likely to house a little here and there along with small reserves of cash and gold. He states:

Bitcoin is a revolutionary product, but it needs a few more revolutions. In the past, people thought bitcoin was a new type of scam. Now, bitcoin is more trusted.

Companies like Gate Trade – which analyze the financial habits and patterns of companies in the Middle East and abroad – say that there are approximately 30 business ventures in Iran alone that utilize cryptocurrencies over standard fiat.

Mohammad Alsobhi – a bitcoin trader in Yemen – says that while the crypto arena in his region has not been particularly huge over the past few years, this is starting to change. He says he’s noticed more bitcoin trades occurring, along with a higher level of crypto meetup groups. He says bitcoin’s presence in Yemen is growing steadily, and that he wishes he had the equipment necessary to mine new coins.

An Excluded Country Making the Rounds

He explains:

If I had the capabilities available in developed countries, I would have made great progress in this field. Most companies that deal globally… are excluding Yemen.

At press time, it appears the nation has fallen into the “war-torn” category, and that many companies – such as Google Pay – are not willing to offer their services to its people, making the financial space very limited for residents.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 8,129.69.

The projected upper bound is: 7,079.81.

The projected lower bound is: 4,659.46.

The projected closing price is: 5,869.64.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 38.9112. This is not an overbought or oversold reading. The last signal was a buy 2 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 27.66. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 31 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -118.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 13 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 7 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 629.840 at 5,918.520. Volume was 240% above average (trending) and Bollinger Bands were 213% wider than normal.

Open     High      Low     Close     Volume___
5,290.2605,986.7005,050.0005,918.520 719,516
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 7,238.13 9,006.41 8,554.86
Volatility: 194 105 72
Volume: 494,746 300,996 140,037

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX BTC= is currently 30.8% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 23 periods. Our momentum oscillator is currently indicating that BTC= is currently in an oversold condition.

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