Can El Salvador push Bitcoin to new ATH? by karamyog

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· @karamyog ·
$1.94
Can El Salvador push Bitcoin to new ATH?
![btcd.JPG](https://i.imgur.com/FxuC5Xk.jpg)

Things do not look good at all. Bitcoin continues to trade closer to the $30k trendline, and if you want to believe, despite the bullish news from El Salvador. I do not like the bearish flag pattern that is forming because, if I am not wrong, the potential downside will probably be the same as the length of the pole. That means even the support of $20k can't hold. The pole length is about $30k and you can do the math from there. I have seen people calling for support at $23k but in my opinion, the next level is $20k. 

![btcw.JPG](https://i.imgur.com/4dWwMMw.jpg)

The weekly chart for Bitcoin looks terrible. The last week's candle was horrendously bearish and this week has started in the red. Don't have high hopes for any short-term upside here. However, I pray that my analysis goes down the drain and is proven totally wrong. 

![ethbtc.JPG](https://i.imgur.com/I2DfJBU.jpg)

The chart that does prove me wrong totally is ETHBTC. While not exactly a cup and handle here but what a nice bounce from 50 DMA and ETHBTC looks ready to break the 0.08 level. Hold your horses though! If BTC is headed to $20k, I am willing to prophesize that a double top will form and ETHBTC will head lower. On the contrary, if by some divine (read *institutional*) intervention, BTC starts another leg up, ETHBTC is all set to target its ATH. 

**El Salvador**

A beautiful country (so the pictures suggest) with a visionary President. The President of this Central American country is ready to make Bitcoin legal tender. He believes it will help the citizens of El Salvador in availing of banking-like services. Maybe he read too many 'Bitcoin fixes this' memes. I do not know how politically stable El Salvador is, or whether it is a tax haven or not. The move has the potential to help El Salvador. 

> El Salvador is largely a cash economy, where roughly 70% of people do not have bank accounts or credit cards. Remittances, or the money sent home by migrants, account for more than 20% of El Salvadorโ€™s gross domestic product. Incumbent services can charge 10% or more in fees for those international transfers, which can sometimes take days to arrive and that sometimes require a physical pick-up.
[Source](https://www.cnbc.com/2021/06/05/el-salvador-becomes-the-first-country-to-adopt-bitcoin-as-legal-tender-.html)

Is it bullish for Bitcoin? Best to ignore news like this, no matter what folks on Twitter are saying.
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@tfame3865 ·
Truth be told, news like this can boost a project. What it creates is the positive mindset thereby killing negative mindset from the business. When people sees that the  project is being back up by their government, they will key in fully. To me it can boost btc.
๐Ÿ‘  
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@karamyog ·
Unless some big country does it, it does not matter in my humble opinion. It is too small a country for such news to have any positive impact. Yes, it is a start but some populous nation in Africa or a large economy accepting bitcoin as legal tender would be big and no such country is ready to do that at the moment.
๐Ÿ‘  
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@alokkumar121 ·
@tipu curate
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@tipu ·
<a href="https://tipu.online/curator?alokkumar121" target="_blank">Upvoted  &#128076;</a> (Mana: 2/5) <a href="https://steemit.com/steemit/@tipu/tipu-voting-quick-guide" target="_blank">Get profit votes with @tipU :)</a>
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