The political situation in Venezuela is turning to its hazardous situation, a crisis, and the citizen of Venezuela are feeling the pinch. Once known as a prosperous oil-rich state is now at its unwelcoming crucial phase says sources. After Bolivar plunged, the government decided to launch their own remittance service which is known as Ramessa which accepts Bitcoin and Litecoin. Now crypto is the only safe haven of a citizen in a ravaged country.
In the tweet of UK based internet watchdog group, Netblogs.org on Mar 9, 2019, says Urgent: Second National power outage detect across # Venezuela real-time data shows 96% of the country is now offline. The report reads that about 96% of the Venezuelans were offline on Thursday.
Another tweet from the same says Update: New data shows profound and sustained impact on # Venezuela’s telecommunication infrastructure after second national power outage with 96% of the country remain offline. The good news is that the number has since improved, dropping to 80% by their observation on Mar 10, 2019. The same was read in their tweet saying Real-time network data shows set back for # Venezuela power and connectivity with only 20% of the country online following the new disruption.
This comes when the Russian government announced that they will trial a cyber defensive measure and see how effective their defenses are if they cut off their country’s internet from the while world. But the Digital Economy National Program demands Russian providers to remain functional in its cut off, this is a worrying situation which is isolation trend similar to that of China. The crypto price is now automatically affected now as Venezuelans are heavily dependent on Bitcoin and other crypto assets as a medium of exchange and store of value.
Price Analysis BTC/USD
The Bitcoin price is struggling to disappoint the expectation of investors. The price line of BTC is flat and plays within a tight range. It is up 1.9% from last week’s close. But there is no confirmation of bulls bar of Mar 5, 2019, so no reversal of Feb 24 losses. There is a bullish look on world’s valuable coins, once the price rally’s through the main resistance line of $ 4,500, aggressive traders would take advantage of undervaluations in no time frame and loads with a target of $6,000,
Now’s Trend and Candlestick formation: Bullish, Bear Breakout
It seems as sellers are fully in charge, in a bear breakout pattern, the immediate resistance level $4,500 is with the main breakout and liquidation level at $6,000 so buyers will have upper hand in the short term, there should be a comprehensive break and close above $4,500 and a complete reset, rally to $6,000 before which our trade assertions must be met which means, first a close above this tight $1,300 with limits at $4,500 and $3,200 . any drop below $3,500 pours cold water on our trade plan exposing BTC to a possible drop to $3,200
Volumes at Bullish
There are two counter bars with equally high volume. On Feb 18, 2019, its 37k and Feb 24 double bar bear reversal pattern with 36k both holds importance in the process of analysis. For the buyer to be in charge then there must be a reversal of Feb 24 bears complete with above average volumes complimenting Feb 18 bull bar and printing above 37k. similarly, any break below $3,500 should have high transactional volumes above 36k on Feb 24.