Early this week, We Saw Bitcoin jump from $6,400 to $7,300 within the space of 2 hours. This occurred during the close of New York. The Nouvive team always understood that when Bitcoin tested the previous resistance of $6,800, it would go to $7,000 at the most. However, as a result of Order Book Valuing, the close of close to $10Mn worth of shorts at the same time, caused the ride up.
For Next Week, the week starting the 23rdJuly 2018, Bitcoin currently sits in a sideways period, waiting for a small push, Nouvive sees that there will be a push down to $6,730, before closing the month above $7000.
What about August 10th?August 10this when the SEC approves or denies the Bitcoin EFT by CBOE. This makes It the fourth time this year that a major Broker has applied for a Cryptoasset based ETF.
According to sources close to the SEC, there is a “90 per cent chance” the ETF will happen.
How dos that effect you?
- Major Institutions have a higher chance of entering the Crypto-Asset Market
- There is a custodian and a legal operator, meaning it is safer for them to operate with CBOE.
- The Market this week already in both the CBOE and Coinbase news, that is what caused the 10% spike.
- We may see a further 4-7% Spike as more retail investors enter into the market.
ETH had a 7% spike downwards, this is negative news for all. 75% of Crypto-assets are tethered or based on the Ethereum blockchain, meaning negative market conditions for ETH translates to the smaller coins.
What about other coins?
Today, the 21stof July 2018, VeChain had a 10% Bounce, this was clarified by the Head Trader and Artificial Intelligence used by Nouvive as a Dead Cat’s Bounce. This is when there is a short cooling off period, before a period of increased selling. Meaning, there is a continued period down.
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