• Cryptocurrencies: 3104
  • Markets: 20888
  • Market Cap: $240200128970.96
  • 24h Vol: $63561994994.9

End of Week Observations

End of Week Observations

Let’s start from the beginning of the Week…

Bitcoin had an adventurous journey over the past one week, what happened did not come as a shock, it was always known that when Bitcoin transcended its downward trend towards $5,400, it would bounce and cause an ultra-reaction that saw a ride to $7,800.

In the early hours of Tuesday, during the Asia close, Bitcoin took over/breached the $7,800 mark causing a reaction to $8,500, before recently on Thursday retracing to $7,800. Stabilising on Friday over $8,000.

What caused this reaction?

Unprecedented Volume and what’s known as order book valuing. On Tuesday, Wall St as announced by Nouvive traded bitcoin to the tune of close to $600Mn. Long-term investors of Bitcoin traded BTC close to $8Bn times. This stemmed from volume by South Korea and Japan who brought much needed liquidity – this allows buyers and sellers order to meet. This volume caused a volcanic reaction with shorts closing, this means that as the Price of bitcoin increases, shorts or sells start to close as Bitcoin rides up with a lot of shorts liquidating fuelling volume all the way past $7,800 – Order Book Valuing.

Ethereum

Ethereum to the Nouvive Chief Analyst appears that there is a greater chance that $400 will be seen as opposed to $510. This stems from the amount of selling pressure Ethereum is seeing. Moreover, Nouvive’s recommendation is that Ethereum is overvalued at the current price, this is as a result of their underlying utility being to create DAPPs or Decentralised Applications that cloud the blockchain. Most of these clarified by Cerebellum, Nouvive’s Artificial intelligence programme are Ponzi Schemes orJUNK.

Nonetheless, the market will first see ETH see under $400, before seeing $855, if Ethereum sees over $510 for three consecutive days, this will see a 20% bounce for most Altcoins as they are tethered or positively connected to ETH.

DLT/Crypto-Asset News:

  • Venezuala’s Petro-pegged currency is set to launch by August 20th.
  • Iran is said to have engaged developers to create their own cryptocurrency to fight US Sanctions.
  • One of the Uber Co-founders is going to be launching their own Zero-fee cryptocurrency exchange.

 

Nouvive: Home of Crypto Beginners, Traders & Investors. Nouvive provides Cryptocurrency trading news, Analysis and indicators for beginners, traders and investors.

Information on these pages contain speculative statements that involves risks and uncertainties. Crypto-Assets profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell. Nouvive does not in any way guarantee that this information is free from mistakes, errors or material misstatements. It does also not guarantee that this information is of a timely nature. Crypto-Assets involve risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing or trading are your responsibility alone. For more information, please view the Risk Warning Below.

Show Your Views:
  •  (0)
  •  (0)
  •  (0)
  •  (0)
314

ViFeed Indicators

Bitcoin (BTC)
$8790.16
45.00 RSI
0.65%
Hold
Ethereum (ETH)
$186.55
48.00 RSI
-0.09%
Hold
XRP (XRP)
$0.27
22.00 RSI
0.07%
Buy
Bitcoin Cash (BCH)
$289.2
48.00 RSI
1.13%
Hold
Tether (USDT)
$1.01
15.00 RSI
0.15%
Buy
Litecoin (LTC)
$61.58
41.00 RSI
-0.29%
Buy
EOS (EOS)
$3.48
53.00 RSI
0.19%
Hold
Binance Coin (BNB)
$20.41
51.00 RSI
2.00%
Hold
Bitcoin SV (BSV)
$132.38
54.00 RSI
0.28%
Hold
Stellar (XLM)
$0.08
45.00 RSI
-0.07%
Hold
Whats Your Bias this Week?