Daily Observations of the Week starting 6th August 2018
The Weekly close happens on Sunday Night at 1AM GMT time. The close illustrated to us two things:
- Bitcoin does not want to drop lower than $7,000, however at the time of writing, Bitcoin keeps jumping between the Middle $6,900’s and $7,100’s.
- Ethereum does not want to see the April Lows Again.
However, as prudent investors, we must understand and appreciate that each time CME/CBOE futures have settlement dates, Bitcoin sees lows of $6,400. The last time we saw such a low figure
it took us to $5,700. Premium members of Nouvive see the CME/CBOE artificial manipulation article.
Let’s take a look at the recent volume, currently Bitcoin’s volume over the past 1 week has been falling, we must also consider that both CME/CBOE are settling their Bitcoin Futures.
Every time, there is a settlement date nearing Bitcoin always tests the lower $6000’s. It is in the Nouvive’s Chief Trader’s opinion, that Bitcoin will fall into the lower $6000’s, especially considering the latest COT or Commitment of Traders data released by CBOE/CME.
The data illustrates that those who were previously in long positions, closed those positions. Moreover, there were shorts that were covered when Bitcoin hit the middle $8000 position, meaning $3,000,000 USD worth of Shorts closed
It is of Nouvive’s Opinion that Bitcoin will see the low $6,300.
What about Ethereum?
Ethereum refused to close the weekend below $400, representing excellent news for Investors. If Ethereum closes the next week above $420, this represents a refusal to see the April Low of $350, and the start to both the middle $800 level and the start of a Mini-Alt Season.
The Above Puzzle Piece illustrates that Ethereum needs to see a weekly close above $420 with the RSI Stochastic bottoming out to a perfect level.
What about Alternative Currencies and ICO’s?
HOTChain saw a 30% Bump during the Asian Close.
XRP will see a positive bounce over the course of the following month on news of their charitable operations.
DXChain is trading slightly above their ICO price, despite being still in their ICO stage. This is based on the Futures options.
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