Bitcoin Dumps – Rest of the Market Fails to Thrive
Nouvive has been stated for the past 2 weeks and recently amplified that Bitcoin is going to see levels lower than $6,500. ETH will see April Lows of $358.
CME/CBOE futures have had a long history of when their settlement date is approaching, Bitcoin will revisit the lower levels of $6,500.
Moreover, the recent listing of the COT or Commitment of traders has illustrated that when Bitcoin did go up to $8,400 – A lot of shorts covered their positions.
Interestingly, twice as many traders longing Bitcoin took profit as well. This took the Nouvive team as a surprise, but it also illustrated that these institutional based traders knew that the Bitcoin price could not be stabilised at such high levels.
What happens next?
The Settlement date for both CME/CBOE are on the 15th August and the 31st August respectively, as a result, we should see a happier and prouder Bitcoin in the second Week of September. This would be reflected on the rest of the market as a whole.
Moreover, when ETH hits the April Lows of $358, it wen tup over the course of one month to $800 – This sparked an ensuing mini-altseason that saw the rest of the market light up in Green with returns on average of 40%.
What Should I do?
Even though you don’t want to sit at home twiddling your thumbs, thats the best thing to do until the volatility of Bitcoin dies down.
Nouvive is in the process of issuing the best levels of long: Bitcoin, ETH, EOS and LTC.
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