Where do Nouvive See the Market going today?
The way that the Market Opens, is where the price of Bitcoin travels. During the London Open we saw Bitcoin pop from the middle $6200 to the mid $6400. A s a result, this is an indication that, Bitcoin will try to use both the low Volume and gaps in the market in collaboration with the Oversold Indicator to peek just above $6500, before falling back down and closing the week under $6000.
Usually the way the Market opens, is where Bitcoin travels. During the London Open we saw Bitcoin pop from the middle $6200 to the mid $6300. However, the weight to get to that level was insufficient to go further beyond it to look for $6,500. As a result, despite the RSI and RSI Stoch illustrating that it is oversold, the way Bitcoin is currently looking, with other circumstances in play and the dying Bitcoin volume, we will realistically see Bitcoin travel for the lower $6000, before closing the weekend there.
As can be ilustrated the volume is far below the 90D Moving Average. Moreover, there are a lot of sells in the $6137 line.
Enter Short 50%: $6316
Enter Short 50%: $6331
Take Profit 100%: $6187
Profit: 2% Unleveraged
Stop Loss: $6459
Time Line: 1 Day
Ethereum is currently on life support, falling below the April lows of $358 seeing the low $340. According to technical charting patterns, Ethereum is in a rising wedge, which will mean that it is slighly increasing, before dropping.
That will certainly be the case with it, as we can see both that Ethereum has constantly been rejected at the $363 mark, before falling down, it has tried to retest that position twice and failed to do so. Moreover, there are a lot of buys below $350,
with Bitfinex showing more Ethereum Shorts than Long currently. Therefore, we will see Ethereum most likely close the day or the weekend at $343, falling far below the Wednesday Lows.
Enter Short 50%: $362
Enter Short 50%: $359
Take Profit 100%:$343
Profit: 2% Unleveraged
Stop Loss: $364
Time Line: Weekend
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