London. Its Raining. New York: It Maybe Raining. Does this give an indication of where the market is choosing to go?
Bitcoin jumped by close to 3% going as high as $6666, before closing below $6240.
This was seen as a result of the CME Settlements closing at 5pm GMT. Giving reasons for the market to jump, especially as a result of the positive volume coming out of the market.
Interestingly, the volume was far below the 90D volume, illustrating that there are still not enough individuals in the market to give that bullish push.
Bitcoin on all of the higher time frames, continuously is getting rejected by the 90Day Moving Average. Any movement that goes beyond it, is simply a wick, meaning that Bitcoin doesn’t stay above it.
The Crossover of Moving Averages illustrates that there is still not enough bullish sentiment for Bitcoin to go above $6700.
Nouvive will issue a corresponding Bitcoin Short call based upon this.
In, beautiful news, the rest of the market lit up as a result of the Bitcoin News, seeing Ethereum move up by close to 10% on the day with other coins moving up by an average of 32%, including Populous and VeChain.
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