Bitcoin took a 200 point turn to the upside. Nouvive was right. The temporary Bottom is here
The Bitcoin increase saw the rest of the Altcoin market shoot up by an average of 8% according to the Aeries indicator.
The Most notable increases were:
Both NEO and GAS shot up as a result of approval that NEX will go ahead and start their Initial Coin Offering.
IOTA shot up based on technology implements that were carried out successfully.
Coin to watch out for:
EOS – The Market did not take into account their technological vulnerabilities, instead shot up by close to 6% and will continue to do so, surprisingly.
Where is Bitcoin going today?
- Volume is decreasing, illustrating a bullish move is about to happen
- Above all the MA’s – Using the 15 Moving Average, a notorious support/resistance line as support.
- Bullish Market sentiment
- 15% of Shorts have decreased over the past 3-4 Days.
- Heavy resistance
- Decreasing volume, several attempts of Bitcoin trying to go above $7000
- A lot of sell side support as you look into the higher $6000’s and Lower $7000s
- RSI Stochastic Oversold
A Bullish example would be Bitcoin breaching $7000, going straight to $72000 like in earlier August.
A Bearish Example would be Bitcoin retracing following highly oversold conditions and CME Settlement date occurring this friday, back to $6500.
In Nouvive’s Opinion, following a unsustainable increase, Bitcoin will take the more negative approach and retrace by 3 per cent to the Middle $6600’s.
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