Many of the day traders like myself have been just heavily focused on the top 5 coins. For me it has been EOS, XRP and ETH. Unfortunately, I forgot to realise that the entire ALT market has been the reason why the Crypto Market cap has risen close to $20 Billion.
We welcome OCN and RVN both into the Top 100 after both respectively jumped up close to 30% and 40%.
Later, articles will be published on what they are and the next time you can enter a trade into them.
Separately, a lot of questions have been asked about ICX, the Korean Ethereum and ZRX.
ICX has been involved in Shilling, this is where a community continues to discuss it in positive light in order to encourage smaller retail traders to buy higher asking prices. There is no recent Fundamental Analysis to justify the increase in position. It is crypto after all – A Legitimate excuse.
ZRX on the other hand has been recently added to Coinbase, those that entered positions after it had pumped 19% on the day to over $1.03 would be at a loss of close to 10%, as of writing it is currently at $0.90.
Nouvive later today will release a Recommended Entry level for ZRX.
We will also use the latest Coinbase pump to see how far ADA, XLM & BAT will pump. The coins that have not yet been added to Coinbase, but still awaiting listing.
Where is Bitcoin Going today?
- Following the closure of the CME settlement date, we should see an increase to Bitcoin.
- At the least, over the next 10 days, we should see the value increase to $6600 – where it briefly flirted with on Tuesday following the Tether increase.
- It can be said that as Bitfinex went all the way to $7500, that as a result of the increase Shorts 35,000 to 17,500 longs – that figure can be seen again.
- Shorts increased by close to 10,000 over the past several days. Interesting considering that the alt market that is usually correlated is having a different approach to the overall bitcoin market.
- BTC on Renko on higher time frames is refusing to decrease past $6440.
- The market has been trading over $6360 over the past several days.
- On the Medium HTF or Higher time frames such as 4 Hours. It can be seen that Bitcoin is ready for another leg up.
- Volume has also flooded the market again. Split between high sell/buy side values.
- Bitcoin over the past several days have been unable to get above $6500
- The market is ranging – illustrating both heavy buy & side sell pressure. An increase of Fear and Uncertainty from tether could push BTC back to $6170 a figure that was seen on Sunday.
- Heavy sell side pressure above $6500.
Image provided by Trading View
Nouvive believes that as a result of the 17th October close at $6442 and the double top within that same area, it appears that Bitcoin will close the day under $6350 making it a red day for the rest of the Market, especially those who fomo’d into ZRX.
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