The past 6 Weeks have illustrated many things, one being that there is no money to be made in investing in the top 10 coins anymore.
This is as a result of BTC, ETH, LTC, EOS, BCH, IOTA, NEO, XMR all staying within 2 ranges that are so narrow that day traders like the Nouvive family have decided to not invest within it anymore.
There has been far more money to be made in investing in Coins such as MFT, GVT, SIA and even NXT as we suggested earlier last week.
I remember earlier this year being in a meeting explaining to investors and enthusiasts alike that the market cannot move unless ETH and BTC move.
I did not realise until August 15th how wrong I was.
The entire Altcoin Market excluding the top 10 has moved up by close to 75% on average since then. Meanwhile BTC has stayed within the same position – so to has ETH.
Nonetheless, let’s see where BTC and ETH will be going
What does the technical analysis suggest about BTC?
- On the 1W, BTC has made a series of Higher lows, illustrating that this may result in BTC slowly being sucked of volume and value as it appears to be slowly going back to under $6000.
- Albeit, the RSI Stochastic is illustrating that there has been a crossover and that BTC should be going up long-term especially to fill the volume gaps at $6641 and $6773.
- The london Open gave off a bearish/negative vibe as immediately on the open – it dropped into the red, especially as the OBV fell down, illustrating we may close the week back where we started last week and that is $6360.
What does the technical analysis suggest about ETH?
- On the 1W, ETH like its elder Bitcoin, has too made a Lower Low – with the OBV appearing to dip this suggest that over the next one week we could see ETH DIP BACK UNDER $200 making an appearance at $180
- The 1D shows the RSI Stochastic about to crossover – we could see Eth immediately visit $206, riding up in a rising wedge, before dipping and seeing $185 – thus correlating with 1W.
- All of the higher time frames are illustrating a bearish point of view for Ethereum – especially with market interest so low.
What does the institutions currently say about the market?
The Commitment of traders are illustrating the following:
Nouvive Research has been following the Commitment of Traders since the inception in the middle of December.
The market appears to be moving into long positions, with the open interest of Longs catching up to the shorts – which is quite suprising. This means that the longs where entered near to $63XX – illustrating that we may not see further below this position.
CBOE on the other hand is showing that short positions are closing or settling at double the pace compared to last week, with non-reportable positions illustrating that the majority of the open interest is Net Long.
This comes as suprising news.
CBOE COT Available to view here
CME COT available here
Ultimately, for the Week – Nouvive has awarded a SELL position for ETH and a HOLD position for BTC.
Moreover, we recommend those day trading or investing to look for other opportunities with better Risk/Reward Ratio’s within the overall Crypto-Asset Market
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