BTC will go to $6380 before $6641
BREAKING. FOR IMMEDIATE RELEASE AND INFORMED DECISIONS
There is a lot of important news coming out this week.
- Monday 5th November: 9 ETF Ruling Appeals
- Monday 9th November: BAKKT release
- Ripple Special Drawing Rights Conference – Monday 9th November
It is well known in Crypto-Assets that any news whether it is bullish or bearish on ETF’s sees the market rise by more than 5%. Over the weekend, we did see the entire Crypto-Asset market grow by an average of 7% – notable gains including BCH or Bitcoin Cash, Ethereum and Basic Attention Token.
Where is Bitcoin going today
Today is an important day for Bitcoin – not only on Fundamental News but also Technical Analysis
- Nouvive Research give it a 67% chance that the 9 ETF’s will be denied again, this could of course translate to a 2% down day for Bitcoin.
- This collated with the current poor technicals for BTC do not give it a fighting chance today for over $6500.
- On the lower time frames, the RSI Stochastic has turned to oversold, crossing over just several hours, illustrating we will see $6380
- The OBV has spiked down – illustrating a double top, this could see open interest dump – however this could also translate to a lot of retail open-interest are net short – perhaps illustrating that there will be a pump to close the day above $6500
- The institutional market as discussed late last week are net long or those that were balanced – are slowly moving to net long positions – illustrating that there will be a nice spike upwards – especially towards the CME close during the middle of this month.
- On the higher time frames, the 55MA could meet the 15MA – illustrating a bullish cross-over – enough power to see $7200 – this could occur over the next several days.
- On the lower time frames, the 15/55MA will shortly later today meet the 90D MA – this could see BTC change from a dump down to $6380 to $6550.
Nouvive sees BTC going to $6380 to meet several of the volume gaps before pumping to $6641.
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