Another day in the market, more bearish sentiment.
The news however has still continued to illustrate a positive bias towards the market. Considering that the Winkelvoss Duo has once again out done themselves by launching the Gemini Dollar, tied to the US Dollar, approved by New Yorks securities and known as the World’s first Stablecoin.
The most interesting thing we have noted is that in fact, all of these positive bias’s have no implications on the weighting of the coins value to the market.
Could this be as a result of the lack of retail investors still in the market or is it just the sharks, the institutions who are spreading the news and making money amongst themselves?
What’s even more interesting is BAKKT releasing in November, how will the overall market be affected by this positive weighting that in fact ICE or the holding company of the NYSE is entering cryptocurrency.
Will we see a direct upshot?
Lets hope so.
Where is Bitcoin going today?
- Bitcoin has changed tides, those who have been monitoring it have noticed that previously the 55D Moving average has acted as a resistance for any bitcoin momentum.
- A prudish investor will notice that both the 15 and 55 MA are about to crossover within the next several hours, this will time nicely into Bitcoin breaching $6291, potentially going to $6254, before bouncing up and attempting to test the upper barrier – being $6400.
- The last time we saw this was in Early August when BTC using the 55MA as a resistance, before it crossed over with the 15 MA to jump from $5850 to $6600 – A close to $1000 Move.
- Bitcoin could be reminiscent of early September, crashing through a rising wedge, in which we could see it fall through the heavy support witnessed yesterday at $6248.
- This would see Bitcoin retest $6150 support, if this could not hold, we will see it again retouch the higher $5000’s.
- There are a lot of Buys at $6180, illustrating that we may see this figure being called upon.
- There are a lot of sells at $6278, meaning we could see the support falter.
Nouvive believes that according to the RSI stochastic on the higher time frames, we are seeing bearish sentiment, moreover, the double top at $6380 is hard to forgive and forget. Thereby illustrating a short from current levels to $6150, with the first stop loss being at $6350. Increasing stop losses in Profit.