Bitcoin Market Update, Thursday October, 4th 2018.

Hi traders, let's look at Bitcoin.

bitcoin market.png

Bitcoin.

Another uneventful day in crypto, Bitcoin moving range bound on low volume...1.png

... with the rest of the market moving in sync.

Cryptocurrency Market Capitalizations   CoinMarketCap.png

On the lower time frame there is a case to be made for a bullish break out of this wedge based on what appears to be a forming bullish divergence.

6614.5 Bitfinex BTC USD - BitcoinWisdom.png

However, with so little money coming into the space.

bitcoin - Explore - Google Trends.png

And market sentiment being somewhat unenthusiastic.

Bitcoin Longs (BITFINEX):
download.png

Bitcoin remains at the mercy of larger players and trading bots until more fundamental news come out.

Strategy.


Our position is that the Bitcoin market has bottomed and ran out of sellers, finding fair value at around $6000 USD and likely to consolidate there for a while.

We believe that only some fundamental news can now stir the market one way or another. All eyes are on SEC and the much anticipated Bitcoin ETF rulechange proposal (remember you can leave comment to support the proposed rule change here).

Also looming on the horizon is ICE's BAKKT Bitcoin contracts which is meant to launch next month.

Finally we recommend you pay attention to the broader equity market, the SPX is looking very extended and has been rising on lowering volume.

download (1).png

We believe that the crypto market (which is pure risk capital) will be first to suffer if the stock market suddenly turned bearish.

Trade carefully.


FØx.


The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.


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Crown.png Buy Digital Assets: Coinbase
1.PNG Trade on Decentralized Exchanges: Radar Relay / Kyber Network
Lock.pngKeep your Crypto Safe in a Hardware Wallet: LEDGER NANO S


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