Bitcoin Trend / 11-05-2017 / Midday Update
Thank You For Your Support and For Honoring Me With Your Up Vote...
Bitcoin resumed its positive trading strongly to breach the bullish channel's resistance and settles with a four hours' candlestick above it, which stops the negative possibility mentioned this morning and push the price to continue rising, heading towards our next main target located at 1900.00.
We suggest witnessing more rise for the rest of the day, and breaching the targeted level will extend the bullish wave to reach the psychological barrier at 2000.00$, while the strong bullish momentum will remain valid unless breaking 1810.00 level and holding below it.
Expected trading range for today is between 1810.00 support and 1950.00 resistance
Expected trend for today: Bullish
A lot of bitcoin’s upward move is being fueled by the massive appreciation of the so-called “altcoins” — smaller bitcoin rivals such as Litecoin and Ripple. These altcoins are mostly denominated in bitcoin, meaning investors who wish to buy them can only do so using bitcoin. These alternative currencies have surged more than 600% in the space of two months, from $3 billion in early March to $23.5 billion currently.
This leaves bitcoin highly vulnerable to the individual trajectories of its smaller rivals.
There are also fears that the huge run-up could be as a result of manipulation by wealthy traders. In the current unregulated environment, it’s relatively easy for traders with large reservoirs of cryptocurrencies to use their heft in the marketplace to move prices to their advantage.
But ultimately the biggest danger to the rally could be if bitcoin and other cryptocurrencies fail to gain traction as expected.
It will take more than just Japan to truly open up the cryptocurrency space. Virtually nothing has changed since SEC rejected the first proposal for a bitcoin ETF, and it’s hard to see it suddenly changing its mind.
This rally might still have legs to run, but another negative SEC ruling would almost certainly bring the cryptocurrency party to a dreadful end.
Thanks For Reading,
Samer
The market is hot, too hot. It needs a consolidation. That's urgent. The krypto commnity needs a continuously rising exchange rate, no pump and dump.
Market, plaese cool down a litte bit!
I agree with you
The best we can hope for is that it stays below $2,000
I upvoted too :)
followed you
I don't know how the etf would work ,but I would think it would be like silver or gold as an example . Where they would be trading bitcoin that doesn't even exist .And that would be bad for the bitcoin price .