Crypto Analysis Report 9-5-18 Bitcoin Drops Below $7k
It only took less than one hour for the Bitcoin price drop from from $7,400 to $6,950..but why and what does it mean?
ShapeShift, a popular platform for instantaneous Bitcoin exchange introduced a new system where users will have to provide their personal data. But the companies spin on things is it's loyalty program that will offer users additional benefits like favorable exchange rates. The CEO Erik Voorhees later went on to say he is just trying to stay ahead of the unclear regulatory landscape.
Then Goldman Sachs said it's postponing plans to open a desk for trading cryptocurrencies because the regulatory framework for crypto remains unclear. Executives at the company stated there are still many steps that need to be taken, most of them outside its control, before a regulated bank would be allowed to trade cryptocurrencies. So for now Goldman is focusing on the custody product for crypto, meaning holding cryptocurrency and tracking price changes as a means to ensure large institutional firms to get comfortable trading bitcoin.
Three weeks ago, I talked about Bitcoin,
Four things need to happen for me to take Bitcoin seriously again:
1 Price need to close above the more recent wick on the daily candle.
2 Price needs to close above the 21 EMA on the daily candle.
3 Price needs to take out the resistance at $6800 on a daily candle.
4 MOST IMPORTANTLY, price needs to take out the sellers at $7075.
All four parameters have been meet now.
Thus, the chart suggest Bitcoin is going higher and to buy on the pullback if price gets to the $6700 - $6800 range.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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by rollandthomas
I really don’t see any fundamental reason to trade lower off this news as the reality is that the broad distribution of bitcoin and its infrastructure is already here and now groups are focusing how to leverage it. This will lead to adoption and value over time so probably is a good buying opportunity. Let’s also see if volumes increase with the unofficial end of summer light trading.
Do you think we will see a run up the rest of the year like last year?
I honestly don’t think so. I think that the factors present last year are no longer here so people will no FOMO into it. I think that many whales sold last year and there is much more supply of bitcoin out there to prevent those run ups. Also, now with exchanges and futures allowing shorts is going to look like an options market now... I could be wrong if various bitcoin ETFs are aporoved as there will be little supply for the potential demand created.
Insightful...thanks .
Well said...and I agree. I think we’ll see a $10K bitcoin by years end if the decision on ETF’s is postposed...or even rejected. An ETF approval would be a whole different animal. If that happens this month (and that’s a big “if”), I can see a $30,000 bitcoin by January.
I will be happy with an ETF 1st half of 2019 and will attempt to accumulate until then.
2019 would be fine with me. Call me crazy, but I'd like to see a $3,000 bitcoin as some are suggesting. I don't think it'll get there, but man would I load up if it does.
Do you think we will
See a run up the rest of
The year like last year?
- rollandthomas
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