ETF Hype? It seems not. - Market Blows Up Instead when ETF Decision is Delayed Until September
I had been expecting a little hype surrounding the ETF decisions, and this hype would have at least supported the market. The SEC delayed the CBOE and SolidX ETF decision until September. The market is actually trading logically which is rare, rather than holding out hope for approval, it is treating this as a rejection.
I still believe an ETF approval is highly unlikely.
EOS below $6
EOS has fallen below $6 triggering one of my alerts.
If the market gets ugly and I see EOS at $4, I may be buying me some more. I already own quite a bit, so I am not buying at $5.88, because it could easily have more downside.
Let's see how ugly it gets
For me, until we have resumed into a bull market, I am fine to just wait and see how ugly this might get. The 6k level looks like it could be tested in the coming week/weeks. If this level wants to break, we could see the actual bottom... this type of capitulation would give me more confidence in the market. There are certain projects I am interested in looking at if they go low enough.
If BTC just wants to hold the line at 5,800, then basically I believe this is bad. It means we get bored and wait for a recovery of the market over more months.
Published on
by crypto-investor
Until bulls are back, all news is bad news.
If BTC just wants to hold the line at 5,800, then basically I believe this is bad...."
Why it has to bottom more? Could you elaborate some more on this.
By the way, great post as usual!
If you study crypto charts, when it makes that type of formation, where all the crashes pick a single level to recover at ... like 5,800. Then that means the capitulation does not end until the market stops rallying and volume decreases. That type of bottom, the chart could sit there 4 months doing nothing.
Bottoms that form from faster crashes can keep people interested with decent volume.
It was rather surprising seeing the market tank like it did today. We bounced off that $6,400 zone just now but I think we could re-test the low $6K zone again and even drop back to the support at the $5,700-$5,800 area.
Great analysis @crypto-investor. I agree...this was a healthy reaction. I’m a little more optimistic than you on ETF approval. I’d put it at 50/50. We’ll see. Regardless, it continues to be a wild ride.
All hype disappeared within hours great manipulation not that much of a big news and billions of dollar wiped out interesting
Nice article, Thanks for the update on EOS too. What do you think about XRP is it right time to accumulate more as in one of your old article you suggested .45 $ is a good entry point. Is that still valid or we have more downfall left in XRP.
I was looking at XRP yesterday. The 45 call was based on the chart, cryptos haven't been wanting to hold to their chart patterns, except for BTC. So it all boils down to a BTC recovery.
Last time I checked Ripple, I liked the fundies but that would need to be reviewed again. Having a bunch of banks doesn't mean much if the core system isn't frequently used... so going forward, I'd like to look at XRP actual usage by the institutions... if the information is possible to get.
thanks for your support..and, excellent work here..my concern (technically) the sentiment is alarmingly bearish..unlike the good move off 5850(BTC) the end of June. 78 per cent bulls does not lead to a strong market.
My bad luck :(
informative post
thanks for give us this information
Nice perspective I agree with much of your sentiment here
Posted using Partiko iOS