Price
Bitcoin price refuses to form any kind of an uptrend and proceeds in a lateral manner, nevertheless, the peak of volumes trades a little higher each day is a positive sign. 6250 level was tested once more today but again showed itself like a strong support. Yesterday BTCUSD tested a 6600 resistant and also confirmed it’s power for now. So, for today, the boundaries stays the same: 6250 – 6600. Below 6250 we will get a whole supportive zone 6000 – 6250 and 5750 (2018 low) afterward. From the above, to consider any bullish developments we need to see the price going above 7000, so 6600 will be just the first checkpoint on the way up to the bullish take-off. Some traders identify movement in 6000 – 6600 channel as Reverse Head and Shoulders pattern (head on the 6000 and shoulders on 6600), which confirms 6600 resistive power. Nonetheless, from the wider view, we still will need a fast growth above 7000 to consider reversal, beware of false pierces of 6600.
Today forecast
Trading in the 6250 – 6600 zone.
Latest news
Bitcoin price refuses to form any kind of an uptrend and proceeds in a lateral manner, nevertheless, the peak of volumes trades a little higher each day is a positive sign. 6250 level was tested once more today but again showed itself like a strong support. Yesterday BTCUSD tested a 6600 resistant and also confirmed it’s power for now. So, for today, the boundaries stays the same: 6250 – 6600. Below 6250 we will get a whole supportive zone 6000 – 6250 and 5750 (2018 low) afterward. From the above, to consider any bullish developments we need to see the price going above 7000, so 6600 will be just the first checkpoint on the way up to the bullish take-off. Some traders identify movement in 6000 – 6600 channel as Reverse Head and Shoulders pattern (head on the 6000 and shoulders on 6600), which confirms 6600 resistive power. Nonetheless, from the wider view, we still will need a fast growth above 7000 to consider reversal, beware of false pierces of 6600.
Today forecast
Trading in the 6250 – 6600 zone.
Latest news
- Tyler Winklevoss talks about cryptocurrencies future on the Wall Street
Tyler Winklevoss, Gemini Exchange CEO, is convinced that institutional investors from Wall Street will need some time to enter the cryptocurrency market. In his Bloomberg interview, Tyler states:
“Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail-driven market… This will change over time, but it will take time.”
The main reason for the delay in the entrance of institutional investors to the crypto-currency market is called the fuzzy position of regulators in relation to the industry. According to a widely held opinion, after approval by the US Securities and Exchange Commission (SEC) of Bitcoin-ETF, the crypto-currency market will be open for institutional investors.
Tyler Winklevoss noted that at the moment Gemini is focused on expanding the retail business. Over the past six months, the staff of the stock exchange has doubled and will be further increased by the end of the year. Also, Gemini planning to list new crypto-currencies.
Recall that at the end of July, SEC for the second time rejected the application of Cameron and Tyler Winklswes to create a stock exchange investment fund tied to Bitcoin.
- Nasdaq Stockholm launched an Exchange-Traded Bitcoin Note That American Investors Can Buy
US investors, tired of waiting for the launch of the regulated bitcoin-ETF, now have access to another no less significant instrument in the form of exchange notes (ETN) for bitcoins on the Nasdaq Stockholm (NASDAQ OMX Nordic) exchange, the value of which is displayed in the US dollar. Reported by Bloomberg.
The new product is provided by XBT Provider and is traded under the ticker CXBTF within the Bitcoin Tracker One, which was launched in May 2015, but has so far only been displayed in euros and Swedish krona.
“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona,” said Ryan Radloff, the chief executive officer of CoinShares Holdings Ltd., the parent of the company that offers the ETN. “Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.”
Unlike exchange-traded funds, ETNs are debt instruments that are backed by their issuers - often a bank - rather than a pool of assets and often focus on esoteric strategies that don’t easily fit in a fund. Bitcoin Tracker One may give investors an alternative to Grayscale’s Bitcoin Investment Trust, which also offers exposure to Bitcoin. The Grayscale product trades at a significant premium to the underlying asset.
