One of the world's leading index providers, S&P Dow Jones Indices, has unveiled a new range of digital asset indexes. The S&P Bitcoin Index, Ethereum Index, and Cryptocurrency MegaCap Index are part of the S&P Digital Market Indices series. The performance of Bitcoin and Ethereum will be tracked by both of these indexes, with the latter measuring a hybrid of the two.
Institutional demand is reaching peak levels with Goldman Sachs which was one of the “earlier” adopters of the crypto space, reopening its blockchain trading desk earlier this year to explore new opportunities. Citigroup revealed earlier today that it was finally looking at blockchain offerings as a result of increased customer demand.
Technically, we are seeing the price rising slowly and breaking the resistance area of 59K USD and we think it will further head to the upside. However, we can’t exclude a down move (marked with the red arrow on the chart) similar to the one it did from the 3rd of May to the 5th of May. Even if this pullback happens the higher probability direction after that is to the upside.
Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
good scenarios but the most right red arrow is the most likely case since trader will buy on the dip before bounce back by the pumper ... not to mention that pumper also would like to get in at low to maximize profit
carefulPerson22601
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@carefulPerson22601, it is happening now ... 58K then 57K .... hopefully can see 55K sometimes in the next 24 hours
carefulPerson22601
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@carefulPerson22601, spot on ... ahoy it's heading 56K now but might ne not seeing 55 though
carefulPerson22601
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@carefulPerson22601, this analysis still valid and by far the most basic analysis yet powerfull.
I made few comments on other persons idea that it will retest 52K and just few hours ago at 53.5
Will see a bounce back to 58.5K ish before another attempt on support ...
Trade safe and wise money management