Currently we have had a nice bounce back from the lower levels reached around the $7300 range and the bounce back into the $7480 range has been nice because it means we aren't out of our bullish sentiment but depending on what happens I will take on a bearish position if it crosses below the $7200 mark. This means BTC is probably headed lower as I don't think it will take long for us to drop into the $6800 range.
There just isn't enough buying or confidence right now to get "everday working man" into their coinbase and robinhood apps thirsty for tokens.
NEWS:
source: https://www.coindesk.com/nyse-parent-ices-new-futures-contract-will-deliver-real-bitcoin/
NYSE (New York Stock Exchange)
This is a big move forward to getting institutional investors invested and allowing them to add potential cryptocurrency to their retirement portfolios.
This is a big step considering Goldman Sachs says "Bitcoin is never coming back". For some reason every time Banks and financial institutions say these things I just remember back to Jamie Dimon's comments and how he ate his words in the future but also played many people.
OKEX UPDATE:
OKex has decided to do a pullback in the case of that position taken by someone who was too large for the insurance amount of 10 BTC. This means they will lose 8% on their revenue but it seems to not have effected the markets as significantly as I thought it could.
ALTS: Right now I am currently not making any alt plays but one that is enticing me is MTL because it is below its price when it was incepted last summer on public exchanges. Currently trading at $1.02, and with the release of the crumbs app which is basically the same as acorns but for crypto. This could mean significant gains once it launches fully August 10th. I am also very biased because I have been interested in this project from the start but I think they have the team and the right vision to take it forward on a large scale.
Conclusion:
So for now guys watch that line because if it crosses below expect more red and if we continue moving up from here then potential bull trend is still on but I will only say that once it crosses $8300 again. It will have to be soon though otherwise we are in a tight spot and get those shorts ready. Swing trading is all about taking advantage of the conditions and using them to your advantage.
Cheers
Dante
Remember these people are traders too and if they can use their political and investment prowess to sway everyday people they can making amazing profit margins.
Always treat everything financial institutions say with a grain of salt because everyone got some form of skin in the game and because of that always think about why they would say these things and whether they actually believe themselves.
Disclaimer: the views expressed in this post are not investment or financial advice merely my perception of how I see the markets currently. Trade at your own risk.
