Hi traders, let's look at Bitcoin.
Bitcoin has been remarkably stable that past week as we bounced back from $6100 (BTC/USD Bitfinex) after the bears failed another attempt to drag Bitcoin down below $6000.
Price has been going up on diminishing volume...
Which typically foreshadows a market correction...
Although if a correction does happen I doubt it'll be as violent, simply because the current "momentum" is not oversold yet.
On the shorter time frame, there seems to be some fairly strong buy support at the current level:
We're seeing some hesitations on both the bear...
Shorts Bitfinex
...and the bull side:
On the fundamental side, we're still in waiting mode pending SEC's ETF decision which should be made by September 30th.
As I wrote in an earlier market update, shorting Bitcoin has become a crowded trade which makes it vulnerable to market manipulation and short squeezes.
Therefore it seems like a bad idea to be on the bear side at this point.
Now, given the low level of volume on this latest move I lean towards a slight market correction this week...
... but probably nothing that would lead me to abandon a very good entry on a trade.
At this point, I doubt we'll see any significant move on either side until some more fundamental news comes through from SEC.
And that's all she wrote.
Until then...
FØx.
Coinbase
Radar Relay
Kyber Network
LEDGER NANO S
May the FØx be with you.
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