CRYPTO NEWS : Market Update 10 05 2018

in #crypto6 years ago

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Market Update

Hello everyone, the current price of Bitcoin is $9,303, with around 7.3 billion USD in trading volume at 9:08 AM (Central US) and 2:08 PM (UTC). The price of Ethereum is $750, with trading volume at 2.9 billion USD.

In order for the channel we mentioned yesterday to continue, Bitcoin’s price required a healthy bounce between $8,950-9,050. We saw exactly this with a swing low reversal on the 4hr chart as Bitcoin deviated from a falling wedge that had been developing since $9,900. This essentially means that at the pivotal channel support, which Bitcoin has remained in since April 20th, the price, with healthy doses of volume, rebounded significantly, which indicates that there were many eager buyers in this area hoping to purchase at that price. These events give us confidence that accumulation from the buy side is still continuing, similar to what we saw when Bitcoin was in the mid $6,000’s

Occurrences such as those found above, are positive indicators that we will, once again, retest the upper bounds of the channel resistance north of the psychological barrier at 10k.

For those most experienced in the cryptosphere, you likely see why we meticulously analyze Bitcoin’s price movements. Although, a large percentage of our portfolios are held in alt-coins, especially when bullish momentum floods the market, the profits in this space are determined by the health of $BTC. Bitcoin, as absurd as this may seem, is generally the most stable asset in this space. All other cryptos react with varying degrees of volatility when compared to the movements of Bitcoin.

When the cryptocurrency ecosystem loses momentum, a devastating blow tends to occur to those primarily invested in alt coins. The direction in which $BTC trends, is a herculean indicator on how the rest of our positions will likely perform. This is why we consistently monitor Bitcoin’s price action, to ensure our whole community knows which cryptocurrency indicator is necessary to understand how the rest of the market will perform.

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