The Ongoing Debate: Are We at the Bottom?
The burning question on every crypto investor’s mind: have we truly hit rock bottom, or are we just witnessing a classic dead cat bounce? Noted Bitcoin bull, Arthur Hayes, suggests a possible dip to around $8,000 to $10,000 before any upward movement. On the flip side, Boris Schlossberg from BK Asset Management is a bit more skeptical, thinking the current pullback might sneak above $8,000. Who’s right? Well, put your bets on the crypto roulette!
Institutional Investors: The Big Money is Watching
In the glorious world of cryptocurrencies, institutional investors are playing a leading role. Grayscale Investments reported that 56% of new investments in their products during the first half of 2018 came from institutional bodies. That’s some serious cash flow! Their June fundraising activities were so robust that they haven’t seen such peaks since 2013. So, before writing off the crypto market, keep an eye on the big players!
Bitcoin: Time to Chill or Time to Charge?
Bitcoin is like that one friend who steals the spotlight at every party. After breaking an inverse head and shoulders pattern at $6,953.38, its target was approximately $7,996. However, there’s a catch. Resistance is looming at $7,750, which has blocked Bitcoin’s path before. Traders are advised to take partial profits around $7,500 but keep their positions open as the bullish momentum may lead to further gains!
The Altcoin Chronicles: Who’s Thriving in the Shadows?
Let’s not forget the altcoins! Ethereum saw a breakout at $496.36 but struggled to maintain its momentum. With support at $404.99 and potential gains waiting above $500, the bulls need to step up. Ripple, however, seems to be testing the waters at $0.45351. A drop below that may see it dive lower, showcasing once again that some crypto boats sink faster than others!
Charting the Path: What’s Next for Traders?
For traders, the advice is to remain cautious. With Bitcoin Cash teetering around $850 and consolidating between the 20-day EMA and 50-day SMA, traders should remain alert for opportunities. Each asset behaves differently in these turbulent waters, so it pays to keep strategies flexible. After all, in crypto, a watchful eye is a trader’s best friend!
