|Sep 09, 2018 08:00 PM||By: John Patrick Mullin | 5578 Views|
The definite art of foretelling the future of the crypto markets hinges more on the news and the response to it than to the highly respected technical analysis of BTC. This can be seen with the recent drop of Bitcoin (BTC), Ethereum (ETH) and all other digital assets due to the false news that the Goldman Sachs firm, was committing plans to launch a Crypto trading desk shortly. The story had stated that the firm had cited Bitcoin administrative hiccups as the reason to briefly put the ideas on hold.
The crypto markets are yet to gain from this FUD with the most distressed digital asset being Ethereum (ETH). The King of Smart Contracts took a huge hit when it fell from levels of $280 right before the fake news was delivered, to its lowest value this year of $188 earlier this morning. ETH is currently trading at $192 and down 12% in the last 24 hours.
The first likely near future plot for BTC is that it retests levels of $5,800 as seen back on June 29th. The current provider level of $6,150 is crucial for the digital asset to have its value above $6k. If this is split, due to slow trading today (a Sunday), the further drop is imminent.
Of unique mentioning is BTC’s answer on the 29th of June when it hit $5,800. After the fearful drop, the King of Crypto would then regain $1,000 in a week. For, if Bitcoin were to retest this levels, it would do so only briefly.
Out much technical analysis, we can tell that BTC has been massively oversold over the weekend. The weekends are identified to have low trade volumes historically. Accordingly, with the new week only hours away, the King of Crypto is possible to gain a few more dollars in profit in the next few hours.
Nevertheless, this is not guaranteed given the unpredictability of the crypto markets. We have intentionally ignored technical report for we know that any real or fake news can negatively or positively affect the crypto markets.
Many crypto supporters have marked September 30th as the D-Day for the CBOE sponsored Bitcoin ETF decision at the SEC. The possibility of the authority approving the ETF is slim given the SEC’s record of denying or postponing any such rule change that gets its way.
Accordingly, with September 30th only 20 days away, and with BTC proving to be shaky for the last few days, news of refusal or delay could send the digital asset to the lower levels of $5,000. What the cryptocurrency trading association needs to do, is to prepare for the worst as we propose the aforementioned D-Day.