Price Analysis 14/08: Btc, Eth, Xrp, Bch, Ltc, Bnb, Eos, Bsv, Xmr, Xlm
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Market data is provided by the HitBTC exchange.
Nicholas Colas, co-founder of DataTrek Research, believes that the performance of Bitcoin in the past few days shows that it is working like a geopolitical turmoil indicator. He points out that Bitcoin predicted Hong Kong protests and some capital flight out of Hong Kong and China.
Both in Argentina and Hong Kong, investors paid a premium for Bitcoin to protect their capital during periods of crisis, but as trade war tensions between the United States and China abated, Bitcoin prices cooled off. However, Murad Mahmudov, chief information officer at cryptocurrency hedge fund Adaptive Capital, believes that investors should think big. He expects Bitcoin to hit $100,000 in the future.
Bitcoin did not react to the SECs decision of postponing its ruling on three Bitcoin exchange-traded fund proposals, which shows that crypto markets have matured. Is the current weakness in the crypto space a buying opportunity? Lets find out.
Bitcoin (BTC) has dipped back below the downtrend line and the moving averages. This has triggered our recommended stop loss on the long position. The failure of bulls to build up on the gains following a breakout of the downtrend line is a bearish sign as it shows profit booking at higher levels. With no major support in sight, a drop to the critical support of $9,080 looks likely.
The support at $9,080 has held twice earlier, hence, we anticipate bulls to defend it once again. A bounce from the support will face resistance at the downtrend line and the moving averages. We expect the BTC/USD pair to pick up momentum above $12,000.
On the other hand, if the pair breaks down of $9,080, it will become weak and can drop to $7,451.63. Considering the weakness in the short term, we suggest traders wait before buying again.
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