October 20th Cryptonaire Weekly Crypto Magazine Editor’s Letter
In this one of the latest bitcoin magazine, you will get to know all the weekly updates regarding market. The Bitcoin futures market volumes have started to increase and in the recently completed expiry on the Bakkt Bitcoin exchange, a record number of futures contracts were marked for delivery, according to data from Arcane Research. This shows that the institutional investors are bullish on Bitcoin, hence, they are building positions in the derivatives markets.
While several reports have been bullish on the prospects of Bitcoin, JPMorgan strategists have a different view as they believe that Bitcoin is slightly overvalued compared to its intrinsic value and it could face a “modest headwind” in the short-term. Although we are also bullish on Bitcoin in the long-term.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE:
BLOCKCHAIN INSURANCE THE FUTURE – ATROMG8 NEW DEFI SOLUTION
TOP ISSUES A TENANT FACES – HOW PIF CAN HELP?
The bulls did not allow Bitcoin to dip below $11,200 in the past few days. This shows that the previous resistance has now flipped over to support and the bulls are buying on dips to this level.
The sharp up-move on October 19 has pushed the price above $11,736.02, the intraday highs of October 12. The rally may now reach $12,086 and if this level is scaled, the uptrend could extend to $12,486.61.
Both these overhead resistance levels might attract selling by the bears. Therefore, traders can watch the price action closely and book partial profits if they find that bulls are struggling to push the price above these levels.
However, the upsloping 20-day EMA and the RSI above 67 indicates that bulls are in command. If the bulls do not give up much ground near the overhead resistance, the possibility of a rally to $14,000 increases.
Therefore, traders can keep a part of their positions with a deeper stop-loss at $11,000 to allow the BTC/USD pair some wiggle room.
This bullish view will be invalidated if the price turns down from the current levels or the overhead resistance and plummets below $11,200. Such a move will suggest aggressive shorting by the bears at higher levels.
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