September 22nd Cryptonaire Weekly Crypto Magazine Editor’s Letter
The crypto markets plunged on September 21 along with equity markets, gold, and crude oil. This shows that traders dumped both asset classes that are perceived as risky and safe haven. However, this selling is unlikely to sustain as long-term investors will utilise the opportunity to buy those assets which have strong fundamentals.
Nasdaq and Brazilian fund manager Hasdex have received the approval to launch the world’s first Bitcoin ETF, to be listed on the Bermuda Stock Exchange by the end of the year. This is a major step ahead because several institutional investors who want to diversify into cryptocurrencies might use this route.
All signs point to increased participation from institutional investors in the future. Hence, long-term retail investors should buy on strong dips in a phased manner and build their portfolio.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE:
HOW BUILDING CONTRACTORS CAN BENEFIT FROM THE
ROWAN ENERGY STAKING REWARDS UPDATE – ALL
HOLDERS MUST READ!
CRYPTO INVESTMENT RATINGS – HOW EVAI
DECENTRALIZED RATINGS WILL NAVIGATE THE HYPE AND
We had suggested traders book profits on 50% of their position close to the 50-day SMA as we were anticipating a stiff resistance from the bears and that is what happened. Bitcoin turned down from the 50-day SMA and plunged on September 21.
Currently, the price is stuck between $9,800 and $11,200. A break below $9,800 can result in a fall to $8,800. If the price does not bounce back sharply from these levels, it will show that the bulls are not in a hurry to buy and that could be a cause of worry.
However, if the BTC/USD pair rebounds sharply after breaking below $9,800, it will suggest that traders are accumulating aggressively at lower levels.
However, instead of a breakdown, if the pair turns up from the current levels, then the bulls will make another attempt to push the price above $11,200. If they succeed, it will suggest that the fall on September 21 was a bear trap.
Another possibility is that the price consolidates inside the $9800-$11,200 range for a few days before starting a trending move. Traders can wait for either of these possibilities to play out before attempting to take a trade. If the pair rebounds sharply from the $9,800 level, it will indicate strong buying at lower levels, hence, aggressive traders can initiate long positions with a close stop-loss.
Another possibility will open up after the price breaks and closes (UTC time) above $11,200. The target objective on the upside is a rally to $12,000 and then to $12,486.61.
Lastly please check out the advancement’s happening in the cryptocurrency world. Subscribe our Digital Crypto News Magazine for latest updates weekly.
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Digital Crypto News Magazine Highlights
Featuring in this weeks Edition
– Atrom Network
– Rowan Energy
– Finalmente Global
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