Bitcoin price seems to be range bound this week, trading between $9,200 and $9,500. There have been several attempts for a subsequent rally but the breakout beyond the $9,800 (which is touted to be a decisive point where the bulls will take control thereafter) remains elusive.
2 weeks ago, the bullish sentiments driven primarily by the massive 40% pump to$10,350 has weakened and the market may test dip demand by revisiting levels below $9,000. Interestingly, the much-talked about CME gap was filled midweek with a sharp wick. Trading volumes for BTC have also cooled down significantly since the recent drop-off from $10,350. Low-volume pullbacks like these are often reversed, but we have yet to see any meaningful rebound this week.
All-in-all, bitcoin seems to coiling up in a tighter bound in a wedge. Such actions typically indicate a breakout (either way) is imminent in the next week or so.
OUR WEEK SUMMED UP 🌕
We are excited to announce that BSV & AOA is now listed on ecxx.com!
Bitcoin SV is a cryptocurrency created as a result of Bitcoin Cash hard fork. The SV acronym stands for “Satoshi Vision”, representing the goal of building the cryptocurrency as it was conceptualized by the Bitcoin developer.
Aurora is a decentralized application platform based on third-generation blockchain technology dedicated to providing mature blockchain technology solutions for the entire industry.
Trade with us here!
SEE YOU NEXT WEEK! ❤
The Singapore Fintech Festival 2019 is just next week!! Come find us at Booth 4ZL09, Expo Hall 4 from next Monday to Wednesday!
After that, join us for a night of fun, networking and ideas sharing. You could win a Ledger Nano X and other attractive prizes too!
We are Happy to announce that Xfers is joining us as a co-organizer for our Upcoming Networking party on 13th Nov, along with Litecoin & Ledger!!
Just this week, we have seen more signs that China is opening up to Cryptocurrency. China's top economic planning agency has scrapped the plan to categorize bitcoin mining as an industry to be eliminated from the country.
Despite the dramatic price hike in BTC/USD following Chinese leader Xi Jinping’s endorsement of blockchain technology, the announcement to accept cryptocurrency mining appears to have done little impact on the bitcoin market.
Over the past week Ether (ETH) has shown that it is can be independent from Bitcoin’s (BTC) price action as the digital asset climb their way towards $194 despite BTC’s struggles to breakthrough its key resistance levels. We have also seen several altcoins beginning to forge their own paths higher.
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