Still consolidating? Or do we have the bulls back?

Now after considerable effort and sleepless nights I had spent researching for the People’s Conference in Bangalore a strong shock hit me. I hadn’t written for you guys in a while now. I apologize for that.

Now when you open your portfolio you would be like agh cryptocurrencies are done. No more money out of it. But you are wrong.

Here is my part of the analysis.

MARKET UPDATE

As you could see earlier after some small rise impulse BTC went to market flat always. And just FYI, if in future Im not posting any market update than keep on track with previous one.

Lets look to the graph below (BTC D1 TF).
The price stuck at upper border of the wedge and at the lower border of Ichimoku cloud.

BTC D1 TF (Bitstamp)

BTC has next resistances above current price leve;:
6625$ - ЕМА100 on D1;
6820$-6850$ - EMA50 on D3 and ЕМА21 on W1;
7020$ - EMA200 on D1 and EMA50 on W1.

There is a possibility that price can bounce down to the area at 6430$ (23.6% Fib), 6360$ (38.2% Fib), so for those who have opened LONG positions I recommend to update stoplosses for re-entering again at lower level in case of bounce down. I drew Fib retracement from the previous local dip at 6056$ by Bitstamp.

If the price could break through the upper of border of the falling wedge with good volumes and consolidates there then BTC has all chances reach 7500$ and even the target by wedge. The most important thing for BTC is stay above 6k$ and the more time BTC stays higher it the more chances to go higher.

Anyway dont forget about updating stoploss for now, because Im sure many of you have entry point lower then current price level. And if BTC has some risk, even small one, of going to 6k$ area would be better to have insurance with stoploss and re-enter at lower values.

Now lets talk about fundamental part

1) ETF
As many of you know 5th of NOV was a last date of accepting remarks and notes regarding 9 ETFs. Now SEC should give a feedback till 28th of DEC or postpone till FEB 2019 (but this is a last time when SEC can postpone it). The main question is: Why SEC declined ETF previously and then change mind and decided to give one more chance to review them again?

2) BITMAIN
Also many of you saw news about release of new ASICs by Bitmain. There are rumors that sponsor of previuos BTC pump on 2017 was Bitmain. If this is true then we had such picture - before BTC pump on 2017 Bitmain has mined a lot of BTC using their new (was new on 2017) ASICs, then announced them and pumped BTC for selling more ASICs and fixing BTC at high.

Im mentioning only Bitmain, despite there are a lot of other mining equipment manufacturers. Just Bitmain is the biggest one.
So now we have almost similar picture - before the announcement new ASICs the mining difficulty was increased well starting from end of JUL 2018 till beginning of AUG 2018 and still growing (look at the graph below). But the price at above mentioned period was dumped well from 8200$ till 6000$.

3) BAKKT
Intercontinental Exchange (ICE) a parent company of The New York Stock Exchange (NYSE) is going to launch Bakkt on 12.12.2018. And the first asset will be BTC futures contracts with physical delivery of BTC asset. The key word is "physical". It means that for trading operations will be used real BTC, not air asset like in CME of CBOE.
Details about how Bakkt will operate you can read here on the official website:
https://www.theice.com/products/69281872/Bakkt-Bitcoin-USD-Daily-Future

You surely know where to find me on telegram.

@hashedplutus

Absolutely Mashed Babe

Love,

Armar Shamas