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Jordan Hiscott, Chief Trader at ayondo markets “Green shoots of recovery are appearing for cryptocurrencies as Bitcoin could reach $9,200 in the very near term”
Could it be the green shoots of recovery are starting to appear from cryptocurrencies? The plethora of negative news, both on a macro and micro level, seems to have reached a crescendo and I would argue has even started to dissipate. From the micro perspective, the setup from the chart of some of the dominant cryptocurrencies, like Bitcoin, has certainly stabilised and formed a support base. In my view, Bitcoin could not sustain a move below $5,800 and then maintain a range between $6,200 and $6,900, before most recently moving up to $7,300 in today’s trade. The next point will be key, as long as we can remain above $7,300 I think there is room to push as high as $9,200 in the very near term.
“From a macro perspective, indeed, there has also been a positive change. The hack attacks and importantly, the disruption to underlying traders and investors of cryptocurrencies has decreased. In addition, from a speculation trading point of view, more confirmed and regulated exchanges now seem willing to add the cryptocurrency asset class to their offering. The highlight of this is a rumoured ETF for Ethereum.”
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Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
AutoRek & Microsoft: Why Strategic Partnerships Matter in Finance
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
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