Market Update
It is August 24th, 2018! BTC dominance is currently at 53.3% (+0.0%). Total market cap is currently at $212.2 billion (+ $3.6 billion). The volume of last 24h was $10.3 billion ( -1.1% billion).
After 2 extra volatile days, days full of pumps and dumps, we are slowing down! The total market cap is growing but the trading volume is dropping so the interest is going down! It was expected because the market is still uncertain and most of traders want to stay safe and wait for trending market!
The market sentiment is neutral! We are getting positive and negative news together but nothing major so far! We got post from Cointelegraph ( Link: https://cointelegraph.com/news/cnbcs-analyst-brian-kelly-says-bitcoin-etf-approval-likely-by-february-2019 ) that says that ETF approval likely by February 2019. In my opinon it is just an opinon of an analyst! It may be true but it might not! My opinion is that is is likely to be true because if we see ETF in September, price will grow up to $10k and in my opinion it wont be healthy uptrend because of not touching magic level of 4-5k that was called by every analyst!
An ETF is a type of mutual investment fund that divides ownership of a commodity, derivative, index, or basket of assets, into shares. The fund tracks the value of the underlying asset(s) and is traded on exchanges, with shareholders entitled to any positive returns.
Today we tried to chart XBTUSD on trading view but we saw this: https://www.tradingview.com/x/beYGkfWu/
What is the reason behind this? Pump? Manipulation? Whales?
Well, who knows! Here is the official statement from Bitmex:
" The $7000 and $8000 price wicks on XBTUSD are erroneous, caused by an order that printed on the feed at its limit price and not its execution price. Trading is still normal and will continue, and the market reporting bug is being fixed. Those wicks will be removed from the chart. No Bitcoin was lost and the trading engine team is confident this will not compromise the integrity of the system. "
We are not suggesting trading at the moment. If you check this chart: https://www.tradingview.com/x/EHCa0sBx , the reason will be very clear! The market is in ranging phase and until we see some major breakout or breakdown, I am not suggesting taking any action! If you miss first move, it is not a problem, there will be a lot of reentry chances!
Few days ago I was on meeting with a guy that is making miracles in trading! He is 90% focused on forex for years but he is checking crypto too. When you enter his trading room it is like science fiction! Charts are everywhere, 10+ monitors and whole trading set up worth $450k+.
I just wanted to get an opinion from him about BTC price and his opinion is very positive! He does think that price has to reach 4-5k area but after that we will see $25k area very soon after 2 major news! Just sharing opinon from people that achieved big things in trading so their opinion has some value for sure! Time will show what is actually going to happen!