The Global markets, whether it be the trading platform for stocks, commodities, currencies or even cryptos... are sentimental driven. Yes, we put in our nod too. If negativity is hovering around then regularly for a certain span we see all nefarious gossips everywhere. This leads to FUD. Similarly, optimistic news is followed by continuous positivity and celebrations leading to FOMO.
The SEC gearing up for the approval of CBOE’s ETF wasn’t enough the reason for the spurt in price that now US also approves ‘CoinBase’ Exchange to list tokenised digital securities. Another rationale was the Multi conglomerate Fund House ‘BlackRock’ eyeing to participate in BTC.
Newsline:(Coinsmart has already launched Crypto currency exchange specifically for the tax paying community in Canada.)(After succesfull testing the BLOCKCHAIN ver.5.0 is revolutionising the world and has taken the tribe by storm.)(2 days to go for the Indian broadcast.)
From my sources in Malaysia and Singapore we speculate that the traders got trapped in short positions. Regularly they were actively shorting between 6600 to 6800 as that was a strong resistance zone. The bulls toppled the bears breaking all resistances of 7400 also. This resulted in ‘Short-Squeeze’.
Finally, I conclude my inclinations and analysis are towards 8400 to 8600 by 8th August 2018. Post approval or disapproval... it’s a different ball game. Please comment your views and thoughts below & question my anatomy if felt. Cheers.
PS: I shall be covering a few Alt coins in another space...stay tuned!