New Video on the Bitcoin Market and we look at a new report showing possible accumulation of altcoins from institutions— Josh Rager 📈 (@Josh_Rager) October 15, 2019
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Bitcoin a Ticking Time BombThe price of BTC rallying to the $8,600 resistance level seems to only have been a relief in response to the prior dip from $10,000. Also, the daily price has not closed above the resistance. Therefore, we consider both of these as bearish signals. Looking at the volume profile, we can see strong support at the current price level until $7,600. Beyond that, there is very low support until $5,400. A breakdown below $7,600 could initiate a rapid decrease towards $5,400. Finally, the $7000-$7200 price area is right at the 0.618 fib level, so it is bound to get action by trading bots and algorithms.
Grayscale Report Honorable MentionsThe main takeaway from this report is that institutional investments have been steadily increasing, especially in Bitcoin and Ethereum. Grayscale raised $254.9 million in the past three months, $171.8 of which went to its Bitcoin trust, $62.7 to Ethereum, and the rest on ETC, XRP, LTC, BCH, ZEC, ZEN, and XLM. In the period from Oct 2018 to June 2019, the total investments in all other funds besides Bitcoin was less than $20,000,000. However, that began to change towards the end of June, when the cumulative investment exceeded $100,000,000 in the final week of September. The chart below shows the investment in all the Grayscale trusts except that of Bitcoin. The data seems quite bullish for the future of cryptocurrencies and gives an especially positive outlook for Ethereum. Do you think institutional interest in cryptocurrencies will continue to grow or was this quarter an outlier? Leave us your thoughts and opinions in the comments below. Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.