Bitcoin, Fundamental and Technical Analysis (What to expect in Q2 and Q3)
Short term Future.
We had a breakout of the local diagonal resistance which might take it to test atleast local highs of 9375$ and might even go to 9470 for a 1.618 then retrace before ascending further!
Short-Mid Term Future.
With the current momentum and a bullish chart pattern favouring bulls at the moment and seemingly the target stands at 9900 for next 2–3weeks but in case of FUDs or anything unlikely coming out in terms of news, it might make BTC break its diagonal supports and cause a likely dump to 8800 and if pressure continue we might correct to 8400.
Likely Problem for the Bulls.
No gaps should be left unfilled when it comes to trading! The larger the bounce, the larger will be the correction in relation to these unfilled gaps! Also it wont be a bad thing if these gaps are left unfilled! So lets leave it there only!
The Main Fundamental driving this RALLY!
Bakkt to put Bitcoin futures to test July 22
Adam White, COO of Bakkt, shared the details of the upcoming testing. Bitcoin Futures testing of BTC futures contract will start on 22nd JULY which is a huge news for Bitcoin. Institutional Investors are now in the game and we are talking huge sums of institutional money coming in Bitcoin.
Now the main thing to keep notice of is the inflow of money is into Bitcoin only and Ethereum and the chasing pack altcoins might not follow this rally causing them to underperform in terms of BTC, So keep note of that fact!
LIBRA, the saviour or the main protagonist that leads to the downfall?
Facebook’s upcoming stablecoin cryptocurrency, dubbed “Libra” or “Globalcoin”, has secured investments from massive corporations. These include but aren’t limited to Visa, PayPal, Mastercard, Coinbase, Uber, Lyft, Spotify, a16z, eBay, Union Square Ventures, and Stripe. Everyone believes the project will drive adoption. The reason of concern here is Bitcoin is the KING, Well for now. If LIBRA comes into the play, it is definitely going to share the market cap with other alts and BTC itself, well new money will definitely come but sharing its market cap being the more trusted of a PROJECT than others might likely lead to some blood in the current set of coins in crypto community! Guess we’ll find out soon!
WHAT SHOULD YOU TRADE AND WHAT YOU SHOULDN’T
For one, The coins with low liquidity on exchanges suffer from the volatility of Bitcoin, Pump and Dump groups are the main reasons why they move and why they dont, When BTC moves, they will be the first ones to fall 10–15% If the move is big! I personally dont like trading them.
For me the best bet out there is IEOs of Binance, if they fall because of BTC volatility, they recover as well! They have amazing fundamentals and they are the new blood of the current crypto market meaning they will be at the forefronts of your 20x-50x gains come the next parabolic BTC run! In terms of my holdings, I am mostly in BTC, BNB, LTC and NEO because Majors dont dump like others and all of these have specific fundamental push coming sooner rather than later, LTC halving, BNB being BNB and NEO 3.0 mainnet next year! Apart from these I have my holding in some microcaps as well!
Well you better choose carefully when it comes to your portfolio as they are your gains (The above written article is not any sort of financial advice, just my views on market) But my suggestion will be keep in mind the events lined up!
BTC Futures testing in Bakkt
Libra is here.
ETFs will be here soon too.
Mass adoption in process.
FATF Considering new international standards for businesses.
And last but not the least,
BTC halving 2020
Published at Thu, 20 Jun 2019 14:28:47 +0000
