Bitcoin has become stuck in a tight range, with little fluctuation outside the $200 band from $6,450 to $6,650. We know that won’t last forever, and the sense is of pressure building. Analysts agree that a significant move is on the cards – though of course, no one can guarantee whether that’s going to be up or down.
Our long-term, gently-rising support now stands at the $6,200 mark, while falling resistance has reached $6,800. Bitcoin cannot continue to oscillate within these constraints for much longer: as we’ve pointed out before, those lines converge at the end of October, and we wouldn’t expect the pattern to run its full course.
Bears are making much of the possibility of a catastrophic breach of support around $6,400, leading to prices in the $4xxx range; bulls are looking forward to our traditional end-of-year rally of 20-30%, which would take us back up towards $10k.
That’s all we really have to say on the technicals for now, but let’s look at a few remarks from key figures in the crypto industry:
CFTC Chairman and Donald Trump appointee J. Christopher Giancarlo – nicknamed ‘Crypto Dad’ by the community, says bitcoin is here to stay.
‘I’m not sure they ever come to rival the dollar or other hard currencies, but there’s a whole section of the world that really is hungry for functioning currencies that they can’t find in their local currencies. There’s 140 countries in the world, every one of them has a currency. Probably two-thirds are not worth the polymer or the paper they’re written on, and those parts of the world rely on hard currencies. Bitcoin [or another] cryptocurrency may solve some of the problems.’
Meanwhile Mike Novogratz, the founder of Galaxy Digital and well-known bitcoin bulls, has said he doesn’t think BTC will break $9k this year – having ten days earlier stated it was impossible for bitcoin not to hit $10k before 2019.
Venezuela’s President Nicolas Maduro has scheduled the public sale of the Petro for 5 November. The Petro’s wallet has been launched and its website is live. It’s one of the most hotly-anticipated ICOs of 2018 – though not, it has to be said, for the right reasons. At Inferno we are, as ever, leveraged long on popcorn for that one.
And finally, John McAfee has tweeted about his campaign (to save his sausage) for President: ‘Let's be real. No sane person could believe I could ever become President. That's not my goal. I want access to the National Stage for 18 months to promote what I believe is the only thing that can save us: The Blockchain, CryptoCurrency and the economic freedom they will bring.’
Meanwhile: Bollinger Bands tighten. Volume drops. Prices flatline. Wait for it...
Red hot news, scorching wit and searing opinion pieces from Crypto Inferno.
Join us on
Telegram: https://t.me/crypto_inferno
Reddit: https://www.reddit.com/r/CryptoInferno/
Twitter: https://twitter.com/CryptoInferno_
Facebook: https://www.facebook.com/CryptoInferno/
Medium: https://medium.com/cryptoinferno
Steemit: https://steemit.com/@crypto.inferno
You know I've been surprised by how remarkably stable the market has been. There has been a FUD everywhere, heck look at EOS and how the news of a bank failing where block.one had a ton of money at. The EOS/BTC or EOS/USD pairs barely even budged. It leads me to believe the end of the bear run is coming to an end.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit