remember that we are in this market, not some dream market, or some should-be market. There is one market, and that market is now. If people want to initiate a rally then so be it. The Poloniex news probably sent people buying in:
- ]reuters.com/article/us-crypto-currencies-circle/goldman-backed-startup-circle-buys-major-crypto-exchange-poloniex-idUSKCN1GA1N4[/list
If this is a trigger that drives a $1k rally, then so be it. It's a big endorsement from the institutional world, to do cross-currency arbitrage (likely into ethereum, via BTC).
If this shows support to drive prices, then our 8/ 9K price is fading for now. We can wait for the next set of signals, but as you can see, if you have a multi-month or multi-quarter outlook, you are able to buy BTC at a discount-to-trend.
Given the bounce from 6K, which serves as our 50/60 day consolidation, the next leg up is built on the 9K foundation.
Without fundamental barriers, we are going up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.