Bitcoin Today: weak dollar and Morgan Creek Digital
Price
One more day presented us with one more breakthrough, continuing the local bullish trend. It is worth noticing, that due to rather low volumes and relatively low momentum this uptrend looks more like a correction to the oversold market, as like there were no one willing to sell on these levels so the market went upwards to gain more volume. Nonetheless, now we are in the last resistive zone 7000 – 7300 and crossing of these levels which also coincides with 100-days EMA will give a buy signal to many by finishing the turnaround pattern. So, if BTCUSD is willing to continue the current tendency and breach above 7300 at the end of the day, that will definitely provoke a much powerful reaction. It is also highly probable that we will see some selling at the 7200 level before the upward rally, as it will be a 20% profit point for those who bought 6000 (good place to fix profits and then re-enter the market). In such case, the price will have the space for maneuver until the 6800 level, which should stay strong to support the bullish tendency. And of course, a clean and strong breakthrough above 7300 will be a bullish signal, especially if supported by positive fundamental background.
Today forecast
Trading in the 6800 – 7300 zone. Breakthrough above 7300 – bullish signal.
Latest news
One more day presented us with one more breakthrough, continuing the local bullish trend. It is worth noticing, that due to rather low volumes and relatively low momentum this uptrend looks more like a correction to the oversold market, as like there were no one willing to sell on these levels so the market went upwards to gain more volume. Nonetheless, now we are in the last resistive zone 7000 – 7300 and crossing of these levels which also coincides with 100-days EMA will give a buy signal to many by finishing the turnaround pattern. So, if BTCUSD is willing to continue the current tendency and breach above 7300 at the end of the day, that will definitely provoke a much powerful reaction. It is also highly probable that we will see some selling at the 7200 level before the upward rally, as it will be a 20% profit point for those who bought 6000 (good place to fix profits and then re-enter the market). In such case, the price will have the space for maneuver until the 6800 level, which should stay strong to support the bullish tendency. And of course, a clean and strong breakthrough above 7300 will be a bullish signal, especially if supported by positive fundamental background.
Today forecast
Trading in the 6800 – 7300 zone. Breakthrough above 7300 – bullish signal.
Latest news
- Weak Dollar and Morgan Creek Digital launch are possible reasons for bullish BTC
In the evening of August 28, activity on digital platforms declined slightly, which led to a weakening of bitcoin, but the coin kept its position above 7,000. The main reason for strengthening bitcoin was the weakening of the U.S. dollar, which has caught the eye of analysts:
“This kind of behavior is typical of commodities. As the buck falls, it takes more dollars to buy a barrel of oil or an ounce of gold and vice versa,” said Mati Greenspan - senior market analyst at eToro. “My suspicion here is that as the dollar dominates the markets, people are placing more faith in it over bitcoin and of course, vice versa, when the dollar falls.”
Asian investors have reduced the volume of investment in the traditional currency and switched to alternative assets. At the time of writing, bitcoin is trading at 7057 USD. Almost all coins from the top-10 CoinMarketCap also shows growth on Wednesday.
A leader of growers was the EOS cryptocurrency, which went up by 9.67%, to 5.85 USD price point. The second and third digital currencies in terms of capitalization were Ethereum and Ripple, increased by 2.3%, to 292 USD and 0.34 USD respectively. The total market capitalization of the digital market exceeded 230.06 billion dollars, and the bitcoin dominance index reached 52.9%.
Cryptocurrency Dash Coin rapidly adds, receiving support from Venezuela. The digital currency is in high demand in this country, recently the coin jumped by more than 20%.
Support for the cryptocurrency market was also provided by the launch of the Morgan Creek Digital investment fund, which trades the most liquid digital currencies, according to MarketWatch. Morgan Creek Digital, an operating subsidiary of Morgan Creek Capital Management, announced the launch of a digital asset index fund. The fund, which is in partnership with San Francisco-based Bitwise Asset Management, is a market-cap-weighted basket of the top 10 largest digital assets, excluding Ripple and Stellar as they have a central supply of more than 30%.
“Increasingly, institutional investors are coming to us asking for exposure to the space,” said Mark Yusko, chief investment officer of Morgan Creek Asset Management.
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