Bitcoin's rally above $11,000 is exactly what crypto bulls are looking for, Oppenheimer's technical analysis head says

Bitcoin's latest upswing suggests the cryptocurrency on the verge of a new uptrend, Ari Wald, head of technical analysis at Oppenheimer, said Monday.
The digital token rallied to its highest level in nearly a year in late Monday trading and held the $11,000 level into Tuesday morning.
While gold is likely the most popular hedge bet for those expecting inflation to rise, bitcoin "isn't as extended," Wald said on CNBC.
The coin is slowly reversing a years-long downtrend and is displaying "the type of action" a crypto bull would like to see, the analyst added.

Watch bitcoin trade live here.
bitcoin long-term trendline suggests it has plenty of room to run, Ari Wald, head of technical analysis at Oppenheimer, said Monday.
The world's most popular cryptocurrency soared to its highest level in nearly a year late Monday evening and stayed above $11,000 per coin into Tuesday morning as investors continued rotations to hedge plays.
Gold, another alternative asset to soar through recent sessions, is a good way to position for the Federal Reserve's unprecedented monetary easing, Wald said.
 Yet major cryptocurrencies could serve as a more tactical bet against inflation and low yields, he noted.

I think it's worthwhile to highlight bitcoin instead, which isn't as extended," Wald said on CNBC's "Trading Nation," adding that the token's volatility makes it "tough" to shrink trading losses and maintain flexibility for long-term strategies.

Read more: 'Castles built on sand': Famed economist David Rosenberg says investors are being too reckless as stocks rally  and that a vicious long-term bear market is far from overGetting in early could benefit bitcoin bulls for years to come, Wald noted.
 The coin's price is steadily reversing a downtrend that began after reaching its peak in 2017, and bitcoin's latest swings point to plenty of upside to come, he added.

"If you are a long-term holder, this is the type of action you'd like to see," the analyst said.
Bitcoin traded at $10,992.30 per coin as of 4:15 p.m. ET, up 52% year-to-date.

Read the full topic at
https://markets.businessinsider.com/currencies/news/bitcoin-price-rally-market-action-crypto-bulls-want-oppenheimer-analyst-2020-7-1029440814#

Follow me on
Linkedin: https://www.linkedin.com/in/crypto-expert20

If you wont me to post your cryptocurrency article on my blog From the link
https://www.fiverr.com/cryptoexpert20/post-your-cryptocurrency-article-on-my-blog

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more