Our market call took place when Bitcoin was trading at the $6,100 level – it has rallied to $6,720 since.
We make it clear that we are not a trading firm, nor do we give trade ideas. But our partners, with decades of experience looking at market trends in foreign exchange, fixed income and equity markets and more recently, in cryptocurrency markets, have a natural understanding of how liquidity driven markets and economic trends that drive them, work in real life.
Recently, we looked at the fundamental and technical factors that drive Bitcoin, Bitcoin Cash, Ether, Ripple, and several other major coins and we went out with a call that, aging not a trade idea, that these names could start to perform well over the next three months. We pointed to the chart levels of $6,200 to $6,000 in Bitcoin and after it held despite waves of negative news, suggested that $7,100 then $7,400 could break and the next big number to focus on by December 2018, was the $10,000 level.
The reversal that took place – have a look at our article and audiovisual packages from September 1 to September 15 – and particularly the timing of these trades. We follow some strict rules on implementing at reversals and got lucky on this one. We see volume increasing (positive), a renewed interest in crypto (positive) and more long-term positive news from regulators as well as banks.
The final months of 2018 could be a great one for cryptocurrencies.