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Bitcoin Under Pressure, Now in $5,800 to $8,200 Range – Partners Meeting

Bitcoin Under Pressure, Now in $5,800 to $8,200 Range - Partners Meeting (article)

Notes from our partners meeting……Bitcoin and range trading to and past September 30. 

We have a partner on the team who has 25 years experience in charts and technical analysis. One of his tasks when covering hedge funds in FX, Bonds and Equity was to focus on 3-month trends while, at the same time looking for ranges that were identifiable in clear support levels and resistance levels. Right now, Bitcoin seems to be in a range, and will likely remain so in the coming months – up to the September 30 SEC decision on ETFs.

Surely there are many factors that are influencing Bitcoin that range from regulator decisions or currently, indecision, to retail acceptance (Starbucks, Expedia, MasterCard and others), and institutional support from IBM, Citi, and Northern Trust, a firm which is working with hedge funds. We also seem major institutions calling out Bitcoin, saying it is not a store of value, not a unit of measurement nor a medium of exchange.

We are now studying Bitcoin and see it in a $5,800 to $8,200 range, with more downside pressure.

We do not give trading advice at Classiarius, and we especially discourage short-term trading. In fact, we discourage day trading and other get-rich-quick methods of trading or investing. Our style is to study markets, look for trends of 3-months or more or reversal of trends with fundamentals at the core of each trade.

This range mentioned above fits in with our 3-month view to late September, into October.

Team Classiarius

JMB

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Classarius is the only data driven news for blockchain, cryptocurrencies and technology from investment professionals.
Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

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