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[Preston Coin Headlines] Are the bulls back? And what does BTC, ETH, XRP, and marijuana stocks like TLRY all have in common? (Part 1/2)

            Today’s total cryptocurrency market cap is sitting at $227 billion with $25 billion in total trading volume at time of writing. Bitcoin’s market dominance continues to decline while it’s at 51.3%. These are all bullish signs. At the beginning of this week on Tuesday, we hit a low in the total market cap when it was only at $192 billion. As of today, we’ve risen 13% in total market cap for an additional $25 billion. The market sentiment is definitely changing. As you guys may know, I have said constantly that trend confirmations require at least $17 billion to $20 billion and we are at $25 billion in 24-hour trading volume right now.


            The news that almost undoubtedly caused today’s bull run was the news that came out yesterday (Sept. 20th) that the CBOE Bitcoin ETF decision date will be delayed. This was a little surprising as I had expected the SEC to come out and say they will extend the decision date but not 10 days earlier than the supposed Sept. 30th date. My main takeaway from this bull run that we have just experienced is that the market may actually be come smarter or at least more resilient to regulatory news. Everyone has been waiting for the next bull run by means of more institutional investor money and people thought that this was the whole method to achieve this. On July 22nd, the Winklevoss twins’ ETF was denied for the second time which basically caused the whole market to crash for almost a whole month until August 22nd when 9 Bitcoin ETF’s were rejected as well causing another 5-6% spike downwards (but then the price would go up shortly after). When the news came out that another extension was happening, the market didn’t go down… in fact… we went up.


            The importance of this can’t not be emphasized enough. Instead of having a knee-jerk reaction to Bitcoin ETF’s I do believe the market has become more resistant and are turning towards other ways for mass adoption. In case people forgot already, there is going to be NYSE’s Bakkt exchange that’s supposed to be launching in November as well as forthcoming security token offerings. We can see clearly see that the price of cryptocurrencies is still at the mercy of the traders because fundamentals aren’t playing that big of a role anymore which can be good and bad. However, because good news isn’t that magnified, neither is bad news and for that, I must say is a positive.

            Bitcoin is currently trading at $6738 and it is trying to test a bearish trend reversal at the 38.2% Fibonacci level of $6872. A key support level can now be established at $6500 and that’s something that we’ve all been waiting for. However, I still believe the price is going to retrace to $6600 before we retest $6872. If we break and close above $6872 on the daily charts, then there is a good chance the price will shoot up all the way to $7500 where the 61.8% Fibonacci level is before we see some pullback. So far, I have been almost 100% correct on my Bitcoin calls since September 7th, where we saw the pushback right at $6100 and I had been saying for almost 3 weeks now that the price should have dipped to $6000-$6100 and even though I was off by just $50, the rest of my prediction has been mostly correct. MACD has finally crossed upwards on the daily chart which is something that hasn’t happened since August 21st, so this move today is a big deal. We need more confirmation of the trend before I can confidently say that it’s a good buy. At this point I don’t see the price moving down to $6500 again but if it does that’s still okay. We are finally above the macro downward trend line and have been so for about 8 days now.

            

         There is a rumor going on that marijuana stocks are competing with cryptocurrency money and that the groups of traders that were pumping up the price of Tilray (NASDAQ: TLRY) have left that pump and are putting their money back into cryptocurrencies. If you look at the side by side chart of TLRY and Bitcoin you can kind of see that this is true. Of course, correlation does not equal causation but this is very interesting to see nonetheless. After TLRY shot up 700% since August 24th, we’ve seen Bitcoin drop by 20% in that same time frame. However, TLRY has now dropped back down by 60% in just two days. While the whole cryptocurrency market has added back $25 billion. It is very suspicious indeed. There are people who do believe the parabolic movement of marijuana stocks is akin to cryptocurrency’s rise and I have to say that the comparison is very similar.


          



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關於分析師

Preston Hom

交易平台(ICO68.IO)分析師。Newcoins168網站ICO分析師,曾擔任現代美國汽車公司的數據分析師。2013年畢業於加州大學爾灣分校。 在目睹身邊的朋友通過首次代幣發行(ICO)投資的高回報率賺了數百萬美元後,Hom進行了第一次ICO投資 。他通過識別宏觀趨勢,研究和分析,成功將自己的所有投資增值,回報率最高達到4000%左右。他認為,區塊鏈技術與互聯網起源的獨創性相似,在web 3.0創新技術的帶動下,區塊鏈技術將會為世界提供更多成功的機會。

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