Bitcoin (BTCUSD) crossed the 6,000 mark for the first time on Friday for a short, fresh peak taste and is now retesting the 5,800 breakout region.
Bitcoin (BTCUSD) crossed the 6,000 mark for the first time on Friday for a short, fresh peak taste and is now retesting the 5,800 breakout region.
The No’ 1 cryptocurrency is heavily traded between 5,400 and 5,800 with “just” 400 points up and down glitches since Friday.
Note that in the next few day the Bitcoin market will be highly affected by the Bitcoin Gold Fork. The fork is scheduled on October 25th.
Bitcoin is trading at $5728.9, down -4.01% as of 8:00 GMT.
Today, purchasing manager indexes figures will come out from Europe and the United States.
Few scenarios on the table today:
It is nice to know that:
Purchasing Managers Index, or the PMI, is a strong economic-health-indicator which is derived from monthly surveys of a number of carefully selected companies across the manufacturing, construction, retail, and service sectors. The PMI is based on five major indicators: inventory levels, new orders, production, supplier deliveries and the employment environment. All indicators are calculated separately and then combined together for a final number. An index total over 50 indicates economic improvement, while anything below 50 indicates an economic decline. The farther away from 50 the index is, the stronger the change over the month. An advantage of using the PMI is that it is a fact-based indicator, not opinion-based.
Yaron Mazor is a senior analyst at SuperTraderTV.
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Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.