Advertisement
Advertisement

Bitcoin And Ethereum Daily Price Forecast – Crypto Market Trades in Green on News Driven Momentum

By:
Colin First
Published: Feb 1, 2019, 14:45 UTC

News of CBOE's Re-submission of ETF Approval Request Inspires Positive Momentum in bitcoin and legacy cryptocurrency but investors cautious limits gains resulting in range-bound price action.

Bitcoin And Ethereum Daily Price Forecast – Crypto Market Trades in Green on News Driven Momentum

Cryptocurrency market gained positive price action today as news hit the market that a request for ETF approval has been submitted to SEC once again by Van Eck, CBOE collaboration parties. While I had mentioned in an article earlier this week they may not submit a request anytime soon owing to the possibility of another partial government shutdown owing long time duration required for such progress and this update has come as a surprising move. Most investors in the market didn’t expect this move and this has increased investors’ hopes today as VanEck/CBOE group has clearly mentioned that their request meets with minimum requirement standards expected by SEC and so the product is likely to be approved.

Rangebound Action Continues Despite Bullish Bias

Given CBOE was first to officially debut Bitcoin futures on huge level in U.S.A, traders hope that an approval will bring in fresh wave of fund flow boosting the price action in broad market. With news driven momentum providing some level of support to crypto bulls in broad market, Bitcoin and major legacy pairs have taken positive price action. But it remains to be seen if this will grow up to be an event providing fundamental support or is it yet another attempt of dead cat bounce. As of writing this article BTC/USD pair is trading at $3456.7 up by 0.85% on the day. Bitcoin is currently trading well within range despite price action hinting at bullish bias in broad market.

Given investors skeptics towards crypto coins owing to multiple dead cat bounce attempts amid lack of fundamental support, today’s news-driven momentum failed to act as a trigger to help major crypto assets stage a bullish breakout. While some of major legacy Crypto’s saw sharp gains, both Bitcoin and Ethereum continue to see subdued price action. As of writing, ETH/USD pair is trading at $107.14 up by 0.88% on the day and it needs to breach strong resistance at $110 handle and sustain a rally above-mentioned price handle for investors to gain any semblance of positive price action.

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

Did you find this article useful?

Advertisement