Is crypto dead 2018 ? Is crypto dying? If you’re asking these questions and are a cryptocurrency investor, this video should help!
PROOF CRYPTOCURRENCY IS **NOT** DYING | Prices Bottoming Out ? | Altcoins. and Bitcoin.
FROM THE ARTICLE: Bitcoin, Etehreum, and Ripple, have reached critical technical levels but are holding on nicely.
The Directional Movement Index on all three digital coins show sellers are retreating and buyers are gaining ground.
Goldman Sachs, JP Morgan, and other big institutional players are readying for entering the crypto markets.
The price of Bitcoin (BTC/USD) peaked at $9,745 on May 4th. The value of Etehreum (ETH/USD) hit a high of $757.53 on May 6th. And the price of Ripple had already topped out on April 24th at $0.9649. Since then, these three cryptocurrencies have been losing ground with occasional corrections that proved to be dead cat bounces.
Many have asked: where is the bottom? There are growing signs that we are getting close to a turnaround in all three.
DMI and ADX point to a tentative turnaround
Our technical expert Tomas Sales examined the recent drops and noted that they are playing a dangerous game with critical technical levels. However, the charts show that in the three cryptos, BTC, ETH, and XRP, the same phenomenon is seen: Directional Movement Index (DMI) is showing a loss of momentum for sellers and an increase in buying. Another technical gauge, the ADX, is pointing to a loss of inclination which is another hint of a potential change in direction.
Here is a quote regarding Bitcoin and the similar technical patterns are noted on Ethereum and Ripple:
Directional Movement Index in the same chart is showing how sellers keep losing strength while buyers are increasing, although slightly, as price keep falling. ADX is losing inclination and supports the possibility of a change of direction in the mid-term.
When something cannot go down, the path of least resistance is up.
Goldman Sachs, JP Morgan going crypto, Coinbase going establishment
Apart from the prices on the charts, fundamental analysis on the crypto world could add some perspective. Goldman Sachs, one of the best-known banks sometimes known as the “Vampire Squid” recently announced plans to launch a cryptocurrency derivatives trading. The big financial institution is only taking a small step: GS will trade Bitcoin futures in a market-making capacity and provide non-deliverable forward products.
JP Morgan also recently moved deeper into the crypto-sphere. JPM CEO Jamie Dimon is well-known for bashing Bitcoin and other digital currencies. However, the financial behemoth’s central ideology is making money. They recently hired 29-year old Oliver Harris as the head of the crypto asset strategy.
And the movements are not unilateral. Coinbase, which operates one of the most significant exchanges in the US, is considering applying for a banking license. The firm met with regulators, and the news recently became public. This is a move from the crypto world into the heart of the establishment. And perhaps the establishment is about to up its game.
Goldman and JP are not only market makers or analysts, but they also need to make money for their clients, which, in turn, means more money for themselves. In the past, financial big boys have been waiting on the sidelines in various financial markets, waiting for them to dry up before they wet their feet and jump in. This happened in multiple falls of stocks.
Are the big boys about to buy? We will know soon enough
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