There’s Nothing Stopping Cryptocurrencies - Forex News by FX Leaders

There’s Nothing Stopping Cryptocurrencies

Posted Friday, October 13, 2017 by
Skerdian Meta • 1 min read

Yesterday I highlighted in one of the updates the surge in Bitcoin. As mentioned there, there were no apparent reasons for this surge, apart from Jamie Dimon giving up on trying to convince everyone that Bitcoin will go bust.

Bitcoin is pulling up Litecoin and Ethereum as well.        

Yesterday, the other cryptocurrencies were sort of motionless when I posted that update, but today some of them have joined Bitcoin in this surge.

I heard that China might be introducing another digital currency equivalent to Bitcoin. So, although the Chinese might not recognize Bitcoin as legal tender, they are getting in the game too. Other countries are regulating the digital currencies as well, so the future seems brighter now for digital currencies.

I was waiting for a pullback to the $5,000 level, but Bitcoin is moving further away today.

Today, Ethereum and Litecoin joined Bitcoin and they have gained more than 10% during this time. I still hold long positions in Litecoin and Ripple which are well in profit and have increased my forex account considerably, although Ripple coin (XRP) hasn’t joined the rally this week.

So, what’s the trade for cryptocurrencies? It’s pretty straightforward: wait for a retrace lower in Bitcoin, Ethereum or Litecoin Mini and then go with the flow. I was waiting to see the $5,000 level in Bitcoin, but that’s not happening anytime soon because Bitcoin is heading for $6,000 or even more. 

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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