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Bitcoin Holding Firm Above $10,000

The past seven days on the cryptocurrency markets have brought mixed price action. However, values are hanging tough in long-term bullish territory. Bitcoin (BTC) is once again trading above $10,000, which is a major reassurance for the entire asset class. Late August’s test beneath this key level prompted many to think that a broad-based correction was developing. Now, it appears that cryptos, led by Bitcoin, may be ready to take a significant bullish step forward.

Seven Day Cryptocurrency Performance Metrics

In total, it has been a mixed week in the cryptosphere. Here is a quick look at how the leading coins have fared:

Coin                                    %Gain/Loss     Key Number

Bitcoin BTC                          -3.75%              $10250

Bitcoin Cash (BCH)                +1.60%                $300

Ethereum ETH                       +2.3%                $175

Litecoin LTC                            +4%                   $70

Ripple XRP                            -1.72%                 $0.25

Aside from Bitcoin and Ripple, the leading coins posted moderate gains over the past week. While this really doesn’t mean a whole lot, it does show that as long as BTC is above $10,000, optimism is prevalent throughout the asset class.

Bitcoin Futures In Noncommittal Technical Area

When looking at the daily chart for September Bitcoin futures, the term “noncommittal” comes to mind. Prices are trading between technical levels and within the September 2-3 opening GAP. It really doesn’t get much more compressed than this.

September Bitcoin Futures (BTC), Daily Chart
September Bitcoin Futures (BTC), Daily Chart

Overview: For the time being, it appears that BTC is preparing to make a directional move. Due to the fact that prices are above $10,000, holding longs isn’t a bad idea. If we see a rally above $10,500, then a bullish breakout is very possible.

On the news front, not much is going on. Aside from regulatory buzz out of Europe regarding Facebook’s Libra, there aren’t any market movers to drive participation. At this point, if Bitcoin is going to move, it will be a result of organic price action.

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Shain Vernier
US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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