Crypto idea – China stance towards blockchain provided support.

Posted: 6th November 2019

Crypto Ideas & Daily market report November 6th 2019

 

Cryptocurrencies

Cryptocurrencies dipped lower early in European trading on Tuesday with a bitcoin retreat to below $9,200. Ranges were relatively contained during the day with bitcoin settling just above $9,300.

Markets continued to assess whether cryptocurrencies were trading as a defensive asset or a pro-risk asset given conflicting signals.

This uncertainty continued on Wednesday with bitcoin trading just above $9,300 in early Europe on Wednesday. Hopes of a more positive Chinese stance towards blockchain provided an element of support.

Ether traded with a significantly more positive tone and pushed above $190 in early Europe on Wednesday.

 

Trade of the day

NEO idea – We look to Buy at 9.9650

Stop: 9.050

Target 1: 16.50

Target 2: 17.00

 

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