Crypto ideas – Firm risk conditions failed to provide support.

Posted: 8th November 2019

Crypto Ideas & Daily market report November 8th 2019

 

Cryptocurrencies

Cryptocurrencies were held in tight ranges for most of Thursday with market attention focussed elsewhere. Firm global risk conditions failed to provide significant cryptocurrency support.

Although there was some support from China’s decision not to list bitcoin mining as a restricted activity, overall demand was subdued.

Bitcoin did spike lower to below $9,100 at the New York close, but there was a quick recovery to above $9,200 with volatility subsiding in Asia on Friday.

Ether was unable to make headway with consolidation around $185 on Friday.

 

Trade of the day

Bitcoin idea – We look to Buy at 8830

Stop: 8250

Target 1: 10000

Target 2: 10900

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