Crypto ideas – Bitcoin spiked higher in late US trading

Posted: 5th November 2019

Crypto Ideas & Daily market report November 5th 2019

 

Cryptocurrencies

Cryptocurrencies were able to secure net gains during European trading on Monday with bitcoin advancing to the $9,300 area.

There was a spike higher in late US trading with bitcoin pushing sharply higher to above $9.500 before a retreat to around $9,350 in early Europe on Tuesday.

A Texas academic created a stir last year by alleging that Bitcoin’s astronomical surge in 2017 was probably triggered by manipulation. He’s now doubling down with a striking new claim: a single market whale was likely behind the misconduct, seemingly with the power to move prices at will.

Stronger equity market conditions were a significant factor driving demand for risk assets which also tended to boost support for cryptocurrencies.

Ether also made headway and pushed to highs near $190 before fading and trading just below $185.

Trade of the day

Bitcoin idea – We look to Buy at 8830

Stop: 8250

Target 1: 10000

Target 2: 10900

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