Ethereum [ETH] was priced at $249.94, and was down by 0.44% over the past 24 hours. ETH was the second largest token with a market cap of $26.55 billion, at press time. Tron [TRX] was the eleventh largest cryptocurrency, with a market cap of $1.94 billion. The token was priced at $0.029, with a positive change of 3.13% over the day.
ETH saw an uptrend from $124.83 to $264.64, but also saw a downtrend from $262.58 to $251.80. The resistance stood at $266.14 and the supports were positioned at $130.92 and $104.64.
Bollinger Bands showed an increase in volatility as the bands were diverging.
Awesome Oscillator displayed a consistent growth rate and was presenting a bullish buying opportunity.
Chaikin Money Flow indicator revealed that the money inflow in the market was high.
TRX saw an uptrend from $0.029 to $0.030 and from $0.024 to $0.030. The resistances were at $0.030 and $0.027 and the downtrend was from $0.030 to $0.027. The support was at $0.023.
Parabolic SAR indicator presented a bearish trend in the market as the markers were above the candles.
Relative Strength Indicator displayed a token in an overbought state as the indicator was above the 50-line.
Moving Average Convergence Divergence [MACD] showcased a bullish crossover.
Ethereum and Tron seem to be in a bullish zone as forecast by the indicators.
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Wall Street is on the losing side of Bitcoin’s impressive price rally
Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.
Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.
The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].
A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.
Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.
Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.
BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.
Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.
In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.
Who said Coin Street doesn’t go past the Wall Street express lane?
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