Greyscale Wins Case against SEC, But Movement is Shallow
3 hours ago, Greyscale won in its case against the US SEC for attempting to block Greyscales efforts to establish a Bitcoin Spot ETF. However, even with this great news for the whole crypto space in general, especially because it sets a precedent that the SEC cannot block Bitcoin based ETF's from being created; the market's respond was morbid.
Almost no significant movement in prices for
XRP, 
BTC and other altcoins such as 
ETH and 
LTC were recorded. The increase in value for most coins were in the double decimals 0.0x% which is common in a sideways market. This indicates that people were just not buying and were disinterested with the fundamental aspects of this particular ruling.
--Then what are people interested in? Well, we did had a small pump on the 29 of August for cryptos and precious metals such as GOLD (
XAU) and Silver (XXAG). This was due to the losing confidence to the USD (
DXY) because of the US Job Openings Report mentioning that amount of jobs openings has decreased from 9.2 mil (June) to 8.8 mil (July). This drove investors away from the USD and lowered its value while impacting a short Bull Charge for commoditised alternatives such as GOLD and crypto.
--In general, just to wrap this up. What to expect?
Well, looks like we are heading towards a downward sideways just as before. But this one wont be as fast as the previous month because it looks like our SMA on the 10,20, and 50 day are improving and creeping ever slowly higher. Thus balancing out our downward sideways.
--What to do now?
Look for opportunities to scalp on the daily. Go for small valued (small lot sized) positions on incoming short term news like the Personal Spending & Income MoM or US employment rate that is coming tonight and tomorrow. You have two options, either go for long or short gambling for the news (which will rapidly pump or fall), which I have profited before on the above mentioned US Job Openings Report. Or, a much more safer approach, scalp on the reversal after the news, which is much more consistent albeit less rewarding. You choose.
**Tip if you are betting before the news, key things to do is to research and look up data on what the upcoming news might be, good or bad. You can look up forecast by analyst (highly unreliable from my experiences), read the prior economic data of related news, or browse social media (for some reason this kinda works, i dont really know why, but more people yelling doomsday usually means bull and more people saying go to the moon usually means a crash, beats me how it actually works). All the best Trader!
Almost no significant movement in prices for
XRP, BTC and other altcoins such as ETH and LTC were recorded. The increase in value for most coins were in the double decimals 0.0x% which is common in a sideways market. This indicates that people were just not buying and were disinterested with the fundamental aspects of this particular ruling.--Then what are people interested in? Well, we did had a small pump on the 29 of August for cryptos and precious metals such as GOLD (
XAU) and Silver (XXAG). This was due to the losing confidence to the USD (DXY) because of the US Job Openings Report mentioning that amount of jobs openings has decreased from 9.2 mil (June) to 8.8 mil (July). This drove investors away from the USD and lowered its value while impacting a short Bull Charge for commoditised alternatives such as GOLD and crypto. --In general, just to wrap this up. What to expect?
Well, looks like we are heading towards a downward sideways just as before. But this one wont be as fast as the previous month because it looks like our SMA on the 10,20, and 50 day are improving and creeping ever slowly higher. Thus balancing out our downward sideways.
--What to do now?
Look for opportunities to scalp on the daily. Go for small valued (small lot sized) positions on incoming short term news like the Personal Spending & Income MoM or US employment rate that is coming tonight and tomorrow. You have two options, either go for long or short gambling for the news (which will rapidly pump or fall), which I have profited before on the above mentioned US Job Openings Report. Or, a much more safer approach, scalp on the reversal after the news, which is much more consistent albeit less rewarding. You choose.
**Tip if you are betting before the news, key things to do is to research and look up data on what the upcoming news might be, good or bad. You can look up forecast by analyst (highly unreliable from my experiences), read the prior economic data of related news, or browse social media (for some reason this kinda works, i dont really know why, but more people yelling doomsday usually means bull and more people saying go to the moon usually means a crash, beats me how it actually works). All the best Trader!
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