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Crypto Update – 28th June

Not surprisingly, Bitcoin’s (BTC) huge price surge kept Twitter busy for the first part of the week, and now everyone is talking about the sharp price correction it is currently undergoing.


A handle called @CryptoMainly said that the Elliott Wave theory points to a drop going all the way back to $8,800. The reply from @WillToPower sounded a bit like wishful thinking: “There is nothing healthy about a 320% rally in the first place.”


The latest talking point on this channel was whether Bitcoin has reached an “Adam and Eve” double bottom – in which case we can expect a surge in its price soon – or whether the latest plunge simply formed a new (higher) low.


Here someone called @TriangleTrader1 asked a very pertinent question that has not been answered so far: Do you see Bitcoin in a descending triangle or a bullish wedge?


Posting a Bitcoin chart, this channel pointed out a few hours ago that the currency has dropped right through the $11,460 to $11,800 barrier but found support at $10,300. He added that it’s crucial for the one-day chart to close above $11,811 today and that a monthly close higher than $11,750 would be great news. At press time, it was trading at $11,552.


Here @WeenieWar had some rather controversial advice: Buy the rumour, then sell the news. However, there is a sound idea behind this advice: by the time something actually happens, it has usually already been discounted by the market, such as a rate reduction by the Fed.


Discussing V-ID (VIDT), this handle pointed out that this cryptocurrency’s price surged 10 times even before its listing on CMC. Since then, its price has gone up seven times. Since its launch on Idex, it is trading around 60 times higher.

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