News source: CNBC.COM
8th October. Market Review.
For Bitcoin, Indexes on DAX German 30 counter and Dow Jones 30
Straight to the point review.
The EU has sent a questionnaire 999 Facebook and the Libra Association seeking clarification about their proposed digital currency called libra, according to CNBC Monday.
The Libra Association welcomes this public policy dialogue and multi-stakeholder process that will help unleash economic and social potential of digital currencies,” said Dante Disparte, Head of Policy and Communications for the Libra Association, in a statement Monday.
The Libra Association maintains its goal is to create a low-cost, fast payments network that can “empower billions of financial underserved people.”
The 27 founding members of the association, which includes Facebook as well as other tech firms like Uber and Spotify, are scheduled to meet next week in Geneva, Switzerland.
Despite PayPal announced Friday it was withdrawing from the project.
So whats the deal everyone where cryptocurrencies heading this week.
According to the weekly chart screenshot from my etoro account. The weekly have posted a double bottom base on last week close.
So what this mean? This shows the price will make correction.
But to which level?
Below chart indicate that she will correct between 9077 level and 9618 level before she confirm her next trend.
Daily movement base on October 7th.
Last night close is beautiful. Candlestick posted a indecision pattern.
Which shows we may long blind folded. But which point?
Within 8217 and below is the good buying point.
“Always be cautious of buying at too high and prevent from the spread apart when closing out”.
Hong Kong turmoil could cast a ‘shadow’ over China-US trade talks, experts say; according to CNBC.
What is our prediction ahead of all these speculation?
Let look at Dax. German 30 index.
Daily close the candle posted a indecision pattern. Is a positive signal.
But what is the best price to buy? Is between 12025 and 11971. From the day chart. Dax have a unfinish previous day bear inverted. So you will be seeing the price will retrace and break level 11971 before come back up for today and for the rest of th week.
This fall might happen before the US market open or the trade talk.
From the weekly US Dow chart prediction the talk looks negative, and might affect European counter and Dax price to retrace back to 11848 level.
The Dow Jones 30 index weekly is very negative and the Trade talk might not be promissing.
But fall to what price?
The price will fall back to 26000 level and decide her next trend. But then she will not happen today. Maybe mid week.
The day chart for DJ 30 posted a hammer but more to a long inverted and previous chart is a indecision.
Today we will see she move up a little to 26650.
And price might fall according to a unfinish bear inverted candle posted 2 bars away or last Thursday bar.
Overall this week the market is bear.
For short position is best to place at around 26650 and above.
Always be cautious and place a stop order within range.