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Tyler Durden Tue, 09/24/2019

Unclear on what the catalyst could be, if anything news-wise, but cryptos are collapsing across the board with altcoins leading the plunge…

“Price action is being driven by short-term technical analysis right now, as every low price that Bitcoin has bounced off of, and every high price that has been reached has proven to be resistance,” Jeff Dorman, chief investment officer at Arca, a Los Angeles-based asset manager that invests in cryptocurrencies, said in an email.

“Because crypto is still dominated by short-term focused traders, these telegraphed narratives often become self fulfilling prophecies.”

A sea of red across cryptos…

“There was certainly some let down from Bakkt’s “disappointing” start, but those expectations were unrealistic.,” Dorman said.

“It’s far better for Bakkt to start slow, on board customers, and show growth over time than to come out guns blazing and then fall flat 2 months later.”

Bitcoin puked back to $8500…

Source: Bloomberg

$7500 appears to be the next target of support to hold…

All the major altcoins (except Ripple) remain green for 2019 however…

Source: Bloomberg

 

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