The price of Bitcoin seems to be driven by positive news, such as the announcement of the CME Group, which will offer futures contracts on cryptocurrency next month, that of Square, which will soon allow purchases of digital currency through its Square Cash application, or the statement of the Hyosung Group, which announced that its vending machines would soon allow to buy virtual currencies.
We can also mention the intentions of JPMorgan Chase, who would like to offer its customers the opportunity to speculate on the value of Bitcoin - even if its CEO, Jamie Dimon, had recently said that it was a "fraud".
At the same time, all the crypto-currencies of the "top 10" have increased over the last 24 hours - with the exception of Bitcoin Cash, slightly down.
I believe News and Events don't drive price but rather price drives news and events. It seems very upside down, but Technical Analysis believes that price is a more direcet and upstream reflection of sentiment than news or events which is more downstream.
This is why Elliott Waves states that news or events shall arrive to justify the forecast, and never the reverse.
I believe it. That the charts reflect the non-local event taking place that is the news, is the price, sentiment, everything.. Like full moons, babies being born and people acting loco.