Topic: [2019-02-14] Bitcoin (BTC) Remains Reluctant Despite Recent Bullish Move (Read 149 times)

This:

 

What was the day tha these "pundits " got right on their price forecasts?.

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Observe the price in a few months

Glad to see that ETF hype has died already, it looks they were hitting big with that hype  people come in for their hopes but were losing money instead.


It will only happen again if they see a lot of people come into to invest to pour more money.  If its unusual, it means is unusually luring more money to comein.

It was an unusual spike last time that came out of the blue. It could happen again which would end any speculation about which direction bitcoin is heading. My guess is north

Not sure if no more shorting is a good sign.

If we look at Bitfinex's longs, it looks pretty scary to be honest, especially how easily one can initiate a massive long squeeze and who knows what happens after that.

It's either one or more entities are going to pump the crap out of Bitcoin very soon, and they are heavily long for that reason, or we'll see a strong counter move towards the South. Given the market sentiment, and the weird setup, I'm more inclined to think that we're due for a crash, but I have not enough balls to put my money where my mouth is in this case.

Total marketcap $120 Billion and the price seems to be stable around the $3600 range. Obviously, the hype about the Bitcoin ETF has died down but it's good to see the market didn't went to it's previous price of $3400. And so we're still the bearish trend as there's not enough news to push it to the next level. But we're all calm, at least the price is holding and no more shorting at this point, which is a good indication that investors or speculators are preparing for a rally again.

It has been nearly a week since the market rallied and broke through the $120 billion market cap. Bitcoin, which was leading the race, broke its short-term resistance position of $3,600. Despite this happening nearly a week ago, the crypto leader, and the wider market by extension has failed to set a more consistent trend.

Although Bitcoin has successfully avoided dropping below $3,600, its now newly established support position, it has also been unsuccessful in breaking past the $3,670 resistance position.

The reluctance being experienced in the market has seen pundits differ in opinion over the coming trend. While others predict that the experienced rally is just the beginning for a much greater rally, others are sticking to the sentiment that the market is still bearish despite recent gains.

Early investors ripped big by buying while prices were down, these investors and newcomers continue to take advantage of low prices to buy more and prepare for the next bullish charge. Woes around the traditional financial sector continue to set up the crypto market for this.

Cryptocurrencies Looking More Certainly Like The Future

Now there’s been renewed believe that cryptocurrencies are the future, following Wells Fargo’s woes. Last week, around the time the market began rallying, customers of the fourth largest bank by asset in the U.S were recording issues with the bank’s services over ATMs and phones.

Although the bank has stated that the issue has been resolved, customers continue to report issues days later. The issue with Wells Fargo is just the most recent one after banks such as British bank TSB, Bank of America and Visa experienced issues of the same nature in the past.

BTC, ETH, XRP Price Analysis


As we approach the weekend, many experts are expecting Bitcoin to replicate last week’s movement and possibly hit the $3,700 mark. This will see it establish a higher support level and draw closer to the $4,000 mark. This is a short-term target for the bulls and one that sets a more consistent bullish trend for the long term.

At the time of press, Bitcoin is recording marginal movement, which has been the case for the last couple of days. Trading for $3,612, the leader is down by a little under 1%. Ethereum, the latest conqueror of the title biggest altcoin, is at the time of press also recording marginal drops of around 1%.

Despite the drop, Ethereum continues to be bullish as it trades above $120 and continues to target $125.  XRP, now third in ranking by market cap is trading for $0.30, also recording a loss of less than 1%.

Source:  ZyCrypto