[2019-03-10]Bitcoin, ETH & XRP: Is the Bearish Trend Actually Ending?

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legendary

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Quote from: Betwrong on March 13, 2019, 03:54:19 AM

Previously I had been thinking that only Bitcoin's price fluctuations affect all the other crypto and not the vice versa. Was I missing something in this regard?

I think people tend to underestimate the human nature in this case. People, regardless of what coin they own or want to buy into, need some sort of a trigger to actually start buying. In this case, Litecoin's significant gains tempted Bitcoiners to start buying too, and it's actually a welcome buying trigger. If it weren't altcoins pushing Bitcoin up, what else would?

I have the feeling that we're going through a mild altcoin season, which is quite positive for Bitcoin actually. It means more demand for Bitcoin and thus less dumps because altcoin traders need Bitcoin to trade against the 1001 different shitcoins. People prefer Binance as exchange, and shitcoins. What coin do you need to trade shitcoins on Binance without going through KYC? Bitcoin.

Perhaps that altcoins will return the favor for once and prevent Bitcoin from sinking deeper. We'll see how things go.

Betwrong

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Quote from: https://coinidol.com/bearish-trend-ending/

The recent rally in Bitcoin has been pinned by many on the positive surge in Litecoin, which is having a significant effect on the entire cryptocurrency industry.

Although it's true that the USD price of Litecoin has risen significantly since December 2018 (from $24 back then to $56 currently), I can't see how could that affect the entire cryptocurrency industry. Previously I had been thinking that only Bitcoin's price fluctuations affect all the other crypto and not the vice versa. Was I missing something in this regard?

Argoo

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Any positive outlook will also have a positive effect on the cryptocurrency market. However, any technical forecasts are not perfect and can not cover all market trends, and therefore do not reflect a complete and reliable situation and therefore can not objectively predict the market behavior in the future. Such forecasts should be considered as one of the possible variants of the development of events on the market, but not as a guide to action.

hugeblack

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Quote from: Vladdirescu87 on March 11, 2019, 05:01:05 AM

Studying BTC’s aggregate UTXO (unspent output from bitcoin transactions)

It does not necessarily mean that. The use of speculation is more than buying and selling

Quote from: elda34b on March 11, 2019, 07:21:23 PM

At this point I kind think that price analysis based on historical data is a self-fulfilling prophecy.

I agree with you, the factors that led to changes in the past are not the same factors at the moment, some patterns are repeated and some of them do not necessarily mean the truthfulness of the analysis.
I rely on news and hash rates more in estimating prices rather than relying on technical indicators.

elda34b

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At this point I kind think that price analysis based on historical data is a self-fulfilling prophecy. It ignores the context and only look at the similarity of pattern. Some might argue that the pattern reflect the context but tbh it's really hard to understand why drop or pump happened without first looking at the context. So does bearish trends confirmed to be over? Nobody knows.

Hamphser

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Quote from: btyco on March 11, 2019, 11:38:42 AM

Clever stats are always welcome, but they don't factor in other events like bakkt, etf applications or people spreading fomo. Useful for halving stats though

When reading up some technical analysis actually I'm actually done or tired because anytime these analysis cant be break anytime by crypto specially those top 3 coins on the entire market.

Usually market do really reacts with fundamentals rather than on TA that's why I'm not relying too much on it and talking about end of bearish market, we cant really make such onpoint on when that would happen.

btyco

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Clever stats are always welcome, but they don't factor in other events like bakkt, etf applications or people spreading fomo. Useful for halving stats though

Vladdirescu87

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Studying BTC’s aggregate UTXO (unspent output from bitcoin transactions) age distribution over a given period of time gives perception into the purchasing and selling patterns of preceding market cycles. This enables us to predict where we are in relation to prior cycles and what we can possibly expect going forward.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/bearish-trend-ending/

Topic: [2019-03-10]Bitcoin, ETH & XRP: Is the Bearish Trend Actually Ending? (Read 157 times)