BTC & Altcoin Update: Market held support, bullish bias intact

Kemarit

legendary

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Quote from: cryptoadvocate on February 23, 2020, 07:50:32 PM

$9,500 key level for Bitcoin held so bias for the overall market is a bullish one. Many alts are resuming the uptrends after recent dumps so I think some of those such as ALGO offer the most upside right now.

We are currently in the reds, it's a bloodbath, others say it's because of the corona virus scare across the globe.

Quote from: Jating on February 25, 2020, 02:00:36 PM

S&P was hit as well last Friday if I'm not mistaken, so year probably global conditions are affecting every market now. It's a bad sign but I guess we need to be positive that crypto won't hit that hard in the next couple of days.

Quite surprised to find out that traditional market is also down, usually when one market is up, the other one is doing good. But today all of them is down, meaning investors are pulling out. Being positive is one thing, but buying when there is blood in the street is another. So it's good to buy and accumulate again because the price is at a discount.

sunsilk

hero member

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Quote from: cryptoadvocate on February 25, 2020, 01:16:40 PM

9500 doesn't look like it will hold. Was bullish at time of post but global conditions and price action have changed that

It didn't because it just dipped to $9,350.

But the overall sentiment is that it can still recover and this is just a usual weekdays that we're encountering.

Quote from: Jating on February 25, 2020, 02:00:36 PM

It's a bad sign but I guess we need to be positive that crypto won't hit that hard in the next couple of days.

Not that a bad sign but this is another extension for accumulation for those that are longing to buy under $9,500. I guess that their buy orders has been hit so they have to measure again what will be the next selling point.

Jating

hero member

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Quote from: cryptoadvocate on February 25, 2020, 01:16:40 PM

9500 doesn't look like it will hold. Was bullish at time of post but global conditions and price action have changed that

Wow, I thought it's going to hold and that $9500 is that strong, but when I see your comments I quickly glance at the price and indeed it was broken as the price is just hovering $9300.

S&P was hit as well last Friday if I'm not mistaken, so year probably global conditions are affecting every market now. It's a bad sign but I guess we need to be positive that crypto won't hit that hard in the next couple of days.

cryptoadvocate

jr. member

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9500 doesn't look like it will hold. Was bullish at time of post but global conditions and price action have changed that

hugeblack

legendary

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I think the analysis is logical and is consistent with the interaction of the price with the resistance levels during the previous days, we are still moving in the range 9500 to 10300 as the price quickly returned as soon as it fell below $ 9500.
Positive optimism and fluctuations in the price of local currencies will cause us to maintain levels above $ 8,500 "as there is no logical reason for the decline" and I do not expect to see levels of $ 12,000 soon.

cryptoadvocate

jr. member

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$9,500 key level for Bitcoin held so bias for the overall market is a bullish one. Many alts are resuming the uptrends after recent dumps so I think some of those such as ALGO offer the most upside right now.

Full thoughts on BTC and alts here:

https://www.cryptoadvocate.net/post/btc-altcoin-update-23-02-20

Topic: BTC & Altcoin Update: Market held support, bullish bias intact (Read 98 times)