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Topic: New and important analysis of bitcoin - page 2. (Read 315 times)

legendary
Activity: 2268
Merit: 1379
Fully Regulated Crypto Casino
September 28, 2020, 09:39:56 PM
#5
Yeah we're quite balanced between bearish and bullish sentiments atm (which could be the calm before an imminant storm).
This is the worse feeling as a trader. Your decision is hang on the thread whether to do a solid hold or buy back. Especially when you are using future trades it could give you fortune instantly and make your money 0 if you carelessly pick wrong side.

You forgot to mention that Bitcoin stayed above $10000 fro straight 64 days. That never happened before. In 2017 it was above $10000 for 62 days in a row.  ys. This shows a solid trend.
This is why I still believing that this is just a long rally but once the bitcoin fully reach and stay on 12k price with a long period then we can see a steady growth maybe trigger bull run which is more solid than the last one.
hero member
Activity: 2660
Merit: 551
September 28, 2020, 05:57:00 PM
#4
Yeah we're quite balanced between bearish and bullish sentiments atm (which could be the calm before an imminant storm).

Yeah, and the current sentiments is greed according to this: https://btctools.io/stats/crypto-fear-and-greed-index

I don't see it unlikely for us to see a volatile move at some point in either direction. 12-12.5k formed quite a strong resistance but 8.8k-9k could prove to be stronger...

I guess the action might pick up this October, just months before the end of the year. We could go to $12k. But maintaining $10k is still healthy, and we are still in the net positive this year, although we have seen the price crash more than 50% in March.
legendary
Activity: 2730
Merit: 1288
September 28, 2020, 12:35:30 PM
#3
You forgot to mention that Bitcoin stayed above $10000 fro straight 64 days. That never happened before. In 2017 it was above $10000 for 62 days in a row.  Last year Bitcoin went 4 times over $10000 and back under. If we add all those days together we get 77 days.  This year we had 5 days in February and 64 now so 69 days. It is obvious Bitcoin will stay above $10000 for 8 more days. This shows a solid trend.
copper member
Activity: 2856
Merit: 3071
https://bit.ly/387FXHi lightning theory
September 28, 2020, 11:12:18 AM
#2
Yeah we're quite balanced between bearish and bullish sentiments atm (which could be the calm before an imminant storm).

I don't see it unlikely for us to see a volatile move at some point in either direction. 12-12.5k formed quite a strong resistance but 8.8k-9k could prove to be stronger...
newbie
Activity: 2
Merit: 2
September 28, 2020, 11:05:19 AM
#1
After slightly stabilizing above $ 10,500, Bitcoin tried to take a bullish momentum and test resistance at $ 11,000 to $ 11,100. The area served as a support in August, and the SMA50 is there daily.

It seems that breaking this area is very difficult and may limit the market cows in the short term. However, the fundamental analysis of Bitcoin is very positive in the long run, and it is possible that the king of cryptocurrencies will be on the verge of starting a strong uptrend.

Investment company Grayscale added 17,000 bitcoins to its capital last week. According to Bybt.com, this is the largest asset purchase by the company in the last three months.

http://s15.picofile.com/file/8409521792/Grayscale_investment_position_637368739901950624.png


The total value of this purchase at the current price of Bitcoin reaches about $ 200 million, and the total value of the bitcoins purchased by this company brings the investment to $ 4.8 billion.

These moves show that the interest of investment institutions in buying bitcoin has changed. Microstrategy also recently announced that it has spent nearly $ 500 million on bitcoin. According to FXStreet, about 90% of investment firms will change their portfolio within the next 5 years, and digital currencies will be part of it.

Rising political tensions and economic crises in the world continue to affect the digital currency market. For this reason, the rise of bitcoin as long as global markets are uncertain may be problematic.

During this time, Bitcoin has moved up and down the US stock market, and the US election, as well as the new wave of the Corona virus epidemic, could once again have an adverse effect on the digital currency market.

From a technical point of view, as long as Bitcoin is above $ 11,500 to $ 11,800, it still has bullish potential. IntoTheBlock data suggest that the high volume of bitcoins in a resistance area may prevent bitcoin prices from rising. According to this information, 1.1 million Chinese block addresses hold more than 800,000 bitcoins.

This area can reduce the buying pressure in the market. Holders who have been holding hands for a long time may also intend to sell their assets and weaken the uptrend.

On the other hand, Bitcoin can be seen at the top of healthy support. About 1.4 million Chinese blockchain addresses bought about 1 million bitcoins between $ 10,500 and $ 10,800. This area makes it difficult for market bears to fall in price.

Source:FXStreet
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