As Bitcoin traders bet on a big rebound, did Ethereum and XRP avoid a big drop?

As Bitcoin traders bet on a big rebound, did Ethereum and XRP avoid a big drop?

As theories on the potential sell-off of Bitcoin by miners emerged amidst declining sentiment around cryptocurrencies, major altcoins like Ethereum and XRP were at risk of a deep pullback.

With the majority of altcoins still being correlated with Bitcoin to a large extent and analysts expecting the price of BTC to decline in the short term following a weak of weakened momentum, the outlook on Ethereum and XRP, which have performed strongly in the past two weeks, worsened earlier this week.

Why Ethereum, XRP, and others avoided a deep fall

With Ethereum being down by over 87 percent from its record high and XRP having fallen by nearly 93 percent from its all-time high, the risk to reward ratio for a move down for most alternative cryptocurrencies remains low.

As such, with traders having relatively low interest in shorting alternative cryptocurrencies that have already dropped substantially from record highs, a large move down in the short term could have triggered the retest of much lower support levels.

However, after the Bitcoin price briefly dipped below $8,000, the price of bitcoin has started to demonstrate signs of a short term rebound, preventing a steep fall below the $8,000 support.

The resilience of Bitcoin in the low $8,000 area led traders like Flood to bet on a strong rebound in the short term.

As traders look for a Bitcoin rebound, Ethereum and XRP eye recovery

If the short term price trend of the Bitcoin price reverses in the upcoming days, the sell-pressure on altcoins like Ethereum and XRP will drop, providing some relief to the altcoin market.

Since Nov. 18, the price of Ethereum has dropped from $185 to $176, by nearly five percent against the U.S. dollar.

As cryptocurrency trader and BlockRoots co-founder Josh Rager said:

“Alts are directly correlated to Bitcoin If price goes south, diversifying into alts will only make things worse If you want hedge, learn how to use futures or options to your advantage Diversification in crypto is not strategy – majority of portfolio should be BTC.”

While the trend of altcoins throughout the past week has been gearing towards bearish with the minor correction of Ethereum, the gradually improving sentiment around BTC is likely to strengthen the recovery of altcoins.

 

The bearish scenario

In the possible scenario that the Bitcoin price steeply drops in the short term after an anticipated recovery, weak miners could capitulate, creating a bearish trend before the 2020 halving.

As Adaptive Fund partner Willy Woo said:

“As price moves downwards, weak miners go out of business. This happened when we went $6k->$3k, the bottom happened when weak miners were dead and no longer dumping onto the market. The market bottoms afterwards.”

For the imminent future, traders expect that both Bitcoin and altcoins like Ethereum and XRP will see a relief rally even if a larger pullback occurs in the medium term, following a relatively big drop from $10,600 earlier this month.

Bitcoin

Bitcoin, currently ranked #1 by market cap, is down 0.54% over the past 24 hours. BTC has a market cap of $148.3B with a 24 hour volume of $21.37B.

Joseph Young

November 20, 2019 at 4:38 am UTC

David Ogden – Http://markethive.com/david-ogden

Bitcoin (BTC) Remains Sell Until This Changes

• Bitcoin price is diving below the $8,340 and $8,200 support levels against the US Dollar.

• The price is approaching the key $8,000 support area, where the bulls may take a stand.

• There is a short term declining channel forming with resistance near $8,165 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• Both Ethereum and ripple are gaining bearish momentum below key supports.

Bitcoin price is declining towards the $8,000 support against the US Dollar. If BTC fails to stay above $8,000, the next stop could be near the $7,650 level.

Bitcoin Price Analysis

Yesterday, we discussed the chances of a breakdown in bitcoin towards the $8,200 support against the US Dollar. BTC did decline in the past three sessions and broke the $8,340 and $8,320 support levels.

Moreover, the price failed to stay above the key $8,200 support level and settled well below the 100 hourly simple moving average. It traded close to the $8,000 level and a new monthly low was formed near $8,033.

At the moment, the price is correcting higher above the $8,100 level. It is consolidating near the 23.6% Fib retracement level of the recent slide from the $8,630 swing high to $8,033 low.

On the upside, an immediate resistance is near the $8,180 and $8,200 levels. Besides, there is a short term declining channel forming with resistance near $8,165 on the hourly chart of the BTC/USD pair.

It bitcoin climbs above the channel resistance, it could test the $8,300 and $8,320 resistance levels. The previous major support near $8,320 is now likely to act as a crucial resistance for bitcoin. Additionally, the 50% Fib retracement level of the recent slide from the $8,630 swing high to $8,033 low is near the $8,330 level.

The main downtrend resistance is now near $8,450, $8,560, a couple of bearish trend lines, and the 100 hourly simple moving average. Therefore, a daily close above the $8,560 resistance is needed to start a decent recovery in the near term.

On the other hand, the price could continue to move down towards $8,000. Furthermore, if there is a downside break below the $8,000 support, the bulls are likely to give up. The next major support is seen near the $7,650 level.

Looking at the chart, bitcoin price is clearly trading in a strong downtrend below the $8,320 and $8,560 resistance levels. Thus, it remains a sell until there is a daily close above $8,560.

Technical indicators:

Hourly MACD – The MACD is losing pace in the bearish zone

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving in the oversold area.

Major Support Levels – $8,000 followed by $7,650.

Major Resistance Levels – $8,200, $8,320 and $8,450.

 

Aayush Jindal

David Ogden – Http://markethive.com/david-ogden

The IRS Will Shift its Focus to Users and Operators of Bitcoin ATMs and Kiosks

In a new statement, the IRS confirms it will continue to focus on cryptocurrency activities. Particularly those individuals and companies operating Bitcoin ATMs and Kiosks may see some intervention pretty soon.

As the IRS continues to target cryptocurrency users, they are doing so in a deliberate manner.

BITCOIN ATMS MAY FACILITATE TAX EVASION

First, they want after traders of Bitcoin and altcoins who might not have reported their taxes properly.

Secondly, they tackle the concept of token airdrops and other proceeds that might fall under their purview.

In the latest turn of events, the agency has confirmed Bitcoin ATMs and kiosks are next on the agenda.

There could be a number of potential tax issues raised by this particular industry, according to an IRS spokesperson.

No public cases involving Bitcoin ATMs or kiosk have been filed by the agency to date.

On paper, these machines may allow for some illicit activities, such as small-scale money laundering.

Additionally, the agency suspects several operators might be operating these machines without having any funds connected to a bank account.

There are also some questions as to whether all of these machines perform the necessary KYC and AML procedures.

Most of the Bitcoin ATMs and kiosks around the world are located in the US, as it is the most competitive region by far.

As such, both operators and users of these machines could become subject to additional IRS scrutiny in the months ahead.

Despite this rather aggressive strategy, all of these efforts are designed to make cryptocurrencies more legitimate.

 

JP Buntinx November 17, 2019

TheMerkle

David Ogden – Http://markethive.com/david-ogden

Bitcoin Weekly Forecast – BTC Price Turned Sell On Rallies

 

• After settling below $9,000, bitcoin declined steadily against the US Dollar.

• The price is under a lot of pressure below the $8,700 and $8,650 resistance levels.

• There is a crucial bearish trend line forming with resistance near $8,630 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

• The price could correct higher, but it is likely to face sellers near the $8,700 resistance area.

Bitcoin price is trading in a bearish zone towards $8,200 against the US Dollar. BTC remains sell on rallies unless there is a successful close above the $8,880 resistance.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin saw an increase in selling pressure below the $8,880 support area against the US Dollar. Moreover, BTC price settled below the $8,700 pivot level and the 100 simple moving average (4-hours).

There were steady losses and the price broke the $8,600 and $8,500 support levels. A new monthly low is formed near $8,382 and the price is clearly trading in a bearish zone.

It is currently consolidating losses above the $8,400 level. Besides, bitcoin is trading near the 23.6% Fib retracement level of the recent decline from the $8,777 high to $8,382 low.

On the upside, there are many resistances near $8,580 and $8,600. There is also a declining channel forming with resistance near $8,580 on the 4-hours chart of the BTC/USD pair. Additionally, the 50% Fib retracement level of the recent decline from the $8,777 high to $8,382 low is also near the $8,580 level.

If there is an upside break above the channel resistance, the price could test the $8,620 and $8,630 resistance levels. More importantly, there is a crucial bearish trend line forming with resistance near $8,630 on the same chart.

To move into a positive zone, the price must break the $8,700 and $8,720 levels. Having said that, a proper close above the $8,880 resistance is needed for a trend change and a fresh increase.

On the downside, there are many key supports near the $8,320 and $8,200 levels. The bears are likely to face a strong buying interest near $8,200, below which there is a risk of a break down towards the $8,000 handle.

Looking at the chart, bitcoin price is following a bearish path, with key supports near $8,200. Therefore, there are chances of a short term upside correction towards the $8,600 and $8,700 levels. However, the upward move is likely to face sellers and gains could be capped by $8,880.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering above the 30 level.

Major Support Level – $8,200

Major Resistance Level – $8,880

Aayush Jindal

David Ogden – Http://markethive.com/david-ogden

Bitcoin bull slashes previous BTC price prediction

Fundstrat analyst Tom Lee is moving the goalpost yet again. Not only is he slashing his previous Bitcoin price prediction by nearly 40 percent, but he is also pushing the timeline back by a further two years.

Appearing on CNBC’s Street Signs Asia on Friday, Lee offered his insight on where the market is headed and how long it will take to get there.

The prominent Bitcoin proponent maintained that he is still “very bullish” on the digital currency in the long term, noting that the crypto market as a whole is still in its infancy.

“I think this is still the earliest days for digital assets. I think a lot of this is – over time – going to be very institutional and become an asset class,” Lee said.

“I think once we hit that, it’s actually another hockey stick,” he added.

As far as how increased institutional interest will affect Bitcoin prices, Lee predicted that BTC would hit $25,000 by 2022.

While still a rosy outlook for Bitcoin, Lee’s latest price prediction is a far cry from his $40,000 call back in June of this year.

At the time, Lee said that if Bitcoin could reach $10,000, then “it’s very likely going to make a run to $40,000 within five months.”

For the record, the price of Bitcoin hit $10,000 on June 21st, so by Lee’s original prediction, we should be seeing $40,000 BTC any day now.

A timeline of Lee’s changing price predictions

This isn’t the first time Lee has changed his Bitcoin price predictions. Here are just a few of his past highlights:

2019

$25,000 by 2022 – November 15, 2019

$20,000 by the end of 2019 – August 15, 2019

$40,000 within five months if Bitcoin can hit the $10,000 mark – June 6, 2019

2018

$10 million per Bitcoin by 2028 – November 28, 2018

Reduced August prediction to $15,000 – November 16, 2018

$25,000 by the end of 2018 – August 25, 2018

$91,000 by March 2020 – March 17, 2018

2017

$11,500 by mid-2018 – November 22, 2017

Bitcoin will ‘cannibalize’ gold, be worth $20,000 – $55,000 by 2022 – July 7, 2017

Fundstrat analyst Tom Lee's Bitcoin price predictions (CNBC)

More recent Bitcoin price predictions

While Lee isn’t alone in making price predictions in recent weeks, his is definitely one of the more conservative of the bunch.

Tim Draper – $250,000

Appearing by video at the Malta AI & Blockchain Summit (AIBC) last week, venture capitalist and Bitcoin bull Tim Draper reiterated his belief that the digital currency will hit $250,000 by 2022 – 2023.

Calling Bitcoin “one of the most transformative technologies that has ever hit the world,” Draper cited the growing use of the Lightning Network as a key factor that would help propel the price of BTC upward.

Bobby Lee – $100,000 to $1 million

Also appearing at AIBC, Ballet Crypto founder and CEO Bobby Lee predicted that Bitcoin prices would climb to as high as $200,000 within the next five or ten years.

“Bitcoin’s price goes in waves. Every so-called bubble, every FOMO run, it could go up by ten or twenty times the previous high,” Lee explained.

“So the next one could easily top $100,000 or even $200,000 per bitcoin…So I definitely think it will go up quite a bit in the next five to ten years.”

The next day, Lee took his prediction even further, posting on Twitter that he believed that Bitcoin would surpass $500,000 – and likely over $1 million – within nine years.

 

Anthony Pompliano – $100,000

Slightly less bullish, in July of this year, Morgan Creek Digital co-founder Anthony Pompliano said that he was 70 – 75 percent confident that the price of Bitcoin would hit $100,000 by 2021.

Speaking with AIBC’s Jennifer Walker in September about whether the drop in the price of Bitcoin had caused him to alter his prediction, Pompliano re-affirmed his $100,000 prediction, explaining:

“I really look at the macro trends so kind of these bear and bull markets. So the short term price movements really have no effect and usually I don’t even look at them, to be honest.”

 

By Cynthia Turcotte -November 16, 20191158

David Ogden – Http://markethive.com/david-ogden

Hodling Bitcoin Is the Best Strategy, Research Shows

Most of Bitcoin’s upside happens on just a few days annually. HODLing is the best strategy to not miss out, according to Binance Research.

Binance Research has put out some stats on why HODLing remains a viable, if not the best, strategy in the current cryptocurrency market. This is primarily due to the fact that major market moves for Bitcoin seem to happen for just a few short days, which are easy to miss.
 

To HODL or Not to HODL, Answers Binance

As BeInCrypto previously reported, since 2013, Bitcoin has generated most of its annual performance in just ten days of the year. When the top 10 days of gains for each year since 2013 are removed, Bitcoin would actually be down -25%. So, the most important moments in Bitcoin’s history effectively happen in the blink of an eye compared to the rest of the calendar year.

Missing out on these double-digit gains can be painful, especially considering they’re so hard to foresee. This is why Binance Research suggests, based on these numbers, to HODL.

Lessons from 2007

Others, however, seemed to disagree. If one had HODL’d Bitcoin since December 2017, they would still be at a loss of over -50%. As one user points out, it was far better to sell in January 2018 instead of weathering a monthly drop of -65%.

Joe007 (@J0E007) responded to Binance, stating that “HODLing is a nice meme but not exactly a rational value preservation strategy.”

Such concerns are, after all, reasonable. However, no one would argue that HODLing implies that one has to be wedded to their holdings. Instead, it simply implies a resilience, which means you won’t sell on any small downturn. The HODL strategy also works best when it begins at a smart entry point. For example, HODLing from January 2019 would undoubtedly be a smart move.

Yet, given that so many were burned in 2017, HODL has somehow taken on a negative connotation for some. Yet, one has to be mindful of the fact that we are now in the beginnings of a new market cycle. These are the times when the HODL strategy best pays off.

When the next bullish cycle comes to a head, those HODL’d profits should definitely and finally be realized. But for now, just sit tight and HODL—it’s the best strategy in this choppy market.

 

 Anton Lucian

David Ogden – Http://markethive.com/david-ogden

The cryptocurrency market nurses losses – Bitcoin and major altcoins dip below support levels

• Bitcoin (BTC) has dropped below $8,700 during early Asian hours.

• Altcoins follow the lead, nursing losses.

Cryptocurrency market is flashing red colors on Thursday. Bitcoin and all major altcoins are nursing losses amid growing bearish sentiments. The total cryptocurrency market capitalization is registered at $239 billion, unchanged from this time on Wednesday; the worth of the digital asset of $63 billion change hands daily on average. Bitcoin's market share settled at 66.0%.

Top-3 coins price overview

BTC/USD has stayed mostly unchanged on a day-to-day basis and lost over 1% of its value since the beginning of Thursday. At the time of writing, the coin is changing hands at $8,660, off the intraday high registered at $8,785. On the intraday charts, the sell-off gained traction after the price broke below SMA50 (Simple Moving Average) 1-hour at $8,740. The next strong support comes at $8,600 ( the lower line of the daily Bollinger Band), followed by $8,545 (SMA50 daily).

BTC/USD, 1-hour chart

Ethereum, the second-largest digital asset with the current market capitalization of $20.2 billion, is oscillating within a range with a short-term bearish bias. The coin dropped from the Asian high of $188.66 to trade at $185.50 at the time of writing, down 1.3% since the beginning of the day. Looking technically, ETH/USD needs to recover above $186.30 (SMA50 1-hour) to mitigate thee initial bearish pressure. The next support is created by psychological $185.00.

ETH/USD, 1-hour chart

Ripple’s XRP has lost 1.0% since the beginning of Thursday to trade at $0.2695 by the time of writing. The third digital coin with the current market value of $11.6 may be vulnerable to further losses if a move below $0.2700 is confirmed. The next bearish target is seen at the current intraday low of $0.2657.

XRP/USD, 1-hour chart

 

Tanya Abrosimova

David Ogden – Http://markethive.com/david-ogden

Bitcoin to Outshine the S&P 500 in the Next Year

Will the biggest cryptocurrency in the world beat the S&P 500, the Bloomberg Barclays Bond Index, and the House Pricing Index in the coming 12 months? If a survey conducted by blockchain analysis company Chainalysis is any indication, Bitcoin is all set to outdo all these asset classes in the next 12 months.

The survey conducted on a set of financial professionals revealed this rather surprising result that Bitcoin will outdo even the S&P 500, the stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States.

Among the 350 financial professionals from prominent banks and regulatory agencies who participated in the poll, as many as 48% vouched for Bitcoin; they firmly believe that Bitcoin will outperform other investment classes like S&P 500, the Bloomberg Barclays Bond Index, and the House Pricing Index in the next year.

The survey conducted in September this year further shares more insights into cryptocurrency businesses around the world, as around 80% of surveyed financial professionals said that less than half of their retail clients transact with cryptocurrency businesses. Meanwhile, 28% of these professionals said that between 1% and 10% of their customers transact with cryptocurrency businesses, 33% of them said the number of customers that transact with cryptocurrency businesses is negligible. Moreover, 13.5% of respondents also said that they didn’t know whether any of their customers had purchased cryptocurrency.

Even though the world is now witnessing continued regulatory issues regarding the acceptance of cryptocurrencies, a large percentage of the financial professionals have expressed the view that the world will see the emergence of a global digital currency sometime within the next 5 to 10 years. And among the participants in the survey, as much as 33% believe that the US will have control over the digital currency. 21% expressed that the control will be in the hands of China.

Interestingly, while the US and the EU are presently opposing the digital currency Libra proposed by US-based social networking company Facebook, China has recently expressed its open enthusiasm for blockchain technology.

Published by Victoria Kyle at November 12, 2019

David Ogden – Http://markethive.com/david-ogden

6 Months Before Halving Signs Indicate Bitcoin Miners Are Hoarding

The great bitcoin reward halvings are coming and many newcomers have not experienced a halving event unless they joined the crypto community prior to 2016. A few speculators believe bitcoin miners and whales are hoarding coins right now until after the adjustment so prices will be driven up. Moreover, for the first time, crypto proponents will observe how both BTC and BCH deal with the reward reduction as both networks are mined by some of the same pools.

The Reward Halving Approaches

When Satoshi released the Bitcoin protocol, one of the rules that came with the program was the fact that the block reward gets cut in half every four years (every 210,000 blocks) depending on hashrate speed. The last time digital currency fans saw a reward halving was on July 9, 2016, at block 419,975 when the BTC block reward was cut in half from 25 BTC to 12.5 BTC. At the time there were 15.7 million BTC mined into existence and roughly 1.4 exahash per second (EH/s) processed blocks on the chain. A little over a year later, the heightened scaling debate led to a hard fork on August 1, 2017, when the chain split into two factions. More than two years have passed and a slew of mining pools processing the consensus hashing algorithm SHA256 now mine on both networks.

According to current data, the Bitcoin Cash (BCH) chain will experience a reward halving on April 8, 2020.

At press time, there is 18,041,637 BTC mined into circulation and the next halving should occur in 184 days. Currently, the hashrate processing the BTC chain is around 94.48 EH/s and at this speed, the halving will occur on May 14, 2020. There are 26,668 blocks left to mine on the BTC chain before the subsidy reduction and miners will have obtained 333,350 BTC processing blocks up until this point. Miners processing the Bitcoin Cash (BCH) network are using between 2.75-4 EH/s over the course of the last week. There’s been 18,107,613 BCH mined into existence so far and 608,598 blocks recorded to-date. Data shows that the BCH chain will experience a reward halving a month earlier than BTC on April 8, 2020. At the time when the reward halves, the BCH block reward will drop from 12.5 BCH to 6.25 BCH.

BCH inflation rate on November 11, 2019, is very close to BTC’s inflation rate at 3.74%.

Multiple Factors Will Affect the Reward Halvings

Ten days ago, Bitcoin.com published a video with professional miners from around the world who explained what they think will happen during the halving. The film included Hyperblock’s CEO Sean Walsh, Genesis Mining CEO Marco Streng, F2Pool’s Global Director Thomas Heller, and quite a few mining heavyweights. The mining industry executives mentioned topics like BTC’s inflation rate dropping lower than USD and EUR for the first time ever after the reward halving. They also discussed how the last halving was ‘priced in’ and whether or not that same trend will happen again.

“The halving is a brutal wipe-out event,” Marco Streng stressed in the film. “It knocks out immediately the miners who are not efficient enough and shows no mercy.” Statistics show that BTC’s inflation rate is at 3.85% at the time of writing, while the inflation rate for BCH is similar at 3.74%.

BTC inflation rate on November 11, 2019, is 3.85%. The BTC halving is estimated to occur on May 14, 2020.

There are a few metrics that also show miners and whales are likely hoarding coins before the next reward reduction. Mining data stemming from both BTC and BCH chains show that there’s been a lot more divergence between freshly generated coins and the first time they are spent onchain. Speculators believe miners will hoard coins to drive up the price so they can maintain the same revenues after the halving.

Number of BTC mined versus how many spent on 11-11-19.

The onchain market intelligence company Glassnode has shown that BTC whales are accumulating lots of coins. On October 11, Glassnode tweeted that the number of whales (BTC addresses with 1,000 BTC or more) had reached an all-time high. All of these factors are taken into consideration when discussing the theoretical events tied to the next halvings.

Number of BCH mined versus how many spent on 11-11-19.

The truth is no one knows exactly what will happen during the BCH and BTC reward reductions. Right now miners from both networks are chugging along processing blocks so transactions can be confirmed. There are six different pools that mine both chains including Viabtc, Antpool, Btc.com, Btc.top, Bitcoin.com, and Poolin. When both halvings occur, a lot of other metrics will affect the networks including the current price during the subsidy reduction, the difficulty on both chains, and energy costs. Some people believe that after the next halving home or hobby mining might become nonexistent and only situated pools with significant hashpower will survive.

What do you think will happen to the BCH and BTC chains after the 2020 halving? Share your thoughts in the comments section below.

 

by Jamie Redman

David Ogden – Http://markethive.com/david-ogden

Bitcoin [BTC] Price Fails to Hold Above Weekly Close, $5 Mln Longs Liquidated on BitMEX

Bitcoin [BTC] rose $200 on Sunday as price broke above $9000. The psychological positive move along with green across the entire crypto market raises the sentiments of most traders towards the year-end.

However, it fails to hold the bullish psychological as the price has fallen back to $8950 levels. The price of Bitcoin [BTC] at 4: 30 hours UTC on 11th November 2019 is $8955.

Bitcoin Weekly Close

On a weekly scale, even after the positive move, BTC price closed on a red. According to Tone Vays, the weekly chart looks neutral, however, on a bearish count according to sequential analysis.

Similarly, on a daily scale as well, the 200-Day inability to break above the 200-Day Moving average brings it closer to a death cross with the 128-Day moving average.

He cites that the resistance for a bullish break-out this week out would be around $9600.

BTC/USD Weekly Chart on Bitstamp (TradingView)

Another Gap Fills on CME on the 4-Hour

The change in the price of Bitcoin over the weekend often creates a substantial gap with CME. As CME is one of the largest regulated exchanges for Bitcoin futures, it has a considerable effect on Bitcoin prices.

Moreover, with Bitcoin, it generally has a tendency to fill the price gaps with CME. The difference was about $215, as Bitcoin closed at $8885 on Friday. With the correction on Monday to about $8950 as filled most of the gap.

Moreover, the volume of the break was also not enough to justify a massive bullish breakout.

Bulls Still Scared of the Bears?

The bullish turn was accepted by the market contently as traders moved further long. Only a small percentage of short liquidations were noticed signaling a bullish inclination.

However, since Bitcoin fails to maintain the levels, about $5 million worth Bitcoin longs liquidates on BitMEX in less than 2 hours.

Bitfinex and BitMEX liquidations (Source)

Technically, Bitcoin is not out of the clutches of the bears. First and foremost, the 200-Day Moving Average continues to act as resistance and is now rising, currently at $9240.

The market sentiments are largely bullish with December futures contracts selling at $9075 and a high long/short ratio on spot exchanges. The funding rate on BitMEX and Bitcoin basis on Okex is also positive with large magnitudes signaling strong bullish inclination. However, there is still a lack of momentum at the moment.

Do you think the strong bullish inclination is justified or bears are still strong? Please share your analysis with us.

 

Nivesh Rustgi Bitcoin News 1 min ago

David Ogden – Http://markethive.com/david-ogden