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Bitcoin and Ethereum: daily forecast – Bullishers are not yet willing to surrender
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Bitcoin and Ethereum: daily forecast – Bullishers are not yet willing to surrender

The cryptocurrency market seems to have overcome the difficulties, since the repeated attempts by the bears to take control of prices have ended up rebounds of the “dead cat”. The first attempt was made at the beginning of last week before Constantinople; Investors wanted to wait until after the update of the Ethereum network is completed and wait until the last second, until the momentum breaks down so as to get the maximum rally profits in the event of a breakout. And while the market, as expected, saw a bearish breakout, the decline was not as deep, clear and immediate as we would have expected. Instead, the decline occurred in phases and each level of fundamental support price seems to have more supply than the volume of the respective support handles during the previous declines, when the price fell sharply. The price trend in the cryptocurrency market is currently influenced by investor sentiment.

While in the recent past the market has occasionally taken the news, it is unlikely that such news will become a fundamental support in the near future, since they never followed the real market and it was just speculation. Due to the strong supply close to critical support levels, after the sharp drop yesterday, the bitcoin and other major legacy crypts have started the price consolidation action in the early hours of the day. As volume data suggests that support price levels have a strong supply, investors and analysts interpret the scenario as bulls’ resistance to bearish attempts to gain control over price action. The human mind is greedy for nature and, given the current scenario where every player wants to make the most of the rally in progress, bullish bets have entered the market and the flow of funds has increased resulting in a total recovery of the crypto market of more than $ 5 billion USD in the trading session today and all the major cryptocurrencies that see a significant upward movement in the rebound action. No trader is ready to lose earnings and this has caused a battle of attrition that is keeping the funds trapped in the market while strong psychological resistance limits further gains. bullish bets have entered the market and the flow of funds has increased resulting in a total recovery of the crypto market of more than $ 5 billion USD in the trading session today and all the major cryptocurrencies that see a significant upward movement in the action of rebound. No trader is ready to lose earnings and this has caused a battle of attrition that is keeping the funds trapped in the market while strong psychological resistance limits further gains. bullish bets have entered the market and the flow of funds has increased resulting in a total recovery of the crypto market of more than $ 5 billion USD in the trading session today and all the major cryptocurrencies that see a significant upward movement in the action of rebound. No trader is ready to lose earnings and this has caused a battle of attrition that is keeping the funds trapped in the market while strong psychological resistance limits further gains.

At the time of writing this article, the BTC / USD pair and the ETH / USD pair are trading at $ 3846.8 and $ 135.09, up 3% and 6% respectively. There have been no important news today or expectations of key events in the near future, suggesting the possibility that the ongoing rally is nothing but a battle of attrition and this has changed the price dynamics in the cryptocurrency market. In a battle of attrition, the last one standing wins and the bulls do not seem willing to give up so soon. Since all traders have involved both retail investors and investors with large portfolios that can patiently wait for a rally to achieve maximum earnings, there is a certain level of trading and market activity that has lasted quite a bit. . Moreover, the positive price run of several weeks has finally begun with the result that miners have seen a certain level of earnings for the first time since the cryptography market fell sharply to the lows of 2018. This suggests that action on prices in the near future it will probably see a trend linked to the interval with a positive bias, but clearly not a scenario in which the cryptocurrency market has found the bottom. Unless the price of Bitcoin does not exceed $ 4000 and resumes a steady rise, while the other major currencies establish a stable rally, the cryptocurrency market is still exposed to strong declines regardless of how much the market rises in the short and medium term perspective .

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