Sentiment Shift as Shorts Exit Positions

After all, Bitcoin is on the verge of a new revival that may bolster prices and hopefully propel them above week ending Aug 12 highs-the all important level $7,200. Technically it’s a tall order gauging by the way Bitcoin buyers are struggling to build momentum that would thrust and sustain them above $7,000—a conservative buy trigger line. On the fundamental lane, sentiment is finally shifting. Sooner-and it’s already in motion, more shorts would exit as buyers enter the market padding the foundation for the next wave of longs.

From the News

To say the Bitcoin and altcoin markets have been turbulent is an understatement considering accompanying metrics. Even as bears slow down, the market has been a bleeding ground for crypto investors. But like every other asset, Bitcoin and most digital assets are near historical reversal zones after shedding more than 80 percent from their recent peaks.

This phenomenon has been on replay since Bitcoin and other high liquid cryptocurrencies as XRP became the center of media attention back in 2011 and shortly after the Chinese pump when Bitcoin prices shot 1000 percent.

Nevertheless, when we zoom in and check the markets from a bird-eye’s view, there are more positives to take and today let’s highlight some recent announcements or developments ready to thrust Bitcoin prices above $7,000, our main resistance and bull trigger line. Remember, prices are less than $300 away from retesting this level for the third time in three months.

First, most investors think Bitcoin is bottoming out and for good reasons. In recent weeks, prices have been hovering and rejecting prices below $5,800, our sell trigger line. Accompanying this upbeat stance is Bob Lee, a market influencer and a relation of Charlie Lee, the Litecoin’s founder. Citing experience, increasing hash power and instinct, he thinks prices will hit $60,000 by the end of the year.

Secondly, political developments could further legitimize Bitcoin and similar coins. News is, Iran’s National Cyberspace Center has a draft of the country’s state backed cryptocurrency with project instructions trickling in straight from authority, Iran’s president Iran Hassan Rouhani. Whether this will be a ploy to circumvent US sanctions and provide a way out for a censorship resistant cryptocurrency for their citizens currently holding mud, we are not yet sure.

Bitcoin (BTC) Technical Analysis

Weekly Chart

Like before, our stand remains the same. Yes we have these nice recoveries from a top down approach and encouragingly, Bitcoin prices did end on a high gaining a cool five percent in the last week.

Surprisingly, it is the only crypto in the top 10 registering gains—and that is odd but as a leading coin, it means there is some sort of undervaluation in the alt coin markets.

So, considering how the market is panning out, our last Bitcoin technical analysis is solid. Currently, trades are on freeze mode. We shall thaw and enter the markets either once gains are above $7,000 or bears resume sells pushing BTC below $5,800.

Daily Chart

The five percent gain from a week over week basis is clear in the daily chart. When we take the optimistic lane, then chances are bulls might build on last week’s momentum and thrust above $7,000.

It will be proper if buyers do close above $7,000. This shall provide the necessary impetus to reverse week ending Aug 12 bear engulfing candlestick.

On the negative side, we might end up with a nice head and shoulder pattern. That’s especially if sellers follow through on yesterday’s long lower wick bear candlestick. Either way, let’s see how the market pans and until our conditions are met, we shall take a neutral stand.

Disclaimer: This is not investment advice and views represent that of the author and not NewsBTC. Do your own research before making an investment decision.

Author: Dalmas Ngetich

Source link

Related posts

28 Thoughts to “Sentiment Shift as Shorts Exit Positions”

  1. Football Solutions Ja-Cheol Koo ( VfL Wolfsburg) & Hajime Hosogai (VfL Wolfsburg)

    PETER RUTZLER AT THE VALLEY: Tottenham U21s secured their first ever win in the Checkatrade Trophy in emphatic fashion on Tuesday night as they eased aside Gillingham. Gillingham 0-4 Tottenham U21: Jack Roles sets tone as Spurs young stars get first Checkatrade Trophy win in front of just 308 fans

  2. Football Solutions UEFA Champions League - Sant Julià-Tre Fiori

    PETE JENSON: Atletico Madrid are in the Champions League quarter-finals for the first time since 1997 after knocking out seven-time winners AC Milan. Atletico 4-1 Milan (agg 5-1): Costa strikes twice for Simeone’s side as Madrid march into quarter-finals for first time in 17 years

  3. UEFA Women's Champions League - Man. City - Georgia Stanway

    Stoke chairman Peter Coates has dismissed speculation linking the club with a bid for Newcastle striker Obafemi Martins. Stoke deny being in the hunt for Magpies striker Martins

  4. Andrea Luci

    Follow Sportsmail’s coverage of the FA Cup as Brighton host Newcastle at the Amex Stadium to start the weekend’s third round action. FA CUP: Brighton v Newcastle – the action from the Amex Stadium as it happened

  5. gamefly

    Hi there, yes this piece of writing is genuinely pleasant and I have learned lot of things from it
    on the topic of blogging. thanks.

  6. minecraft download pc

    Hi there! I could have sworn I’ve been to this blog before but after checking through some of the
    post I realized it’s new to me. Anyways, I’m definitely glad I found it and I’ll
    be book-marking and checking back often!

  7. download minecraft pc

    I pay a quick visit daily some blogs and information sites to read posts, however
    this weblog gives feature based articles.

  8. minecraft download for free

    Because the admin of this website is working, no doubt very shortly
    it will be famous, due to its feature contents.

  9. g

    When I initially left a comment I seem to have clicked on the -Notify
    me when new comments are added- checkbox and now every time a comment is added I recieve 4 emails with
    the same comment. Is there a way you can remove me
    from that service? Kudos!

  10. g

    Awesome! Its genuinely awesome piece of writing, I have got much
    clear idea concerning from this piece of writing.

  11. g

    Hi! I know this is kinda off topic but I was wondering if
    you knew where I could get a captcha plugin for my comment form?
    I’m using the same blog platform as yours and I’m having problems
    finding one? Thanks a lot!

  12. download minecraft pc

    This website certainly has all the information and facts
    I wanted about this subject and didn’t know who to ask.

  13. how to download minecraft free

    I’m really impressed with your writing skills as well as with the layout on your
    weblog. Is this a paid theme or did you modify it yourself?
    Anyway keep up the nice quality writing, it is rare to
    see a great blog like this one these days.

  14. gamefly free trial

    I am curious to find out what blog platform you’re utilizing?
    I’m having some minor security issues with my latest
    blog and I’d like to find something more safe. Do you have
    any suggestions?

  15. plenty of fish dating site

    I loved as much as you’ll receive carried out right here.
    The sketch is attractive, your authored material stylish.
    nonetheless, you command get bought an impatience over
    that you wish be delivering the following. unwell unquestionably come further formerly again as exactly the same
    nearly a lot often inside case you shield this increase.

  16. natalielise

    Great weblog right here! Additionally your site rather a lot up very fast!
    What host are you using? Can I am getting your affiliate link for your host?
    I wish my web site loaded up as quickly as yours lol plenty
    of fish natalielise

  17. pof

    What’s up, just wanted to say, I loved this blog post.

    It was practical. Keep on posting! plenty of fish natalielise

  18. plenty of fish dating site

    Hello there! I just want to offer you a huge thumbs
    up for the great information you have here on this post.
    I’ll be coming back to your blog for more soon.

  19. ETIAS

    Hi, I think your blog might be having browser compatibility issues.
    When I look at your blog site in Ie, it looks
    fine but when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up! Other then that, great blog!

  20. Pest Control Bradenton

    I seriously love your website.. Very nice colors & theme.

    Did you develop this site yourself? Please reply back as I’m looking to
    create my own website and want to know where you got this
    from or what the theme is called. Thanks!

  21. Order/buy/purchase Vietnamese Magic Mushrooms online

    … [Trackback]

    […] Read More on on that Topic: […]

  22. Anonymous

    … [Trackback]

    […] Read More here to that Topic: […]

  23. reddit fake watches

    … [Trackback]

    […] Info on that Topic: […]

  24. nova88

    … [Trackback]

    […] Here you can find 80188 more Info to that Topic: […]


    … [Trackback]

    […] Read More Info here to that Topic: […]

  26. legit dumps cc

    … [Trackback]

    […] Info on that Topic: […]

  27. DayZ hacks

    … [Trackback]

    […] Read More on on that Topic: […]

  28. sbobet

    … [Trackback]

    […] Here you can find 27294 more Info to that Topic: […]

Leave a Comment