Crypto Analysis Report 2-10-19...Bitcoin Catching Bids
The last time I spoke about Bitcoin was back in late December,
Crypto Analysis Report 12-30-18...Has Bitcoin Bottomed???
After coming within $200 of pivot low that was established back in Sept of 2018, buyers have stepped up their game. However, the crucial level remains the daily supply at $4500. If price can breached that level, price has a chance of moving higher.
On February 8th, the crypto market experienced a strong $10 billion recovery from $111 billion to $121 billion, breaking out of a three-week stalemate.
It is not only a matter of technicals and flows. Fundamentals may be in play as well. SEC Commissioner Robert J. Jackson Jr. gave an interview to the Congressional Quarterly and said that the SEC will eventually approve an Exchange Traded Fund on Bitcoin. He thinks that at some point somebody will satisfy the standards set o the regulators.
In warming to an ETF, Jackson joins his peer Hester M. Peirce that voted in favor of the Winklevoss ETF in the summer of last year. She is a hero of HODLers. An ETF helps mainstream investors jump onto the crypto bandwagon.
Was the news on an ETF the reason Bitcoin caught bids, I have no idea. For me this uptick continues to be just noise...need to see continues days of pricing going higher before it becomes meaningful. However, I know Bitcoin is serious again, once the daily supply at $4500 is taken out.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
I'm with you Rolland. Until it actually break resistance, it's just noise. But it gives a lot of people something to write about, make youtube videos on all giving precise reasons for the "big" move.
Personally, I think the recovery will be a lot slower than even my expensive newsletter want's to admit. I think $9K by the end of 2019...
I think Bitcoin makes for a great day trading asset, but I rather day trade the equity markets, at the moment that's where the Smart Money is hanging out at.
I will be very happy with $9k by the end of 2019...short term, I have not expectations, but longer term, very bullish on Bitcoin.
Still in a downtrend but I think the volume was interesting to see and follow through will be needed itf they want to extend the rally.
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Yeah, I think it comes when the ETF approval process picks up steam.