Bitcoin Returns to the Chop Zone as Technicals & Fundamentals Take a Breather
The positivity in the Bitcoin market leading up to the US Presidential election was warranted in our opinion, as is the consolidation the market is currently ranging within. While we are relatively neutral on the market for the time being, our long term bias remains bullish. Following what ended up being a surprise Trump win in the U.S. elections last week, the price of Bitcoin continued its upward move that night, however, has been on a downward trajectory ever since. From a fundamental perspective, we believe much of this slide has to do with “buy the rumor, sell the news” traders taking....
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Bitcoin price is currently reeling due to a series of rejections above $60,000. After such a powerful impulse upward, technicals are severely overheated and beginning to turn down. But regardless of any technical-driven selloff that might result, such continued bullish fundamentals in the leading cryptocurrency by market cap could keep prices from going too low, […]
Bitcoin price meanders near its low, apparently acquainting itself with long-term support. Chart technicals to one side today, as we consider the question “Do fundamentals drive price?” Today’s article considers the bitcoin price chart in context of similar speculative markets. The discussion focusses on the notion of fundamentals. The term fundamentals is used in its broadest sense, and not in the strict investment definition that refers to company balance sheets, work in progress, and so on. Although there are parallels between the bitcoin price market and other commodity markets, as....
The Bitcoin price up to 2013/12/14, with Fib levels and 7 / 30 DMAs. OK, so last week our likely case was for sideways chop while the Bitcoin price takes a well-deserved breather. I'm either lucky or good (probably the former) as this is pretty much what happened. Bitcoin price bounced from the ~$700 / 50% retracement level and is currently balanced between the ~$900 / 23.6% and ~$820 / 38.2% retracement levels. As of the time of writing (Saturday the 14th), we've had 3 days of light trading and low volatility, as signified by the short price candles and volume bars. After the tremendous....
Bitcoin fundamentals being so strong helped send the cryptocurrency into a parabolic uptrend. Blockchain data revealed each times coins left exchanges in bulk, and the reduction in BTC reserves was evident to any onlooker thanks to the transparency the tech provides. But unfortunately, a recent wave of bullish fundamentals still failed to overpower bearish technicals […]
Despite the best efforts by bulls for what has been several weeks now, Bitcoin price can’t seem to get back above $60,000 and spend any meaningful time above it. Fundamentals are as bullish as it gets for the top cryptocurrency, but bearish technicals might have finally caused sellers to step in. That’s according to one […]