Bitcoin Dip-Buy Calls Spike: Why This Could Actually Be Bearish
Bitcoin has seen “buy the dip” mentions spike on social media after the price crash, but Santiment warns this could be a contrarian signal. Social Media Users Are Calling To Buy The Bitcoin Dip In a new Insight post, analytics firm Santiment has talked about how the market has been reacting to the latest plunge in the Bitcoin price. “One of the first things we like to look for is a sign of retailers showing enthusiasm toward buying the dip,” notes Santiment. The indicator cited by the analytics firm is the “Social Volume,” which measures the total amount....
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Last week, Litecoin price saw a spike down from around the 1.60 area down to parity (1.00), which is a new low on the year. The 1H chart shows that after the spike price essentially rebounded back to 1.60 but started drifting lower again. Litecoin (LTCUSD) 1H Chart April 13. Overall, the price action in litecoin has remained the same - bearish with low volatility. 1) The 200-, 100-, and 50-hour SMAs are sloping down and in bearish alignment, with price trading under all 3. 2) The RSI has held under 60 after tagging 30, reflecting maintenance of the bearish momentum. When there is a spike....
The Bitcoin price is still trading above $100,000 and remains quite close to its all-time high levels of $111,900. However, this has done nothing to dissuade the bearish sentiment that continues to ravage the crypto market. Altcoins, in particular, have suffered the most, with seemingly no end in sight to the decline. Given the current […]
On-chain data shows that Bitcoin miner exchange inflows have shot up recently, something that could extend BTC’s price drawdown. Bitcoin Miner To Exchange Flow Metric Has Seen A Spike As pointed out by an analyst in a CryptoQuant Quicktake post, miners are upping their selling pressure. The on-chain indicator of relevance here is the “Miner […]
After a spike down to 1.00 last week, litecoin has been drifting lower. The 1H chart shows the cryptocurrency “chewing up” the tail made by the spike. Litecoin (LTCUSD) 1H Chart April 15. Here are some observations on the 1H chart:1) Price action and the 200-, 100-, and 50-hour simple moving averages reflect a persistent bearish market. 2) The RSI has been tagging below 30 and holding under 60, which reflects persistent bearish momentum. That is, until the April 15th session. During the April 15th session, ltcusd found support at 1.32. It formed an intrasession double bottom and price....
Bitcoin prices drifted higher on Wednesday, breaking away from bearish calls as Christine Lagarde raised the need to regulate it at the global level. In an interview with Reuters, the European Central Bank President said that Bitcoin is a highly speculative asset that has facilitated “some reprehensible activity,” such as money laundering, adding that “there […]