BTC Keeps Building Lower Lows – Could Drop to 7K/in Article: Explained, Article: Guides & Analytics, Article: News, Article: Opinion /by ICO Journal
CNBC Hosts Bitcoin Pissing Match/in Article: Explained, Article: Guides & Analytics, Article: News, Article: Opinion /by ICO Journal
What one thinks of bitcoin and other decentralized cryptocurrencies tends to have strong correlations with one’s ideology, so it is unsurprising that proponents and skeptics alike often approach the topic with a zeal they do not reserve for traditional markets.
This phenomenon was on full display during a recent CNBC segment, in which two panelists engaged in a verbal brawl over bitcoin’s recent performance. The network edited out the heated exchange from its video archive, but the rest of the clip has been preserved on YouTube.
Evercore ISI technical analyst Rich Ross opened the segment — which aired last Thursday — by explaining why he believes cryptocurrency is a bad buy, citing the market’s recent ~50 percent correction, the low average age of cryptocurrency investors, as well as the inaccurate claim that ethereum has only been trading for approximately six months.
“Let’s not even compare this to stocks for a second. What bothers me, we’re staring at the greatest bull market in the last 20 years, where you can double your money in like the best industrial companies — like a Boeing, which is sort of pillaring here for no good reason, up over 200% over the past two years and we’re talking about this stuff here that’s lost over 50% of its value in a month,” Ross said.
This analysis, of course, ignores that bitcoin is still up more than 1,000 percent for the past 12 months — even after this recent correction.
CNBC regular Dan Nathan — a cryptocurrency proponent — took offense at Ross’ comments, arguing that his claim that cryptocurrency had no fundamentals was akin to that of Web 1.0 skeptics.
“You guys like it when we fight, so let’s fight for a little bit,” Ross retorted. “You’ve been bearish [on stocks] for two years….You’re not helping people make money. Let’s call it what it is.”
The other panelists started to defend Nathan, who quickly jumped back in.
“You don’t know what I’ve done, you don’t know what my call is, so go piss off, seriously,” he told Ross.
Fast Money host Melissa Lee rushed to end the segment, but not before Ross landed one last blow.
“A tough moment here on Fast Money,” he quipped.
“As a crypto believer, I am still smart about my hedges…”/in Article: Explained, Article: Guides & Analytics, Article: News, Article: Opinion /by ICO Journal
Trading Crypto: BTC Is a NO PLAY At The Moment!/in Article: News, Article: Opinion /by Andrew Parish
Good morning traders. This early on a Monday I like to sit back and watch the bulk of you rushing in after the weekend. The difference is, most of you probably didn’t do that considering Bitcoin trading doesn’t sleep!!
Let’s look at the facts…
We had BTC mozy about for most of Friday and into Saturday, where it finally broke and went to about 13k. However, we have been watching it level back off to the 11.5k mark and stay around that area quite well.
Today will be another important test. We will look to see if btc will hold 11k and rumble back to 12k; again an important mark to hold.
So again, we find ourselves stuck in this 11k hangout zone. Let’s watch for the break again. BTC is definitely a NO PLAY at the moment. If you own some, consider a SELL until other confirmation.
LIVE LONG AND PROSPER TRADERS!!
Stuck At $12K – Bitcoin Needs Catalyst To Breakout/in Article: Explained, Article: News, Article: Opinion /by Andrew Parish
Stuck in the doldrums today, bitcoin needs a quick break above $12,500 or the tide may turn in favor of the bears, the charts suggest.
The “V” shaped recovery in bitcoin (BTC) from Wednesday’s low has stalled below the $12,000 mark in the last 12 hours. Prices on CoinDesk’s Bitcoin Price Index (BPI) did rise to $12,045.09 at 15:14 UTC yesterday, before retreating to sub-$11,500 levels by 22:00 UTC.
The slide from the high of $12,045 was extended further to $10,988.79 in Asian hours today. However, bitcoin soon regained poise and rose to an intraday high of $11,808.49 (at 08:44 UTC).
As of writing, bitcoin is trading at $11,660. The world’s largest cryptocurrency by market capitalization has appreciated by 3.17 percent in the last 24 hours, according to data source OnChainFX. BTC is also up 27 percent from the week’s low of $9,199.59 (as per the BPI).
Read the full article here: Bitcoin Stuck at $12K
However, the price chart analysis says the immediate outlook is neutral and only two consecutive daily closes (as per UTC) above $12,500 would improve odds of BTC rallying sharply in line with the historical pattern.