Following a spike to $4,068 from the low $3,900 region, the price has experienced a slight pullback to $4,000.
While the price of slightly differs from region to region, on average, is currently being traded at $4,017.
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7-Day Price Chart (Source: Coinmarketcap.com)
Against Tether (USDT) on , has dipped below the $4,000 mark to $3,975.
Minor Pullback Before Promising Rally or Retest of Previous bitcoin Supports?
Following a 3 percent increase in the price of , several traders expected the dominant to undergo a minor pullback.
For over three months, has remained in a relatively tight range between $3,700 to $4,000, breaking out of the $4,000 resistance on two occasions year-to-date.
Market God Indicator 3w buy signal. The first since October 2016. was $500.
— Crypto Thies (@KingThies)
As such, when initially climbed beyond $4,000 and achieved $4,056, some traders foresaw the asset facing some resistance in the $4,000 region.
However, according to Satoshi, MBA, a technical analyst, the 15-month correction of the market is approaching its final phase and with down about 80 percent from its all-time high, a gradual accumulation phase could be next.
The analyst :
How can possibly not be bullish right when we’re at the bottom of this bear market. Accumulating as much as I can here to be honest. When approaches its new all time high again, I’ll be bearish.
As experienced a minor drop in value, major crypto assets that recorded large gains in recent months such as and also demonstrated small losses in the range of 1 to 3 percent.
On March 16, a trader known as Hsaka said that is due for a retrace following a 170 percent rally since late December, within a three-month span.
Looks like a retrace is imminent.
— Hsaka (@HsakaTrades)
Traders are keen on the near-term price movements of following an overall retrace on March 17 and whether digital assets can retain their momentum in the weeks to come.
Previously, when was hovering at around $3,800, Satoshi, MBA told CCN in an interview that alternative demonstrated large gains in recent months, which may lift the overall sentiment of the market.
“Most coins have very bullish set ups right now, virtually all of them sitting on annual support. When moves sideways, liquidity will move into alts. Recently we’ve seen huge moves, 40%, 80%, even 150% overnight gains by some alternative ,” the analyst CCN.
Overall Sentiment is Positive Despite Cboe bitcoin Futures Drop
Earlier this week, the Chicago Board Options Exchange (Cboe), one of the largest futures market operators in the global market, reportedly disclosed its intent to cancel futures in the near-term.
Some investors grasped it as an indicator for a decline in institutional demand for . But, one researcher suggested that it is a Cboe-specific problem that Cboe has to examine and address in the future, not a general issue pertaining to futures.
“In conclusion. Cboe clearly lost the battle of the futures and needs to re examine things to be competitive. A failed , I’ll planned and rushed to market product is not the same as ‘hur dur institutional fail’,” the researcher .
With the level of developer activity in the market recovering, Capital general partner Spencer Bogart noted that the legitimacy of the industry has solidified.
“The development progress in this crypto bear market absolutely dwarfs the last one Last time, broad consensus was ‘crypto is going away’ (remember ‘ not ’? That was cute…) This time, everyone knows crypto is here to stay. The behind the scenes progress is [rising],” he said.
Published at Sun, 17 Mar 2019 11:13:37 +0000
