2019-2-28 21:00 |
Bitcoin prices steady but under pressure Crypto derivative is inevitable Transaction volumes low after Feb 24 blips
In an uptrend, the latest Bitcoin (BTC) drawdown should be an opportunity for entry now that market leaders are expressing their optimism. As long as Bitcoin (BTC) is trading above $3,800-a-ccording to data streams from BitFinex, buyers are in charge and could retest $4,500 in coming days.
Bitcoin Price Analysis FundamentalsIt is satisfying to know that institutions are finally bending over trying to benefit from cryptocurrencies and blockchain projects.
Blockchain promises to be revolutionary, shaping if not disruptive for traditional set-ups engaged in rigid finance. One of the very first applications was Bitcoin, and the censorship-resistant currency which is slowly moving towards global dominance.
As institutions flow, there will be investments in the network’s infrastructure. In response, the hallway towards crypto asset derivatives will be ready. That’s exactly the thoughts of Fran Strajnar, the CEO of Brave News Coin and the firm whose Bitcoin and Ethereum Indices were integrated and broadcasted at NASDAQ:
“The crypto derivative wave is inevitable. Once custody was solved, first with Fidelity’s announcements last November, and now with indices that align with IOSCO principles being available through the NASDAQ, there’s going to be a rush to produce all manner of financial instruments, which the institutional users have been asking for, for almost three years now.”
Candlestick ArrangementsThese high net-worth individuals maybe flowing in but Bitcoin (BTC) is unmoved—at least in the short-term. Down 2.4 percent in the last week but stable in the previous 24 hours, buyers are trying to wrestle control from relentless sellers.
From the chart, it appears as if sellers have the upper hand. It is mainly thanks to the conspicuous bear bar of Feb 24. All the same, we are net bullish and expect buyers to bounce off $3,800 and rally to $4,500. That will be in line with the demand of Feb 18.
It is after a decisive breakout above $4,500 that conservative traders can buy on pull-back with first targets at $5,800 and $6,000.
Technical IndicatorsEven though our anchor bar is the high-volume bar of Feb 18, we cannot dismiss the liquidation of Feb 24. It had high participation levels—36k just short of Feb 18 volumes. Prices are inside Feb 24 high low and is an opportunity for bulls to capitalize on this dip. However, buyers will be in control once there is a total reversal of Feb 24 losses.
The post CEO Says Crypto Derivatives Inevitable, Will Bitcoin (BTC) Pump? appeared first on NewsBTC.
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