Will Bitcoin cost $3 000 in 2018? What is the growth of long and short positions? May 2 today’s news can awaken in you a bullish sentiment in the long run? All this we will discuss today.
The market capitalization today was ~120 billion. and yesterday reached the lowest level in 2018 at ~118 billion. The daily trading volume of 17.3 billion dollars, that is a fairly good indicator of trading activity.
Now the price of Bitcoin is in strong oversold but downward momentum begins to lose strength, indicating a possible way in the sideways movement. On chasovike the main trading volume are concentrated in the area of $3 600 — $700 3 if the price will go lower, the lack of sufficient volumes, we can see it free fall.
The number of short positions in November grew strongly, the bears are set to take $3 000. At the same time, the number of long positions remains high, because many market participants still see a high potential upside price movement. Apparently, if the support at $3 600 is breached, price could easily go for a test of $2 700. The more the price falls, the more confidence it gives me as for institutional investors enjoy an attractive entry point. Thus, the probability of a rapid rebound is growing, as after the full set of items they will raise the price through his own connections. Right now, the market is owned by the whales, and the cheaper they will be able to log in, the stronger you will be able to expand the market. If the price goes below $3 000, I will buy, like whales, so in the short term, I like the strong fall in prices. I think now everyone is waiting for the most attractive prices to return to the market.
Can the crypto market to recover until the end of 2018?
Sam leach, a cryptocurrency expert, spoke about the fact that the cyclical nature of the price changes characteristic of all crypto-currencies and Bitcoin in return of the growth stage is only a matter of time. He also noted that the long downward trend of Bitcoin and Ethereum on the market comes more and more buyers interested in purchasing top coins at attractive prices.
The well-known trader and analyst Peter Brandt added that now Bitcoin is at the stage when the weak hands capitulate, and smart money begin a strategic entry into the market. Most likely, we are now seeing the withdrawal from the market of people interested in cryptocurrencies only from the point of view of quick money, while those who believe in technology.
A SEC member said about the possibility of adoption for Bitcoin ETF
Hester pierce stated that the adoption of ETF absolutely possible. After rejecting bids from Winklevosses, in July, she publicly declared its disagreement with the negative position of the Commission regarding Bitcoin.
The Commission now collects feedback from citizens and will analyze it for further decisions.