{"id":9437,"date":"2019-12-09T05:22:54","date_gmt":"2019-12-09T05:22:54","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=9437"},"modified":"2019-12-09T05:22:57","modified_gmt":"2019-12-09T05:22:57","slug":"news-commentary-939-more-thoughts-on-bitcoin","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=9437","title":{"rendered":"News Commentary #939 – More Thoughts on Bitcoin"},"content":{"rendered":"\n

Going Up or Going Down?<\/strong><\/p>\n\n\n\n

There is a lot of speculation in recent months about where Bitcoin is heading; is it going up or is it going down?  A few days ago, in News Commentary #937<\/a><\/em>, we reprinted an article that presented some thoughts on this.  Here\u2019s another article about this same subject.  Again, we present this information because a great many online investors have a serious interest in Bitcoin.  Following the article, we\u2019ve included a link to the article in case you would like to read it in its original form.  The original article contains additional links where you can obtain still more information.<\/p>\n\n\n\n

Analytics: Bitcoin Price Bottom is Close, Bullish Reversal to be \u201cStrong\u201d<\/strong><\/p>

Since Bitcoin (BTC) tapped $6,500 in late-November, analysts have been wondering if the bottom is really in. You see, the leading cryptocurrency bounced by 20% from $6,500, hitting $7,850 just a week back.<\/p>

While some say that the fact that Bitcoin failed to crack the key resistance near $8,000 is decisively bearish, analytics companies in the industry are starting to believe that a bottom is forming.<\/p>

On-chain market intelligence firm Glassnode recently observed that there is a confluence of factors suggesting that the Bitcoin bottom is forming, if not here already.<\/p>

They first noted that the Market Value to Realized Value (MVRV), the ratio between market cap and realized cap, is \u201cconsolidating towards one,\u201d which implies that gains are being realized by Bitcoin investors. A one reading of the ratio often marks a bottom for the cryptocurrency market.<\/p>

<\/p>

There\u2019s also Unrealized Profit, which \u201cpaints a very similar picture.\u201d \u201cAs investors have less profit to realize, $<\/s>btc sell pressure starts to diminish allowing for upwards momentum to build,\u201d the firm wrote noting the importance of the metrics.<\/p>

It isn\u2019t clear if Glassnode\u2019s analytics implies that Bitcoin will range in the low-$7,000s for a while, or if the cryptocurrency will see one flash move lower. Though, whatever the case, the \u201cbottom is close\u2014and once it happens, the reversal will be strong.\u201d<\/p>

The \u201cstrong reversal\u201d narrative being pushed by the analytics startup is consistent with other analyses.<\/p>

As reported by NewsBTC just days ago, the opening month was harrowing for Bitcoin (BTC) for one reason: the open of the December candle for the cryptocurrency\u2019s price triggered a \u201csell\u201d signal on the Market God v7 indicator.<\/p>

This was seen as bearish, as the last time the indicator gave the signal was in April, which was prior to the move that took the price of Bitcoin from five digits to $3,150, before printing a buy signal near the bottom.<\/p>

Though, according to Thies\u2019 latest check of the indicator, the \u201csell\u201d signal has dissipated as bears have failed to continue to push lower the price of Bitcoin.<\/p>

That\u2019s not to mention that a bottoming pattern is forming on Bitcoin\u2019s chart. Popular cryptocurrency analyst Jonny Moe noted that BTC\u2019s chart is currently building a bottoming pattern, which could show that its downtrend formed after the pump to $10,500 is over:<\/p>

\u201cThe BTC inverse head & shoulders we saw last week has turned into an Adam on a potential Adam & Eve bottom. You could interpret the Eve as the beginning of a cup & handle continuation as well. Both of these are still just potential, but certainly there.\u201d<\/em><\/p><\/blockquote>\n\n\n\n

Reprinted from: https:\/\/www.newsbtc.com\/category\/crypto\/bitcoin\/<\/a> <\/p>\n\n\n

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Going Up or Going Down? There is a lot of speculation in recent months about where Bitcoin is heading; is it going up or is it going down?  A few days ago, in News Commentary … News Commentary #939 – More Thoughts on Bitcoin<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":9422,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[139,3545,1874,3544,3546,3547],"class_list":["post-9437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin","tag-bitcoin-info","tag-bitcoin-insights","tag-bitcoin-news","tag-bitcoin-update","tag-bitcoin-updates","exalt-entry"],"yoast_head":"\nNews Commentary #939 - More Thoughts on Bitcoin - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=9437\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #939 - More Thoughts on Bitcoin - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Going Up or Going Down? 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