Bitcoin Shows Potential To Rise To $11500
As reported by CoinNess.com earlier, ETH has topped the list of net cap inflows in the first two hours of Feb 7 (UTC) with the cap marking $22.42 million, which significantly overrun the figures of net cap outflows. Therefore, the market trends intend to be bullish by judging from the cap flows.
With respect to the short-term trading, it is advisable for investors to enter the market if the Bitcoin (BTC) price could retraced to the area near $9,500. However, the price range within the purple frame (see the chart below) will release the pressure, indicating that investors should keep a watchful eye on the buying in or opening positions. Little resistance may appear for BTC to further climb to $11,500 if the Bitcoin bulls could drive the king coin to break through the aforementioned area.
According to the IG Client Sentiment, the proportion of long positions increased by 0.6%, and that of short ones decreased by 1.09% compared with those of the previous day. On the contrary, the proportion of long ones down 5.94% within the period of past seven days, and that of short ones slightly up 0.74%. Going from the opposite of most investors’ sentiment, the shorts get the upper hand in a shorter term, while the longs are in a dominant position in a longer term. Hence, the IG delivered a mixed signal for investors. In general, BTC may experience a correction phase in the short run, but retains a bullish momentum on the weekly chart, however.
Published at Fri, 07 Feb 2020 04:56:27 +0000
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