The decrease will continue next week – LinkCoin.pro
Last week we concluded that no need to worry about the rapid drop on Bitcoin price, ang there will be a short-term bottom during the decrease. Our prediction stood correct from the later truth. Let us refresh our take on the overall trend of Bitcoin price.
Daily trading volumes — Bitcoin
The bitcoin price has had a up-down last week, which is 332K on the top and 299K at the bottom. The daily trading volume has been on a slow increase since February 2018. It shows the core value of Bitcoin and is the fundamental support for Bitcoin price.
Daily trading volumes — Ethereum
Ethereum has a similar trend as Bitcoin, and has 857K on the top and 609K at the bottom.
The newest hashrate was 97.95EH/s, a steady trend. Computing power (aka mining hashrate) is a key market metric as it illustrates the networks transactional demand. It has been on a steady rise since last year, which lays the foundation for the value of Bitcoin.
There was a up and down in number of active addresses as well, that it got 718K on the top and 512 at the bottom.
USDT Snapshot
The premium of USDT has been affected by the increasing value of Chinese Yuan. The negative premium also indicates the new entry funding is limited.
Google Search Trend
Looking at the past-30 day Google search trend for “Bitcoin” and related terms, we found that the global search for “BTC” had a slight decrease.
Fear & Greed Index (FGI)
FGI was at 40, meaning that the market continues to show fear sentiments.
Long/Short Position Ratio
The long/short ratio was 1.73, which is closed to the high level rate.
Having a “long” position in security means that you own the security. Investors maintain “long” security positions in the expectation that the stock will rise in value in future. The opposite of a “long” position is a “short” position. A “short” position is generally the sale of a stock you do not own. Investors who sell short believe the price of the stock will decrease in value. In the market of contracts, the total positions of long and short are equal. For each long position, there is a short position. If the long/short position is high, then it means that there are fewer people who go long than those go short. According to the experience, is the ratio is too high it is highly likely that we will see a market correction.
Conclusion
In sum, most of the fundamental indexes has shown the signs of up and down, but it can still be expectable. The game between the long and the short is keep going, but the recovery sign is weaker, may makes the whole market keeps going down, this also indicates the opportunity for a low price to enter the market.
Published at Thu, 14 Nov 2019 21:11:53 +0000
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