Bitcoin’s Negative Movement Is Leaving some Traders to Be Bullish

Bitcoin’s Negative Movement Is Leaving some Traders to Be Bullish
  • A bullish short term trend for bitcoin seems to be on the table after what has been a relatively stable week.
  • When Bitcoin typically sees a sideways movement, altcoins such as Ripple’s XRP or Litecoin tend to experience a rally.
  • Some technical analysts are predicting an even further pullback for the leading cryptocurrency before we see an upside.

A bullish short term trend for bitcoin seems to be on the table after what has been a relatively stable week for the leading cryptocurrency following its big drop last month.

When Bitcoin typically sees a sideways movement for a significant amount of time, altcoins such as Ripple’s XRP or Litecoin tend to experience a rally. Over the past week though, Ethereum has been able to keep above its key support level of around $180. In turn, alternative cryptocurrencies have been able to stay above water.

Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

According to one crypto trader, the majority of shorts in the bitcoin market have been closed out and after five consecutive weeks of negative “delta,” the short term trend of BTC looks bright. He said:

“I am not so sure I want to be a seller of this market right now in this very position. All shorts have been closed out. We are on our 5th straight week of negative weekly delta. The stats on this are not in favor of red continuation with respect to previous occurrences.”

On the other side of things, some technical analysts are predicting an even further pullback for the leading cryptocurrency before we see an upside. This is with the daily structure of Bitcoin looking quite weak and the sentiment around the asset class arguably in decline.

It will be interesting to see where Bitcoin will go from here. For more news on this and other crypto updates, keep it with CryptoDaily!

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