Bitcoin Trend Series / EP. 571 / Sentiment Indicator VS PayPal Policy Changes / Steem Bounty Reward
Time: 9.00 A.M. / GM+2 / 23 Apr 2018 – Mon.
- Sentiment Indicator ( The bad ): Speaking of investor perceptions and on the issue of sentiment, the chart below shows a composite of Google trends ratings for various search terms , such as bitcoin mining, buy bitcoin, etc...As we see, there has been a sharp drop-off in interest, for perhaps obvious reasons and I do not think this will support the recent bull run.
- PayPal Policy Changes ( The good ): With the new direction of PayPal, the recipients of funds will be "discriminated" based on the country of residence and a flat fee is to be introduced, which can ramp up to $4.99 per transaction. The reason why I believe, these new changes will force people to look for alternatives and most likely will cause a boost for bitcoin and other cryptocurrency.
In our previous post / 570 / we had forecast the trading range will be between 7.84K and 9.12K. The intraday high was 9.04K and the low was 8.75K.
The volume is higher than what we had seen on the the last days but this is not what we usually see during a strong reversal.
RSI is now quite close to levels at which Bitcoin price tipped over and went down recently. So if the recent history were to repeat itself, we might see a move down from 9.12K, or some strength to 9.73K followed by a move down.
The last upmove above 8.64K is not strong bullish as it might seem. The implications here are either depreciation or a double local top followed by a move down. My point of view, the implications are bearish rather than bullish at the moment and a little bearish action can make the implications bearish all over again.
Based on the above, the trend for today is neutral with chances:
Of continuing the weak bullish wave towards 200-day MA at 9.73k followed by a retracement.
For a down move retracement from 9.12K as we wrote in our previous post.
Support 1: 7840.000 level.
Resistance1 : 9122.000 level.
Support 2: 7240.000 level.
Resistance2 : 9737.000 level.
Expected trading for today:
is between 7840.00 and 9122.00.
Expected trend for today :
Neutral.
Medium Term:
Neutral.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
13660.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
25000.00 level / Expected.
/ Project by @knircky & @famunger /
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I think PayPal Policy Change will attract more new peoples to use crypto currencies for international transaction
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It’s seems like whales won’t let the price come down strange times lol
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I'm going to invest some money on bitcoin, based on what you know, do you think this is a good moment? Just your opinion.
Greetings.
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In my opinion the google trend indicator is not as negative as you wrote. If it is currently low, it is able to soar. For me it seems more to be acontra indicator, if the fundamental data is good.
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Bitcoin is about to be in a 4-6 month bear market as I have posted. Unless it covers above the 200 day MA and 11600 which is the important level (not 12k like the TV hosts will tell you)
However, once this bear ends you will have FB and GOOG and PYPL all running back to cypto. It is a secular trend and not even the largest companies are going to be able to stop it...
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I love your analysis @lordoftruth The sentiment Indicator using google trends is a great idea and one i will surely use on other fields in the future.
About paypal, is about time, there is a good alternative because their fees are going upper and upper :/