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Bitcoin [BTC], Ripple [XRP], Litecoin [LTC] turn bullish – Sentiment Analysis – March 19

Prerana Sarkar

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Bitcoin, Ripple and Litecoin turn bullish - Sentiment Analysis - March 19th
Source: Pixabay

After a bleak weak for the global coin market, contrast volumes in prices are seen to be on a rise.

With the past week filled with events such as Facebook, Google and recently Twitter banning ICOs and cryptocurrency related ads, rumors of Mt. Gox selling off the rest of the Bitcoins, Peter Thiel calling Bitcoin an equivalent of Gold, Litecoin and Cardano upgrade, several tokens getting added on multiple exchange platforms, rumors of Tencent’s investment in Ripple, Reuters announcement to collect Bitcoin-related data feed, the market went through a toll.

Bitcoin [BTC]:

Bitcoin at press time was trading at $8675 with a market cap of $146 billion at press time with a boost of 14.87% in the last 24 hours. According to yesterday’s report, Bitcoin was valued $7300 and has increased more than $1000 when compared to today’s price.

The major headlines regarding Bitcoin for the day are:

  1. Financial Stability Board [FSB] that handles the financial regulation for G20, announced that Bitcoin and other cryptocurrencies do not pose risk to the global financial stability at present.
  2. Mt. Gox trustee, Nobuaki Kobayashi revealed that selling off the $400 million worth Bitcoin did not affect the price drop in the market.

David Ushakov, a technical analyst from Samara says (Paraphrased from Russian),

 “Bitcoin is trying to get free from Mr. Bear and this is a fine example of that. All the investors who HODLd and did not buy the FUD crap which was spreading in the market are probably toasting to their victory right now, like me. So, Cheers guys. Looks like the bulls are back!”

Robin Oliver, a Bitcoin investor from Scotland says,

“Well ain’t this just right. I knew the prices will come up just the way it dropped. What else can you expect from a roller coaster market? HODL no matter what ya”

Karla Maples, an Internal Auditor at the big 4s says,

“I was a 100% sure the price will pump up soon. The FUDders can go to hell with their so-called ‘market speculations’. I honestly think that the main reason its falling is because of the FUD these so-called ‘market speculators’ are spreading. The next 24 hours is critical. The current rise in prices does not feel normal, it definitely feels bullish”

In conclusion, an emphatic 82% of the respondents felt that Bitcoin’s show of force in the past 12 hours is different from the past month. They feel that if this continues on for the next 24 hours then the bullish area is back and Bitcoin could be in for the next all-time high by April or May.

Ripple [XRP]:

Ripple [XRP] at press time was trading at $0.69 with a market cap of $27 billion according to CoinMarketCap with a hike of 19.56% in the past 24 hours.

The major headline regarding Ripple [XRP] for the day are:

  1. Ripple has been listed on BitBay.

Peter Lee, a security advisor at a mining farm at Reykjavik says,

“Don’t care what haters say, I have gained so much from Ripple. Invested when it was at at $0.10. HODLing all the way to the top. We are hitting $6 by September”

Alan Nicolas, an XRP investor and a self-proclaimed devotee from Ypres says,

“Will be epic to see the faces of all those who say XRP is a shit coin. There is a real possibility that we could see XRP in between $4 – $6 by this year end. The next day is going to be critical, the way the markets have come up, it reminds of the start of a bull run that happened in December last year “

Dheeraj Shetty, a blockchain developer from Mangalore says,

“I woke up today and my feed was filled with excited people talking about Ripple and the markets going up. I still stand by what a lot of blockchain fanatics say. Ripple does not have a place in the decentralized future. Why should I make CL rich? There would be a pull back soon”

In conclusion, a majority of respondents believe that there were multiple positives breaking out today and that coupled with a dramatic increase in prices could be the signal for the next bull run.

70% of the Ripple respondents believe that there is still time for the markets to be called bullish but they feel if the same trend continues till tomorrow then Ripple can go back to bigger highs.

Litecoin [LTC]:

Litecoin [LTC] at press time was trading at $156 with a market cap of $8 billion showing a 12% growth in the past 24 hours.

Rangaswamy Kumar, a Litecoin investor from Chennai says,



“People have underestimated Litecoin a lot. Litecoin is a token with a real-world uses. What people say is true, buying coffee, groceries and your daily needs could be supported by Litecoin. Although prices are dependant on Bitcoin right now, I believe, Litecoin is the underrated underdog. Expecting a big upward move soon”

Paul Furbey, a physics professor and a crypto enthusiast from London says,

“I have always believed in the potential of Litecoin but right now there are many tokens very similar to what LTC can do. As for the price I believe we have entered a bullish territory now so can expect some good momentum in the next couple of days”

In conclusion, out of the 22 respondents, a conservative 55% believe that there is a possibility that Litecoin could continue the upward movement while the rest believe that Litecoin currently is following Bitcoin’s path and will be exactly behind Bitcoin in terms of prices.





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Prerana Sarkar is a part of AMBCrypto's News Reporting Team from January 2018. She is a Journalism major from Mount Carmel with two years of writing experience in Bitcoin and Blockchain related articles. Prerana does not hold any value in cryptocurrency or its projects

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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