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Digital Currency Revolution Series: Crypto Pessimists Turning Optimists as Bitcoin Reclaims and Surpasses $10.5k Mark
Many skeptics and critics of Bitcoin came up with their dubious notions that it has created a bubble and likely to collapse in yesteryear. But now the scenario has absolutely been changed, there has been FOMO the rallies (Fear of Missing Out) sentiments that are mounting up.
Well, bitcoin reclaims $10k mark (recent highs at $11,247 in BITSTAMP exchange) amid the continued trolling on Warren Buffet’s famously comparison of Bitcoin with rat poison to the JPMorgan Chief Mr. Jamie Dimon’s U-turn from his critic statement of cryptocurrency as a fraud, terming digital currencies as a "novelty" and "worth nothing" to his confession after JP Morgan’s keenness of investment into blockchain and crypto-currencies back in 2016 and 2018.
Legendary investor Mr. Warren Buffet had constantly bashed on Bitcoin last year and stated that he would never invest in cryptocurrencies as he seemed certain about the cryptocurrencies would come to a bad end and also called rat poison.
Contrary to the above perspectives, many crypto aspirants and optimists have been perceiving the current trend of bitcoin prices has ended corrective mode as they reckon that price trend of any asset class wouldn’t always be in bullish nor in bearish mode constantly. There would be swings on either direction regardless of the major bull or bear trend, and these swings could be categorized as minor, major and intermediate swings.
On that perspective, Mr.Peter Brandt, who is supposed to be a veteran trader was in the news for terming Bitcoin’s big slump in January of 2018, has now taken aback from his previous stance and calls BTC is likely to shoot up for $100,000 mark.
Having mentioned that, it doesn’t make him unsuccessful nor a hater, but that little skepticism is the actually right thing to follow what market is telling rather than bucking the trend. This quality of following the trend rather than much of analysis or forecasting makes the successful trader.
Technically, BTCUSD has now broken out many psychological resistances ($5,890 and now $10k) and spiking constantly higher above EMAs with bullish EMA & MACD crossovers which is a renewed bullish indication. The buying sentiments above $10.5k mark are intensified as both leading oscillators are also showing upwards convergence to the price upswings.
Thereby, the uptrend resumed & hit fresh 2019 highs after bullish engulfing patterns, both leading & lagging indicators in tandem with upswings, we at FxWirePro raised the cause of concern for long term bulls while explaining booming cycles in our historic write-ups, the rest is history by now.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 21 levels (which is mildly bullish), while hourly USD spot index was at -114 (highly bearish) while articulating (at 07:42 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex