HEY TRADERS!
Looking at some fundamentals coinciding with some technicals lead me to believe the current bear market is wrapping up.
1. The Launch of BAKKT in 2 weeks by ICE Intercontinental Exchange. The organization behind the NY Stock Exchange is launching Bitcoin futures, backed by 12 high profile investors, including Microsoft and pantera capital they raised something like 180million usd. This will bring in institutional money, pushing us into the next bull market.
2. CNY Chinese New Year takes a lot of liquidity out of the crypto market, which should drop the price in the short term bringing us down to Key support levels.
3. Approaching key historical support/resistance levels at 2900-2700 usd.
4. The 2014 bear market lasted 410 days, we are currently At 412 days, which in itself means nothing, but combined with the fundamentals and technicals at this moment may point to history repeating itself. Also the 2014 bear market retraced about 80% as well as the current bear market about 80% retracement.
Looking at some fundamentals coinciding with some technicals lead me to believe the current bear market is wrapping up.
1. The Launch of BAKKT in 2 weeks by ICE Intercontinental Exchange. The organization behind the NY Stock Exchange is launching Bitcoin futures, backed by 12 high profile investors, including Microsoft and pantera capital they raised something like 180million usd. This will bring in institutional money, pushing us into the next bull market.
2. CNY Chinese New Year takes a lot of liquidity out of the crypto market, which should drop the price in the short term bringing us down to Key support levels.
3. Approaching key historical support/resistance levels at 2900-2700 usd.
4. The 2014 bear market lasted 410 days, we are currently At 412 days, which in itself means nothing, but combined with the fundamentals and technicals at this moment may point to history repeating itself. Also the 2014 bear market retraced about 80% as well as the current bear market about 80% retracement.