According to Bloomberg, the technical indicators signaling long-term demand for the purchase of Bitcoin are deteriorating, which is also true for the average convergence shift indicator (MACD ), which is declining since mid-February. ( MACD shows the difference between two exponential moving averages. It is considered an important indicator of trend direction prediction).
Bitcoin tested $ 4000 a few times in the previous weeks, but has not yet managed to overcome this important resistance for a long time. Bloomberg therefore notes that it is likely to face sales pressure.
"The whole industry is mature to restore the path to lower prices." The conditions are similar to November (2018) just before the collapse, ”said Mike McGlone, Bloomberg analyst.
Other analysts suggest that investors are giving up Bitcoin in this period to invest their money in altcoins. EToro's chief analyst, Mati Greenspan, thinks we are in the high season, which belongs to altcoin. “Right now, investors see more potential in some smaller altcoins. While we are nearing the culmination of cryptime, we actually see that in the last few weeks some of these altcoins are making a huge profit. Now we are in what some insiders call the alt-season. ”
To illustrate, while Bitcoin has strengthened by about 23% since its last day, Ethereum has more than 60% since December and Litecoin nearly tripled in the same time period.
My steemit: https://steemit.com/@istrednepohronie
My steemit for travel: https://steemit.com/@cryptowithlubos