Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Crypto Strategist Says He’s Buying the Bitcoin (BTC) Dip Despite Aggressive Pullback – Here’s Why

by Daily Hodl Staff
February 29, 2020
in Trading
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
ADVERTISEMENT

A prominent technical trader says he’s buying the Bitcoin (BTC) dip despite bearish forecasts and widespread fear in the crypto markets.

The analyst, known in the industry as Light Crypto, tells 20,000 followers on Twitter that global equity markets are showing signs of a potential bottom, which could bode well for BTC. That, combined with the fact that the price of gold fell further than Bitcoin on Friday, has the trader feeling bullish on Bitcoin in the short term.

“Beginning with a broad macro perspective, after seven days of rarely seen bloodshed in global equity markets, and in particular US equities, bidders have finally stepped in today with a rally off the capitulation notched in the overnight spoos markets.

Gold is down the most since 2013, possibly sold to cover margin calls – this is a further sign of an emotional and capitulatory macro environment. In all of this, Bitcoin has held, losing less on the day than gold(!).”

The trader is also pointing to analysis from fellow trader Cantering Clark, who says relief could come if BTC can remain above $8,600.

/5 This sort of spasticated action with price not budging downwards is indicative of a large, patient latent buying interest.

And while selling has hammered the bid, few asks have been inserted above, opening the market to the opportunity of a surprisingly large move upwards. pic.twitter.com/7jsE9bPrfr

— light (@LightCrypto) February 28, 2020

In addition, Light Crypto points to bullish sentiment on Bitcoin’s upcoming halving as reason for optimism.

“External factors that push BTC’s price often provide excellent opportunities for taking the other side. And with the halving looming closer every day, and that narrative showing its potential strength in January, Bitcoin’s inherent tilt is overwhelmingly bullish in my mind.

ADVERTISEMENT

And a cherry on top – a narrative is slowly sprouting among the forward-looking that the rate-cuts almost made inevitable by the implosion of risk markets and stand-still in credit will make Bitcoin more attractive on a macro relative basis.”

Meanwhile, analyst Jacob Canfield tells his 51,000 followers that he thinks the “aggressive” pace of Bitcoin’s pullback suggests the bottom is not yet in. He’s now looking for a bounce at $8,240. BTC is currently at $8,734, at time of publishing.

If Bitcoin doesn’t bounce at around $8,200, Canfield says the leading cryptocurrency will be exposed to further downside and could fall as low as $6,400.

“Not many people talk about downside parabolic structures, but they’re important to pay attention to. This recent structure has a much more aggressive slope to it than the post-china pump bleed out, which means sellers are more aggressive. Watching for a $8240 bounce potentially.”

Source: Jacob Canfield/Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • MakiSwap Raises $1.4M From Leading Investors to Build AMM Platform on Huobi Eco Chain
    April 14, 2021
  • DigitalBits To Become Premier Choice for NFTs After Litemint Partnership
    April 13, 2021
  • Ethernity Chain Launches Authenticated NFT Marketplace to Curtail Fraud
    April 13, 2021
  • ConsenSys-Backed Virtue Poker Raises $5 Million Strategic Round
    April 12, 2021
  • Cometh Partners With Alchemix for “Wizards” Collection of Yield-Generating NFTs
    April 9, 2021
  • eToro Appoints Dr. Hedva Ber, Israel’s Former Banking Supervisor, As Deputy CEO and Global COO
    April 8, 2021
  • Blockchain Provider Orbs Is Now Accessible Through the AWS Marketplace
    April 8, 2021
Submit a Guest Post
ADVERTISEMENT
ADVERTISEMENT
Bitcoin
$63,219.00
$63,219.00
1.14%
Ethereum
$2,514.56
$2,514.56
4.05%
Binance Coin
$531.28
$531.28
1.07%
XRP
$1.75
$1.75
0.28%
Polkadot
$43.26
$43.26
0.12%
Cardano
$1.47
$1.47
3.83%

Spotlight

  • Coinbase Bump Alert: 4 Altcoins Rally After Receiving Sudden Support From Top Crypto Exchange
    April 9, 2021
  • XRP Use Cases To Explode With DeFi Crypto Integration, Says Wanchain CEO
    April 13, 2021
  • Analyst Outlines Key Levels to Watch As Bitcoin And Ethereum Attempt Weekend Breakouts
    April 10, 2021
  • Coinbase Marks Watershed Moment in Crypto With Direct Listing ‘COIN’
    April 14, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
  • DAILY HODL MIX

© 2020 The Daily Hodl

×