Bullish Indictor Prepares Yearn Finance (YFI) For Record High; Here’s How

According to a textbook bullish indicator, Yearn Finance’s governance token YFI is preparing to target its all-time high. Dubbed as “Ascending Triangle,” the pattern envisions YFI/USD just shy of $44,000, a record high achieved mid-September following the pair’s supersonic bull run. It anticipates YFI/USD to hold support near its ascending trendline while testing its horizontal base level as resistance. Later, the pattern expects the pair to attempt a breakout move above the resistance level. Yearn Finance Ascending Triangle pattern (in black). Source:  YFIUSD on TradingView.com In retrospect, the Ascending Triangle…

Ethereum Gains Bullish Momentum, Why ETH Could Retest $620

Ethereum gained bullish momentum and broke the $550 resistance against the US Dollar. ETH price is up over 8% and it seems like the bulls are aiming $600 or $620. Ethereum started a fresh increase after it broke the $530 resistance level. The price surpassed a major hurdle at $550 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $540 on the hourly chart of ETH/USD (data feed via Kraken). The pair is trading in a positive zone and…

Bitcoin’s Recent $3,000 Correction Actually Formed a Bullish Candle

Bitcoin has faced an extremely strong correction since its local highs around $19,500. The leading cryptocurrency currently trades for $17,000 almost exactly, though fell as low as $16,200 just the other day. That means that from its local highs, the leading cryptocurrency was down by over $3,000. Many have not taken this correction well: just days ago, there were many expecting Bitcoin to move towards new all-time highs, citing a confluence of technical and fundamental trends. But this rally actually formed a somewhat bullish candle, despite what conventional wisdom may…

Bloomberg lists 5 bullish trends for Bitcoin price despite ‘Thanksgiving crash’

Bitcoin (BTC) continues to convert some of its harshest traditional critics from mainstream finance as Bloomberg admits that this bull run is nothing like 2017.  In an article on Nov. 27, the publication known for its pessimism highlighted a range of Bitcoin metrics pointing to a bullish future — despite Thursday’s $3,000 price rout. Bloomberg: Bitcoin market “far more liquid” Included as evidence were record-high Bitcoin futures open interest, non-zero wallet numbers, hash rate and the lack of correlation between Bitcoin and other macro assets. “Just look at market technicals…

Overwhelming bullish sentiment once again proves costly

According to data collected from 1000+ crypto social media channels, the average crowd sentiment towards Bitcoin adapted from slightly bullish to overwhelmingly bullish over the days leading up to Thursday’s dramatic pullback, mirroring the levels previously observed during its May and August price tops, respectively.  The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicated that with both short-term and long-term Bitcoin holders in a position of +15% and +63% profit, the likelihood of profit-taking became high. To make matters more ominous, the funding rate on Bitcoin’s derivatives…

3 Reasons Bitcoin Crashed by $3,000 – And Why It’s Still Bullish

Bitcoin suffered a price crash earlier on Thursday, having missed record highs by a narrow margin earlier this week. The top cryptocurrency by market value fell from over $19,300 to $16,327 during the early European trading hours and was last seen trading near $17,200, representing a 10% drop on a 24-hour basis, according to CoinDesk 20 data. The sudden fall caught many traders off-guard, given the cryptocurrency was trading just 2% short of its record high of $19,783 on Wednesday. So, what’s behind the $3,000 decline? Here are three of…

Bullish Bitcoin Arguments for Your Thanksgiving Table

This year, come prepared to explain the asset that has everyone from famous financiers to political dissidents talking about a money revolution. Today’s Breakdown is a prep kit for the inevitable conversations about bitcoin as friends and family sit down at the Thanksgiving table this year.  NLW discusses arguments ranging from price action to who is buying to why they’re buying to good old-fashioned supply and demand. He leaves with one big conclusion: If there was ever a year to discuss bitcoin, this is it. Original

Janet Yellen is Bullish for Bitcoin, Macro Investor Explains Why

Bitcoin rallied to over $19,000 in the same week that saw President-elect Joe Biden’s decision to appoint Keynesian economist Jenet Yellen as the next US Treasury Secretary. Anthony Pompliano, the co-founder/partner at New York-based Morgan Creek Digital Assets, noted that Ms. Yellen’s economic management style complements Bitcoin’s bullish case. In his note to investors published Tuesday, the macro analyst said the former Federal Reserve Chairman has a tolerance for bubbles and inflation. “Janet Yellen is likely to be Bitcoin’s greatest ally over the coming 4-8 years,” explained Mr. Pompliano. “She…

Bitcoin Bullish Run Buoyed By Positive Sentiments from Institutions

Bitcoin rise in recent weeks has been exponential with the leading coin pumping from $13,000 to $19,000 in less than two months. This rapid surge in price has echoed similar sentiments to the bullish run of 2018 but with a distinct difference “institutional adoption.” Institutions Accumulating Bitcoin In 2020 Financial institutions’ accumulation of Bitcoin is the most noticeable trend in 2020. This suggests that the leading coin is viewed highly within the mainstream financial sector. In recent months, Grayscale has made a massive investment in crypto assets totaling around $10…

Key Bitcoin and Ethereum options metrics show traders are wildly bullish

In the last few days, Bitcoin (BTC) price has underperformed Ether (ETH) by almost 20%. Even though BTC seems to be struggling to break the $18,800 barrier, both cryptocurrencies display the same bullishness according to derivatives markets data. BTC/USD and ETH/USD at Bitstamp. Source: Digital Assets Data Ether is entering a parabolic rally as its Eth2 network launch progresses, and this optimism is reflected in the options markets. Despite the lack of similar price action from BTC, Bitcoin traders seem unfazed, and data shows they are still wildly bullish. Futures…