Market report

YOU'LL HEAR WE ARE BULLISH AGAIN

London Block Exchange

3rd April 2018

Is this really a trend reversal - or just a short squeeze?

YOU'LL HEAR WE ARE BULLISH AGAIN

Is this really a trend reversal - or just a short squeeze?

Despite the downtrend, bitcoin is attempting a small bullish breakout today, after rising over the £5.1k ($7.2k) resistance for the first time since last Thursday. The top 100 cryptoassets are up 9% over the past 24h, following bitcoin's 6% rise. Here's something interesting - rumours of informal reports stated that OTC trading was growing in volume as multi-billion dollar bids commenced, likely powered by Skype calls. Although, such demand might not directly translate to moves in regular exchanges.

Twitter analysts are claiming the first target for this upside is £5.3k ($7.5k) but the next strong resistance is at £5.6k ($7.9k). Here, more traders are looking to defend their shorts, which are negative bets against the price of a bitcoin. Shorts are near their all-time highs and increasing - a situation that tempts many players to attempt pushing the price higher to liquidate such positions.

Why did this breakout happen? Aside the OTC news and the short squeeze, there's no apparent reason. We previously stated that "markets are complex and can move due to a cascade of unrelated events". In absence of fundamental news and without a double bottom at £4.3k ($6k) - a typical reversal pattern - some are saying the trend changed as the stochastic RSI - an indicator used to analyse the strength of price movements - was in the same oversold level as it was in early February. Keep following the sharks, or rather the charts.

YOU'LL HEAR IT IS JUST FUD

Education is the most profitable asset you can develop - don't dismiss it.

The two co-founders of a popular ICO called 'Centra', which was backed by Floyd Mayweather, were charged with fraud and got arrested by the US SEC as they were trying to leave the US. All this occurred following a class action suit since December and a subpoena in February.

Nevertheless, Binance, a popular alts exchange, didn't undergo proper due diligence on the token, which left many on Twitter claiming they had a lot to answer for. It's still trading at a £6.4 million market cap, as traders keep buying the bottomless dip whilst trying to dismiss these news as FUD.

At LBX, we focus on providing great resources for all knowledge levels, to ensure our community is critical and does their own research. Check out our newly updated College of Crypto and our latest Telegram channel. At a time that the entire space risks getting tainted with events as such, it's important to consider all angles - especially when a poll found 36% of British people believe cryptocurrency is related to funeral financing!

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

WHAT TO READ TODAY

An insight a day could give you more profits to play

  • bitcoin
  • OTC
  • skype
  • sharks
  • centra
  • telegram
  • zcash
  • unchained