Weekly crypto sentiment brain-powered by the most authoritative experts from the trading network.
The previous week was quite eventful for Bitcoin: from announcements that raise fear to more positive ones. Starting from $230 Million worth of Bitcoin by Mt. Gox trustee sell-off and termination of Zebpay, one of the largest Indian crypto exchanges to Bitmain’s making their IPO official. As for this week, the major newsbreaks were:
- The beginning of the week was relatively calm for Bitcoin with one important announcement featuring the $8 billion evaluation of Coinbase which is a very bullish sign for the industry’s legitimacy.
- Later on, possible Argentina’s move on getting up to 30 automated machines that buy and sell bitcoin by the end of 2018 as the response to economic crisis in the country made the headlines.
- At the end of the week, the new development of ETF-related story happened: the U.S. Securities and Exchange Commission (SEC) asked for more details on nine different bitcoin exchange-traded fund proposals that were under review after an initial rejection.
- Overall sentiment based on all ideas published on TradingView within the course of the last seven days was as follows: 60% of traders on the platform were bullish, and 40% were bearish. 63% bullish, 38% bearish is the ratio among the top 10 Bitcoin traders. That’s a bit more of positivity compared to the previous week when only 54% of top traders were bullish.
- TradingView pro user Jacob Canfield proposed one of the most viewed Bitcoin trading ideas of the week. He is bullish on BTC as +700% seems realistic to him, giving big news on the horizon, starting from ETF approvals to physically backed Bitcoin by Bakkt. Check the chart for more details: