By Ana Balashova (@coinjive)
September 7th, 2018

Traders are on the fence about Bitcoin lately

Traders are on the fence about Bitcoin lately

By Ana Balashova (@coinjive)
September 7th, 2018

Weekly crypto sentiment brain-powered by the most authoritative experts from the trading network.

Last week the Bitcoin trading sentiment was over-the-roof cheerful with only 10% of all top traders on TradingView platform being bearish on “digital gold.” The overall market context was also quite positive with more miners looking into IPOs, crypto trading integration into Yahoo Finance and news on Morgan Creek’s intention to build the Digital Asset Index Fund.

This week was different. Let’s go through the most notable stories about Bitcoin happened within the previous seven days:

  • Monday started in a crypto-unfriendly manner as major Belgium’s financial regulator issued a statement saying that people should beware of newly launched crypto trading platforms as many of those are fraudulent.
  • Later on, the huge Bitcoin sell-off happened due to the news from Goldman Sachs. The embodiment of institutional money decided to drop the plan on opening a crypto trading desk. That happened on Wednesday, and since then the crypto market was bleeding severely and Bitcoin itself fell from ~$7400 to ~$6400.

Somewhat positive news spilled out at the end of the week with Iranian government recognizing crypto mining as a legal activity which led to Bitcoin price’s spike up to $24000 at local markets.

The lack of good news worked like a charm to change traders’ mood. Overall sentiment based on all ideas published on TradingView within the course of the last seven days is as follows: 54% of traders on the platform are bullish, and 46% are bearish. 50% bullish, 50% bearish is the ratio among the top 10 bitcoin traders.  Changes since last week are moderate if to count in all the traders: just +5% of bearish. Top traders are much less confident in Bitcoin right now. There were 40% less long ideas compared to the previous week.

The indecisiveness was in the air for Bitcoin traders this week. So lots of ideas published on TradingView were meant only to remind the community to stay strong. For instance, this chart comparison from user hyperspeeds33 throws us back to 2014.

And we know that since then some good things were happening for cryptos:


Bitcoin in 2014 by hyperspeeds33 on TradingView.com