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  • Blog \ Bitcoin Forecast & Analytics on February 8, 2019

    Bitcoin Forecast & Analytics on February 8, 2019

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    Ilya Krupin
    CEO, HiCoTrading.com

    The first week of February is almost over, but the cryptowinter is far from the end. We continue to monitor the market carefully, giving you our fresh opinions and thoughtful analytics on the state of the cryptocurrency market.

    The prices are surely not at their tops as of February 8 – the Bitfinex Exchange BTS/USD rate is $3,457, and ETH/USD rate is $107.

    Though we have seen the worse already. Anyway, a continuous downward trend can be observed on the charts. In case the market breaks the price level of 3,420 and makes a stand under it, then we expect to hit 3200 and so on up to 2800. Meanwhile, the nearest resistance level is located at 3700.

    Bitcoin forecast

    Speaking about  BSV (BSV – Buy Sell Volume) cryptometrics, we come to our beloved charts of Binance exchange. Here you can observe the monthly timeframes which indicate strong buys everywhere.

    Buy sell volume on Binance

    Speaking about the day period, the BITMEX is the king here for now, having 55% of longs up to date and 45% shorts, accordingly, up to date. The top player among the 25 best traders is Heavy-Autumn-Wolf, who, has the current profit of 6,547 BTC.

    Bitmex leaderboard

    Regarding the situation with CME (Chicago Mercantile Exchange) futures, it seems that short positions prevail big time. During the same period, the total number of contracts had decreased slightly – the fall is observed even in futures volumes.

    CFTC Commitments of Traders Long Report – CME (Futures Only)

    Among other news and market observations – the second half of January and early February witnessed the sharp reduce of pumps.

    Another collaboration made a successful move – the Binance & Tron rolled out their joint BTT token. During the week this particular coin has been pumped 6X times, from 5 Satoshi to 30 – that’s quite a start. Moreover, during the week, the BTT had been listed on such exchanges as Bittrex, Kucoin, Gate, and others. BTT launch was so successful, that it took some liquidity even from the BTC.

    Since the mid-January however, the overall atmosphere in the cryptocurrency market has changed. We have witnessed many degrees of emotional color before – from the last year’s excitement and hopes to the harsh pessimism. However, right now the cryptocurrency market mood is closer to the total indifference. Most investors have frozen their investments until 2021, and their drawdown ranges from 50-95%. Who do feel good in these conditions are the intraday traders, some of which even managed to get the extreme for such conditions profit  of +100-200% on the Bitmex exchange with the X100 leverage.

    Volumes on major exchanges have fallen, usually, such low amounts are observed on the weekends, when the funds are closed – and now even in the middle of the week, the volumes on the Bitfinex exchange are close to 28 000 000$.

    An as always, in the absence of any real thrill, it must be made artificially. Someone tried to manipulate the market with the news about the launch of the highly anticipated BAKKT platform. A lot of traders hoped that this particular milestone will revitalize the market again and many top channels picked up these news running crazy with it through the web, but shortly after the BAKKT officials denied this information. To the moon is delayed, again.
    Here we give you a direct example of the message:

    SCAM Alert!

    The https://bakktplatform.io/ has surfaced, which says that the Bakkt platform launch will be held March 12. Official sources have not yet confirmed this, however. The site already offers to join the platform, but we strongly recommend not to leave your data on this page. Official platform website is still the same: www.bakkt.com.

    HiCoTrading team opinion is the following –  we have the sideline trend highly active this week. The first option of the next market movements – is the squeeze down to 3200-3300 and a rebound at least to 4300-4400, or perhaps 5200 max, which then will be followed by a deep dive on the new low levels – up to $ 1800 until fall 2019. We do also think, that the second option from this position is the current price growth with the same goals.

    HiCoTrading team wishes you happy weekdays and profitable trades!