THELOGICALINDIAN - Since the crypto markets witnessed a ample amount beat aftermost Friday they accept been gradually afloat downwards with Bitcoin BTC cogent some levels of adherence in the low3600 arena This adherence may not aftermost continued about as BTC abbreviate positions are rapidly bottomward while continued positions ascend which may arresting that beasts are accepting ever confident
Most cryptos accept dropped slightly today, with EOS and TRON actuality the affliction assuming above cryptocurrencies, bottomward 3.5% and 2.5% respectively.
Bitcoin (BTC) Short Positions Plummet as Crypto Markets Drop
At the time of writing, Bitcoin is trading bottomward hardly at its accepted bulk of $3,620. Last Friday, the cryptocurrency surged from $3,400 to highs of $3,700. Although this bulk billow was absolutely absolute for investors, BTC has not been able to accumulate a cogent bulk of affairs burden at its accepted bulk levels.
Despite this fact, there is an absorbing trend that is currently occurring, area accessible abbreviate positions adjoin BTC are coast as continued positions activate to climb.
Lucid TA, a accepted cryptocurrency banker on Twitter, afresh batten about this trend, absolute that it is “concerning.”
“Current movement in longs/shorts is concerning. Mass departure from abbreviate positions while longs abide to climb… $BTC,” Lucid noted.
https://twitter.com/lucid_ta/status/1096085033687740416?s=12
Many traders and analysts appearance continued and abbreviate positions as contrarian indicators, which may arresting that Bitcoin will anon see a drop.
Another important affair to accede is that Bitcoin is currently adverse able attrition at its 50-day Moving Average, which currently exists about $3,630.
Chonis Trading, a accepted cryptocurrency analyst on Twitter, batten about the accent of this attrition level, acquainted that it has been a akin of attrition anytime back Bitcoin alone in January.
“$BTC – The MA50 holds abutting attrition afterwards several reattempts to breach aloft afterwards declining to authority abutment in January. The dejected band MA100 rapidly falling through $4k and has additionally resisted #bitcoin circadian candle abutting back aboriginal September…”
$BTC – The MA50 holds abutting attrition afterwards several reattempts to breach aloft afterwards declining to authority abutment in January. The dejected band MA100 rapidly falling through $4k and has additionally resisted #bitcoin circadian candle abutting back aboriginal September… pic.twitter.com/ZfXi1zAKyl
— Big Chonis Trading? (@BigChonis) February 14, 2019
Most Cryptocurrencies Drop Today, but Analyst Claims Ethereum Classic (ETC) May be Bullish
Although Bitcoin has been stable, best above cryptocurrencies are trading bottomward today.
At the time of writing, Ethereum is trading bottomward hardly at its accepted amount of $122. Ethereum has been able to advance best of its contempo assets and is alone bottomward hardly from its account highs of $124.
EOS and TRON accept both alone decidedly today and are both trading bottomward 3.5% and 2.5% respectively.
Ethereum Classic (ETC), is trading collapsed today, but Ezbrah, a cryptocurrency analyst on Twitter, afresh acclaimed that ETC may anon see a amount billow appear $4.8, which is decidedly college than its accepted amount of $4.13.
“$ETC… adamantine to absolve actuality bearish on etc appropriate now,” he concisely stated.
Even adamantine to absolve actuality bearish on etc appropriate now lol pic.twitter.com/T0U6kYdNJR
— ezbrah (@ezbrah_) February 14, 2019
NEM is one of the few cryptocurrencies that is trading up by a abundant bulk today, as it is currently trading up over 4% at its accepted amount of $0.043. NEM is up decidedly from its account lows of $0.0368.
