BTC bounces and bullish attitude emerges

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konduchi
May 21, 2020

Sorting the bitcoinmarkets subreddit by “Best” gives the following comments in the top 3:

“The last couple of days have seen my buy high sell low philosophy really blossom” -
23 pts

“I am proud to say that for the first time in my life I finally have a full BTC..just going to step away for a bit” - 21 pts


“closed my short at 8800, I think we'll see some kind of bounce here . . . happy weekend everyone” - 19 pts


The bullish attitude (which includes the 1st one which suggests it made a “low”) would suggest there could be more downward market movement, from the point of view of counter-sentiment trading. Further to this point, during this dumping everyone on crypto subreddits has been very dismiss of the movement of the old coins as a cause for concern, and a large portion reject the idea they are Satoshi‘s coins.


BTC
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konduchi
May 21, 2020

Thanks for reading!

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Assets from this insight

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$ 9544.84

4.04%in last 7d

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konduchi

Author
8 days ago

Based on analysis of sentiment since publication, and of the reaction to the very recent move up to about $9160, the price may be more likely to make a move up. The reaction to the move up was subdued and somewhat sceptical, in the same forums observed earlier. But, where the published content may be useful is in the bigger picture - it may suggest that whatever upward movement there may be, even if it breakS 10k, the price may come back down below here.

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konduchi

Author
Edited 7 days ago

This insight for ETH I just published may be relevant for BTC https://insights.santiment.net/read/eth-fomo-and-good-news-5810 If ETH can go down, so could BTC.