A Deeper Long-Term Bitcoin Analysis - Neural Sentiment + TA
Hello everyone, cryptocurrency in 2019 has been a boring market.
Since the 20k correction, it's still recovering and now let's analysis the fundamentals behind the market and technical analysis to help us understand what to expect.
Fundamentally speaking, since it's an asset that has a low interest for me atm I use one a faster way to go through data, and we use machine learning algorithms to read Google and articles and tell you the overall sentiment. If you don't know, the right word for it is crap. 86% Negative Sentiment in the last 30 days.
Sentiment Analysis:
http://prntscr.com/mu8dow
Which means that what is out there about bitcoin is 86% negative. Don't expect substantial trend changes.
Technically speaking,
The market has been dead for quite some time,; with an insanely low volume. Very little price change and concentrated volatility(aka pumps and dumps) when bigger moves happen, making it harder to trade.
We are using Spectro M premium indicator to read the chart.
Thanks to our indicator the TA is a lot more efficient and simpler if you look at the Channels retracting, the Spectro Oscillator going down and even with this last little bull run, it wasn't enough to reverse the volume to a bullish trend as the volume analyzer tells us.
However, the price lies in the green oversold zone. Therefore there's a big market expectation for a reversal. So that tells us that there're a lot of people watching for any suspicious bull moves that might be the beginning of the significant trend reversal, leading the price again to 20k. Thus, if strong bullish moves happen they might be more volatile and concentrated since this market is also traded by a lot of people that are always close to a computer an ready to execute trades.
At this point, the best would be to sit and wait before making log commitments.
Many of the technical advances that were strong points for improvement such as the Lightning Network didn't have such a big impact, especially because of the lack of bigger use cases and the closure of new and bigger partnerships(for example using crypto to pay Uber, Airbnb, Amazon, etc)
Since the 20k correction, it's still recovering and now let's analysis the fundamentals behind the market and technical analysis to help us understand what to expect.
Fundamentally speaking, since it's an asset that has a low interest for me atm I use one a faster way to go through data, and we use machine learning algorithms to read Google and articles and tell you the overall sentiment. If you don't know, the right word for it is crap. 86% Negative Sentiment in the last 30 days.
Sentiment Analysis:
http://prntscr.com/mu8dow
Which means that what is out there about bitcoin is 86% negative. Don't expect substantial trend changes.
Technically speaking,
The market has been dead for quite some time,; with an insanely low volume. Very little price change and concentrated volatility(aka pumps and dumps) when bigger moves happen, making it harder to trade.
We are using Spectro M premium indicator to read the chart.
Thanks to our indicator the TA is a lot more efficient and simpler if you look at the Channels retracting, the Spectro Oscillator going down and even with this last little bull run, it wasn't enough to reverse the volume to a bullish trend as the volume analyzer tells us.
However, the price lies in the green oversold zone. Therefore there's a big market expectation for a reversal. So that tells us that there're a lot of people watching for any suspicious bull moves that might be the beginning of the significant trend reversal, leading the price again to 20k. Thus, if strong bullish moves happen they might be more volatile and concentrated since this market is also traded by a lot of people that are always close to a computer an ready to execute trades.
At this point, the best would be to sit and wait before making log commitments.
Many of the technical advances that were strong points for improvement such as the Lightning Network didn't have such a big impact, especially because of the lack of bigger use cases and the closure of new and bigger partnerships(for example using crypto to pay Uber, Airbnb, Amazon, etc)