Technical analysts becoming bullish on bitcoin

[bbc.reporter]

According to Tom Lee, however hehehe. He is back and he is very bullish as always when he was interviewed in Fox Business. He also mentioned that bitcoin's fair value is his $25k price prediction of 2017 ahahahahaa!



Citing, a piece of analysis from the ill-named “Magic Poop Cannon,” a well-followed, yet oddly titled crypto trader, Lee remarked that technical analysts that were bearish in early-2019 are becoming “incrementally bullish” on BTC. But why is that?

According to the analysis that Lee, a former managing partner at JP Morgan & Chase, cited, the odds are increasing that the “Bitcoin Bear” is dead. Magic, who made a comment that BTC is most likely to bottom at $2,000 earlier this week, remarked that Friday’s jaw-dropping rally presents a positive technical case for the flagship cryptocurrency.

The trader remarked that Friday’s 8% move, which set BTC above $3,700, rallied back into a triangle formation that was important before the late-January sell-off. Magic claims that if BTC can close its daily candle above ~$3,600, “this [will be] very bullish.”

As hinted at earlier, Lee’s recent “hopium” high comes after he made an appearance on American television to talk Bitcoin. He explained on-air that $25,000 is a “fair value” for the leading cryptocurrency, citing the thirst for an uncorrelated digital asset that isn’t only used for speculative purposes, but as a newfangled form of money and store of value too.

Read in full https://www.newsbtc.com/2019/02/11/fundstrats-tom-lee-technical-analysts-becoming-incrementally-bullish-on-bitcoin/

[stompix]

Every time we go up a little there is an influx of "traders" and "analysts" trying again to guess the trend.

Lately, I see no difference between those and pop stars or other celebrities that make tv appearances without anything to say for real just to promote themselves. If you spend 4 hours a day traveling between in tv shows, 2 hours tweeting and posting on Instagram and FB what time do you have to actually do some research and not talk out of your you know what all day?

I might be wrong since with so many wannabe Nostradamus there is a slim chance there is somebody who has guessed them all but I doubt there is an analyst that has guessed the price fluctuation for the last two years. Not even talking about a longer period of time since that is probably impossible.

But I still wonder If you have been wrong 3 times in guessing the price in a year, from where do these persons get the nerve to come again out in the open and make predictions again posing like experts?


 

[buwaytress]

Oh crap, not again (and not so soon!). You just know we're far away from the capitulation necessary to lay the foundations for recovery when these bulls refuse to stop fertilising the market with their analyses... which is getting dangerously bereft of new academic observations (not that they were ever chockful of goodness).

And of course incremental bullishness is happening. When you're down as a speculator, where else to go but up?

[butka]

The trader remarked that Friday’s 8% move, which set BTC above $3,700, rallied back into a triangle formation that was important before the late-January sell-off.

Whenever I read something like ascending or descending triangle formations, trend lines and similar technical analysis concepts (that by the way work only in hindsight) I know that the so called experts don't know what they are talking about.

And what is a fair price? Is there a fair price? IMO, No. Fair price is what someone is willing to give in exchange for the asset in question and the market determines this fair price every minute of every day.

[dothebeats]

They'd always be like that whenever the greens are hitting bitcoin: analysts predicting insane price jumps without even considering present market conditions, or even claiming that something is already happening even though it's just normal volatility coming into play. Whoever these analysts are, being bullish is OK, for as long as you are not putting your credibility and name to shame. We clearly are in a bear market right now, how would $25k even materialize in the next few months?

[1Referee]

I love these articles, it's no longer something that bothers me, but it actually delivers some much needed entertainment.

In the end, this clearly shows that these public faces with and without skin in the game, are exactly in the same position as we are, which means that no one here knows anything about what the market will be up to.

It's all based on who guesses right, and the fakeperts who do so will become gurus, and those who guessed wrong will be laughed at and memed for as long as Bitcoin exists.

[Upgrade00]

remarked that Friday’s jaw-dropping rally presents a positive technical case for the flagship cryptocurrency.

I would not refer to that price activity as a 'jaw dropping' rally, nor do I rate speculations of analysts or experts.
Acclaimed experts are often paid to shill a product or do it for their personal benefits.
The fact is no one can predict the next prices ans experts have been very often wrong in their speculations.
Always do your own research.

[arpon11]

I am also bullish on bitcoin and hopefully it recover very soon as technical indicators we show serious bullish signal three days ago. I think Bob Lee has been positive on bitcoin though he has not been accurate in his prediction but he has giving some market prices directions before. Of a truth $25,000 is the fair pricing for bitcoin and no matter what happened we would recover to that rate if not this year maybe next year.

[suzanne5223]

Every time we go up a little there is an influx of "traders" and "analysts" trying again to guess the trend.

Lately, I see no difference between those and pop stars or other celebrities that make tv appearances without anything to say for real just to promote themselves. If you spend 4 hours a day traveling between in tv shows, 2 hours tweeting and posting on Instagram and FB what time do you have to actually do some research and not talk out of your you know what all day?

I might be wrong since with so many wannabe Nostradamus there is a slim chance there is somebody who has guessed them all but I doubt there is an analyst that has guessed the price fluctuation for the last two years. Not even talking about a longer period of time since that is probably impossible.

But I still wonder If you have been wrong 3 times in guessing the price in a year, from where do these persons get the nerve to come again out in the open and make predictions again posing like experts?


 

Never mind those people, they are the same person that will predict market is yet reach bottom price once they see that they failed they will make another prediction of bullish market and like you said what they wanted is been notice and they know crypto currency is the fastest way to achieve their self interest.

[thecodebear]

enough with the "bull run coming soon" predictions and articles. Bull run is likely months away unless something big happens to make people stop thinking the price could go lower. I don't expect bull run to start until late Summer or Fall.

How about we all just keep accumulating and once the price has risen consistently off the bottom for a few months then we'll know we are in the beginnings of the next bull run. Enough of this crap saying a bull run is imminent anytime there is a boost in the price, that stuff is bound to happen numerous times during the bottom without it leading to a bull run.

[sheenshane]

snip-
How about we all just keep accumulating and once the price has risen consistently off the bottom for a few months then we'll know we are in the beginnings of the next bull run. Enough of this crap saying a bull run is imminent anytime there is a boost in the price, that stuff is bound to happen numerous times during the bottom without it leading to a bull run.

But we also face the fact, even how we wish the bull run comings then if they don't. Anyone of us has a different perspective on predicting the market, ain't also good in prediction but one thing I can sure, I will keep holding my crypto asset as long as I can I know that time comes it will much more profitable.

[figmentofmyass]

Lee remarked that technical analysts that were bearish in early-2019 are becoming “incrementally bullish” on BTC. But why is that?

According to the analysis that Lee, a former managing partner at JP Morgan & Chase, cited, the odds are increasing that the “Bitcoin Bear” is dead. Magic, who made a comment that BTC is most likely to bottom at $2,000 earlier this week, remarked that Friday’s jaw-dropping rally presents a positive technical case for the flagship cryptocurrency.

trader sentiment is always gonna fluctuate with the market. price has been dripping towards the bottom for 6 weeks straight, so people were understandably bearish and bracing for $3k and lower. now we see a 10% reversal that recovered half of that drop in 1 day? of course people are turning bullish again! nothing to see here guys.....

tom lee is reading too much into this short term stuff. i do think the pump candle a few days ago could be the start of another move up into the $4000s, but that doesn't mean we won't go back downtown. i still don't trust this bottom yet.

[bbc.reporter]

@figmentofmyass. It might also be Tom Lee and Fundstrat that bought all those bitcoins that caused the small pump. We will see him go to more financial news shows again to hype the merchandise hehehe.

In any case, have we always been under Tom Lee's games? Was he selling when he was hyping his $25k prediction last year to fool everyone to buy while he was selling? Is he fooling everyone to buy along side of him today?

[figmentofmyass]

In any case, have we always been under Tom Lee's games? Was he selling when he was hyping his $25k prediction last year to fool everyone to buy while he was selling? Is he fooling everyone to buy along side of him today?

it's definitely possible. hell, if i were him i'd be tempted to do the same! it's perfectly legal to publicly hype your crypto investments, and i don't think someone like him is required to disclose anything at all. cryptocurrency isn't even subject to insider trading laws or anything like that---it comes with the mantra "caveat emptor"!

[stompix]

cryptocurrency isn't even subject to insider trading laws or anything like that---it comes with the mantra "caveat emptor"!

The CFTC considers that cryptos are commodities so it means they do have the mandate to look into over insider trading but I guess they are just not interested...yet.

tom lee is reading too much into this short term stuff. i do think the pump candle a few days ago could be the start of another move up into the $4000s, but that doesn't mean we won't go back downtown. i still don't trust this bottom yet.

I doubt he even bothers to take situations into account, lately all are coming out in the open with terrible predictions based more on the numbers of bird they saw flying when looking in the morning outside the window that any real research.

enough with the "bull run coming soon" predictions and articles. Bull run is likely months away unless something big happens to make people stop thinking the price could go lower. I don't expect bull run to start until late Summer or Fall.

All the bears say that, coders or no coders  

I love these articles, it's no longer something that bothers me, but it actually delivers some much needed entertainment.

Totally the opposite here, those predictions are starting to annoy me more and more, especially when I see the same faces that were wrong 10 times out of ten coming back like nothing happened.

[figmentofmyass]

cryptocurrency isn't even subject to insider trading laws or anything like that---it comes with the mantra "caveat emptor"!

The CFTC considers that cryptos are commodities so it means they do have the mandate to look into over insider trading but I guess they are just not interested...yet.

technically, insider trading (at least in the USA) only applies to securities, especially the stocks of publicly traded companies.

the CFTC does have a mandate to address market manipulation on spot exchanges because there are now CFTC-regulated derivatives markets. but that's a separate issue.

for example, i think a lot of people would assume that insiders buying bcash before the coinbase listing = insider trading. but it's not.

[stompix]

~

technically, insider trading (at least in the USA) only applies to securities, especially the stocks of publicly traded companies.

the CFTC does have a mandate to address market manipulation on spot exchanges because there are now CFTC-regulated derivatives markets. but that's a separate issue.

for example, i think a lot of people would assume that insiders buying bcash before the coinbase listing = insider trading. but it's not.

Since I'm not from the US and every time I try to understand the laws there I'm getting headaches I might be wrong but it was exactly the bitcoincash drama on coinbase made me think that CFTC has a saying this:

https://cointelegraph.com/news/coinbase-internal-investigation-concludes-no-insider-trading-took-place

While Coinbase has concluded that there was no insider trading, a class action lawsuit against Coinbase by its customers is still ongoing, according to the plaintiffs’ lawyer Lynda Grant. The lawsuit seeks damages for supposed negligence by the exchange and the violation of consumer protection laws. Grant said she believes the case is being investigated by the Commodity Futures Trading Commission (CFTC), without offering any details.

Anyhow, if we can't get them behind bars with market manipulation, maybe we should start thinking of some laws that will prevent people from making predictions all day. 3 months in jail for every 3 predictions made on live television that went wrong? Sounds good for me. 

[cabron]

Everyone wants to say "i told you so" when bitcoin eventually goes up. when that happen they can add it to their success being a financial advisor for investors. That would be a vindication on their part too. But I bet they are the ones who shall dump after they publicly speculate prices to rise. People are gullible when someone who is known says price will go up. Out of greed they will send a lot of money only to end up losing.

[bitbunnny]

Everyone wants to say "i told you so" when bitcoin eventually goes up. when that happen they can add it to their success being a financial advisor for investors. That would be a vindication on their part too. But I bet they are the ones who shall dump after they publicly speculate prices to rise. People are gullible when someone who is known says price will go up. Out of greed they will send a lot of money only to end up losing.

Yes, everyone likes to say how they were right but to be honest everyone is just guessing and they have 50% chances to be right. That is why I never rely on analysis, techical or any other. And don't forget that many are making such predictions with some purpose that is not always honest so the best option is to just stay out of it.

[JohnTask]

remarked that Friday’s jaw-dropping rally

I've seen people talk about this recent "jaw dropping rally" multiple times now. This "jaw dropping rally" was just old money, that got pulled out about 12 days before, coming back. No rally.