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Crypto Analyst Says Bitcoin Longs at a Nine-Month High

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Tue, 11/26/2019 - 15:44
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  • Bitcoin’s bearish trend has been looking very interesting these days. Now, analysts are trying to compete against one another with optimistic forecasts.

Cover image via www.123rf.com
Contents

The situation with buy (long) and sell (short) positions on the derivatives market is not an extinction. Mati Greenspan, Founder of Quantum Economics and former Senior Market Analyst at eToro, treats the figures on this market as a sign of optimism.

Bitcoin Longs for Lambo Moon

Recently, Mr. Greenspan mentioned the situation at the Bitfinex exchange, emphasizing the long and short positions for Bitcoin (BTC). The data from this service clearly shows that there is a bullish movement building right around the corner, with sell (short) orders plummeting on the exchange.

Mr. Greenspan also pointed out that the buy (long) positions for BTC/USD spiked yesterday to levels not seen since February. The sell (short) positions for BTC have dropped off and are continuing to fall, reaching an all-time low.

Thus, Mr. Greenspan states that the outbreak of a bullish movement will occur soon. When asked to explain his prediction, Mr. Greenspan ironically foretold what the community should be prepared for:

Longs are high. Shorts are low. Lambo moon sir. Green means go. Not trading advice.

Poor Indicator 

The forecasts made by Mati Greenspan were criticized from several different perspectives. Opponents of Mr. Greenspan drew attention to the liquidity law at Bitfinex. The exchange service, with its low liquidity, are usually subject to market price manipulations.

It should also be pointed out that the "longs massacre" occurred four days ago on the BitMEX exchange, in which $180 million dollars was liquidated on BTC long positions.

Must Read
Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX - READ MORE

Is the game over for the bears? Share your thoughts on Twitter!

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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  • It is the first day of the month and Ripple has released one billion XRP from its escrow wallet. The community traditionally expects a price drop after such massive dumps

Cover image via stock.adobe.com

It is the first day of another month – this means that Ripple has lavishly thrown XRP from its escrow wallet – one billion coins. Since the start of 2020, this monthly dragon-sized amount was withdrawn in two portions of 500 mln XRP each.

XRP escrow
Image via Twitter

While the XRP price is in the green zone, trading at $0.173095 on CoinMarketCap, the comments under the tweets about the XRP release signify that the community is either indifferent (having got used to these releases already) or is expecting another price drop in the short term.

In January 2018, XRP, the third-largest cryptocurrency, reached an all-time high of nearly $3. Since then, XRP has been light years away from the ATH.

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Many skeptics say that the XRP price is not going to rise even in the long term, mocking those who remain faithful, holding bags of the coin.

As earlier reported by U.Today, many in the community believe that regular XRP releases made by Ripple prevent the price from rising and reaching at least $1. In 2019, a petition was set up on Change.org by crypto influencer ‘Crypto_Bitlord’ who wanted Ripple to stop dumping XRP.

Curiously, later on, another petition appeared on the same platform, requesting Ripple to accelerate the release of XRP in order to increase the coin’s adoption, which would assumingly lead to a massive price surge.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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