Despite a short - term rebound, visible on intraday charts, there is no reason to believe that ETH / USD has reached the bottom as cryptocurrency markets are dominated
by bearish sentiments.
As Bitcoin and the cryptocurrency market get pressured
by a bearish sentiment based on the technical pattern known as «death cross», investors are also aware of the mixed signals coming from big banks regarding the asset class — with great focus on Bitcoin and Ripple.
The cryptocurrency market is surrounded
by a bearish sentiment that most of the cryptocurrencies are feeling.
Not exact matches
By contrast, traders (hedge funds) and small investors are expressing historically high levels of
bearish sentiment (both groups are known for following trends and being wrong at turning points).
Periods of persistent bullish or
bearish sentiment are usually confirmed
by excessively high or low valuations, which is not the case at present.
The logic behind this approach comes from the fact that the previously
bearish sentiment is overextended and is being overcome
by bullish momentum.
The logic behind this approach comes from the fact that the previously bullish
sentiment is now being «overshadowed»
by bearish momentum, and prices are likely to continue lower.
The consensus for the
sentiment shift from
bearish to bullish seems to be the positive and mature outlook offered on the cryptocurrency sector
by Christopher Giancarlo, chairman of the U.S. Commodity Futures Trading Commission (CFTC) during his testimony in front of the Senate Banking Committee last Tuesday.
The last time
bearish sentiment was below 20 %, at a 4 - year market high and a Shiller P / E above 18 (S&P 500 divided
by the 10 - year average of inflation - adjusted earnings — the present multiple is 23) was for two weeks in May 2007 with the S&P 500 about 1525.
A
bearish Michigan
Sentiment Report is being blamed for igniting todayâ $ ™ s break, but the groundwork was laid earlier in the week when the Dollar began to strengthen.Yesterdayâ $ ™ s gains in equities have been wiped out and downside momentum indicates that more losses are possible
by the close.
On a lesser note, the bearishness and skepticism over Netflix reminds me of the same
sentiments over Amazon in the early 2000's, exemplified best
by a neverending stream of Alan Abelson
bearish articles in Barron's.
Defying the
bearish broader market
sentiment, Bajaj Finserv's shares shot - up
by 13.72 % to touch a one - month high of Rs 499.90 on the Bombay Stock Exchange.
hourly interval), but the overall
sentiments remain
bearish as long as the price stays below $ 7,000, strengthened
by 100 - SMA (hourly interval) at $ 7,050.
While Litecoin is still plagued
by LitePay cessation news, there are no new fundamental factors that might have triggered the sell - off, the coin is pressured down
by general
bearish sentiments gripped over the cryptocurrency market.