Weekly Market Recap

On Saturday, February 20th 2018, the Bitcoin broke its oblique resistance. Many people believed they saw the birth of a new bullish trend, with the Bitcoin finally picking up again from its top on December 18th.

However, since this break, the Bitcoin has not risen, quite the contrary... It has finally come back on top of the $8500 twice and seems to be showing a slight recovery although the technical indicators have not yet confirmed a return to a bullish trend. Caution is therefore still necessary.

Today, there seems to be a climate of uncertainty in the cryptocurrency market. A war between bear and bull has been going on for the last few days, with a slight increase in volumes appearing.

Volumes had been stagnating since mid-February and we were less confident about the Bitcoin in the short term.

Concerning the vast majority of cryptocurrencies, they have all recorded performances in red lately, like the Bitcoin.

However, the latest negative news have not succeeded in significantly and lastingly eroding the value of cryptocurrencies.

Indeed, the announcement of the sale of $400 million by Bitcoin's Tokyo Whale caused only a slight decrease. The exchange platforms affected by hackers, massive scams and umpteenth criticisms from banks only had a temporary effect.

Given the limited amount of positive news (apart from the confirmation of Bitcoin Cash as a means of payment on the Microsoft Store platform) to counterbalance this flow of negative information, we can only welcome the resilience of prices.

The hard times seem to be fading now and a bullish exit could finally be considered.

For the time being, Google's announcement this morning that it would ban cryptocurrencies ads as of June has only had a limited effect compared to the ban imposed by Facebook at the end of January.

So let's stay alert and positive, waiting for some confirmation signals ! " Not trading is trading"

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