Does News Move the Bitcoin Market?
One can often hear market participants saying "Some bad news could see a sell-off" or "So much good news and where is the rally?".
The chart shows some of the major news events of the past months in context of price action. It illustrates that there is no correlation between the relative positivity or negativity of news - that the market evidently uses news events as triggers to capitulate pre-existing trend.
eBay had turnover of 16bil in 2013 and Dell had 56bil. If the inherent (fundamental) content of news was truly the driver of price then the Dell announcement should have sparked a rally 3x the distance of the supposed eBay inspired rally. Similarly, the BitLicense Regulatory proposal came from the heartland of Wall Street yet it took a relatively insignificant Bitcoin player, Ecuador, to tilt a sell-off.
read more at: cryptocoinsnews.com/news/news-move-bitcoin-market/2014/08/11
On the right hand side, targets to the downside are annotated - derived from simple Fibonacci extensions.
The chart shows some of the major news events of the past months in context of price action. It illustrates that there is no correlation between the relative positivity or negativity of news - that the market evidently uses news events as triggers to capitulate pre-existing trend.
eBay had turnover of 16bil in 2013 and Dell had 56bil. If the inherent (fundamental) content of news was truly the driver of price then the Dell announcement should have sparked a rally 3x the distance of the supposed eBay inspired rally. Similarly, the BitLicense Regulatory proposal came from the heartland of Wall Street yet it took a relatively insignificant Bitcoin player, Ecuador, to tilt a sell-off.
read more at: cryptocoinsnews.com/news/news-move-bitcoin-market/2014/08/11
On the right hand side, targets to the downside are annotated - derived from simple Fibonacci extensions.
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