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For the first time in a blue moon, the crypto market has seen a remarkable rally. Since the Ethereum bulls (ETH) began to show signs of life on Sunday, with a cryptocurrency exceeding $ 130, Bitcoin (BTC) and other digital resources are watching closely.
At the time of writing, BTC stood at $ 3,920, a level of technical and psychological resistance that remains as high as $ 4,000. Ether came close to the $ 150 mark, while ETHDenver and the future tough forks of Constantinople apparently gave a slight boost to this badet. A majority of other cryptographic currencies also posted notable gains after a ten-day lull in this emerging market.
Global gains, supported by a staggering daily nominal volume of $ 34 billion, allowed the total value of all crypto-currencies to rise from $ 120 billion on Sunday morning to $ 133 billion today, a gain of 10 billion dollars. % on the decline. 36 hours
Related reading: Bitcoins rise by nearly 10%, badysts say BTC will likely target US $ 4,100
Although some optimists have announced other highs in the short term, badysts have remained cautious and have predicted short-term declines.
Analysts expect a setback of Bitcoin
Financial Survivalism, a full-time crypto salesman who recently called BTC for $ 1,165, said cryptocurrency, which peaked at nearly $ 4,000, was probably the end of yesterday's race. . The self-proclaimed "revolutionary financier" explained that the four exponential moving averages of 15 minutes and nine of 15 minutes (EMA) have recently undergone a "bearish cross", leaving the BTC below.
This could have been the end of the race today. The 4- and 9-year-olds of EMA have recently made a bearish cross with a lower price. $ BTC or + 8% in the last 24 hours. Most people like to move in one day, between 8% and 10%. I am expecting a withdrawal at $ 3,750 before re-testing from $ 4,100 to $ 4,200. pic.twitter.com/NhheoSu6XB
– Financial Survivalism (@Sawcruhteez) February 18, 2019
Considering Bitcoin's propensity to experience a 10% increase or waste of time, rather than anything more, badociated with short-term EMA status, Survivalism concluded that a decline to $ 3,750 could be a potential precede a rally after USD 4,100.
David Puell, a less known but respected businessman, also remained skeptical in the very short term. Puell noted that in the current state of affairs, BTC is currently trading on a bull trap model and could possibly be pushed down by a declining trend line, in line with the 30-week moving average.
$ BTC: If we get there, beware of the trap bull, guys. A lot of work remains to be done. pic.twitter.com/R9jpiGMK02
– David Puell (@kenoshaking) February 19, 2019
Puell also pointed out that investors were worried that weekly volumes were going down, which could indicate that the cryptography market is weak in the current state.
Does this crypto rally have legs?
Although the aforementioned badysts seem convinced that a short-term setback would be desirable, some argue that Bitcoin still has legs to run on. The Bitcoin Bravado team, a leading crypto-centric technical badysis group, recently revealed that due to the influx of volumes observed on Sunday and Monday, as well as the fact BTC exceeded its 50-day EMA, this movement could increase further.
After failing to resume the EMA for 50 days for more than 3 months, $ BTC nearly doubled the daily volume of any other day of 2019.
Based on the influx of volume, we believe that this movement has many more legs. pic.twitter.com/kpAKtVnHMk
– Bravado® (@BitcoinBravado) February 18, 2019
Mati Greenspan, a cryptography researcher at eToro, echoed the idea that significant volume levels should inspire investor enthusiasm. In a recent thread on Twitter, Greenspan noted that a "very good sign" is that recent action on market prices has been catalyzed by a "hefty volume," adding that it means that this change is probably "more significant" than the sporadic pumps historically seen.
Although some claim that it is too early to be optimistic in the medium (or longer term), Monday's decision has already convinced some that the bears were preparing for hibernation. Trader Mayne, a long-time cryptocurrency trader, noted that given the significant upside movements of recent weeks, it would not be absurd to claim that the bear market could be over. He added that those who have bearish lenses, like Murad Mahmudov, Tone Vays, as well as other short-term skeptics, could miss out.
Some may be calling at the end of the bear market, but it remains a notable level that Bitcoin has to go through confidently to confirm a long-term uptrend. For those who missed the memo, this amount is around $ 4,800, which Greenspan, Survivalism and the Bravado team pointed out in their recent tweets. In their eyes, the 200-day EMA, which currently stands around the aforementioned price level, will remain a significant resistance level as this measure has supported Bitcoin throughout its 2017 rally.
As traders say, old levels of support become new levels of resistance (or vice versa).
Featured image of Shutterstock
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