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Ethereum Catalyzed Last Crypto Rally
On Sunday, the crypto market started to come out of nowhere. While some badysts expected the move to happen, even a caller at Ethereum (ETH) undergoing a "major change", most were caught off guard by the move. So what is the cause? According to eToro's Mati Greenspan, who recently appeared on BlockTV's "Cryptonomics" segment, the recent rally, which allowed Bitcoin (BTC) to exceed $ 3,800, has a lot to do with Ether.
Greenspan noted that on Sunday, Ether suddenly increased. While this measure was initially under control, other crypto-currencies also began to explode, causing the trader in internal cryptography eToro to find that Ethereum had virtually catalyzed the rally. The reasons for the drastic and sudden increase of Ethereum were mentioned in a previous report of this point of sale.
After discussing the last rally, the BlockTV host asked Greenspan if the increase could continue in the coming days. While hesitating to make a prediction, Greenspan pointed out that a new upward trend was possible. He explained that if Bitcoin clearly exceeded $ 5,000, with the volume and the feeling of the community, it would confirm a reversal and the end of the bear market.
At the time of writing, BTC is pushing $ 4,000, up 0.8% to $ 3,980. Altcoins also recorded gains, with the ETH, the XRP, among a handful of others increasing by 2%.
The still big $ 5,000 range for Bitcoin
Greenspan is not the only badyst convinced that the $ 5,000 zone is a very important level to be tested by Bitcoin in the coming months. Financial Survivalism, a reputed crypto trader who recently bet Murad Mahmudov that bitcoin will reach $ 1,165 before $ 10,200, noted that if cryptocurrency continues to work, it will not be easy. Specifically, the insurance agent who became a full-time market trader, indicated that he was closely monitoring the range of $ 4,600 to $ 4,800 for Bitcoin. a house.
I'm looking at the $ 4,600 to $ 4,800 area where the 200 EMA and bearish trend line is waiting pic.twitter.com/t5vKDDuh90
– Financial Survivalism (@Sawcruhteez) February 18, 2019
For those who missed the memo, the 200-day EMA has long played an important role in crypto, as well as traditional markets. In the bull market of 2017, this measure has been a line of support several times, especially after the "Chinese FUD", as well as a strong level of resistance that has lowered the BTC during the bear market of 2018.
Thus, many argued that if the main cryptographic badet exceeded convincingly above this level, other highs would be more than likely.
Bitcoin Bravado, one of the leaders in cryptographic badysis, echoed the tips of Survivalism. The team went on Twitter to point out that since there was "a lot of confluence" near the above-mentioned technical level, there would probably be significant resistance around this level, which is currently around $ 4,800. Bravado added that $ 5,000 will represent a level of psychological resistance, due in part to the nature of the sum.
But, it was tacitly implied that if BTC crossed the above two price thresholds, other highs would make sense.
And if some would say that the $ 5,000 per Bitcoin overtaking is somehow a fantasy dream, badysts say that is possible. Even before the sudden surge on Sunday / Monday buyer side, Mitoshi Kaku, a renowned technical badyst, said that he would not be at all surprised that the BTC reached $ 5,000, noting that "conditions are gathered "from a chartist point of view. .
I would not be surprised if the price goes directly to $ 5,000 in the next 10 days. Conditions are present TA-wise. Obviously, this kind of approach would require a powerful catalyst, but anything is possible with regard to price action. $ BTC pic.twitter.com/Usdpub8LNj
– Mitoshi Kaku ??? (@CryptoSays) February 9, 2019
But it is okay? This is the question that reminds the minds of investors in crypto.
Title Image provided by Descryptive.com via Unsplash
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