[ad_1]
The cryptography market began to show signs of momentum, while Bitcoin recovered slightly to over $ 5,200 and other important cryptographic badets, such as Ethereum and EOS, recorded gains. important.
According to trader Jonny Moe, bitcoin is about to break the 200-day Simple Moving Average (SMA) cross for the first time since October 2015.
The ADM is considered a key technical indicator for determining the long-term trend of an badet or a market.
Do Bitcoin and Crypto go to the accumulation phase?
After bitcoin left the 200-day SMA crossover in 2015, it experienced a prolonged accumulation phase.
From October 2015 to December 2017, the price of bitcoin rose from 250 USD to 20,000 USD, an increase of 7,900%.
The merchant I said:
"BTC is about to have its first bullish crossover 20-200 SMA since October 2015. Note that it had taken two of these crosses before the upward trend began. In general, I am not one to try to call absolutes like "the bottom is in, but it is certain that such an evolution could be a real possibility".
Other indicators such as volume have also shown strong demand from investors in the global market for bitcoin in recent weeks.
On Tuesday, Bloomberg announced that CME 's bitcoin futures volume reached a record high on April 4, with 22,542 contracts worth approximately $ 542 million.
NCC has indicated that the volume of futures contracts is important to consider when badessing the general trend of the cryptocurrency market, as it accounts for a relatively large share of the bitcoin exchange volume.
With real volumes on the rise, neglecting the core of the cryptocurrency currency market, and long-term technical indicators such as the 200-day SMA cross describing a rather positive bitcoin trend in the medium term, many traders remain optimistic. price movement of cryptographic badets.
Strong gains during the day
While bitcoin rebounded to $ 5,200, Ethereum was above $ 180, EOS gained 6%, and Binance Coin rose about 2.8%, showing solid gains against the US dollar. .
The short-term price recovery of cryptographic badets led to a recovery in Cryptocurrency valuation, allowing Grayscale's badets under management to exceed $ 1.2 billion.
4/9/19 UPDATE: Shareholdings per share and net badets under management of our investment products
Total badets under management: $ 1.2 billion$ BTC $ BCH $ ETH $ ETC $ ZEN $ LTC $ XLM XRP $ $ ZEC pic.twitter.com/UxgxXdf5X8
– Grayscale (@GrayscaleInvest) April 9, 2019
Although the short-term performance of Bitcoin and the rest of the cryptocurrency market is largely dependent on putting in place stimulants that are powerful enough to lift the market in the same way as on April 1, badysts remain optimistic about the positive technical indicators.
Technical badyst Josh Rager said Bitcoin's exponential moving average (EMA) turned green or positive for the first time in 16 months.
$ BTC SuperGuppy shows bullish trend confirmed
I do not always guppy but when I do … it's a beauty thing to watch these EMA's become blue and green for the first time in 16 months pic.twitter.com/MPUE0zGBNU
– Josh Rager ? (@Josh_Rager) April 10, 2019
Can the dynamics be maintained?
Last month, the price of bitcoin rose about 20% against the US dollar. Some believe that the dominant cryptocurrency could be overbought.
It remains to be seen whether the cryptocurrency market can continue its momentum in the coming months or whether a period of prolonged stability can emerge.
However, if alternative crypto-currencies such as Ethereum, Litecoin and chips continue to post significant gains over Bitcoin and the US dollar, they could continue to fuel investor confidence.
Click here for a real-time bitcoin price chart.
[ad_2]
Source link
