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As digital dust begins to escape from the Bitfinex and Tether fiasco, badysts look for clues about future price developments for bitcoins. Many have seen recent events as bearish and the instant reaction of the crypto markets on Friday combined with the FUD media storm seem to have confirmed it.
After hitting a new high in 2019 Wednesday, rising to $ 5,650, many hoped to surpbad the 50-week moving average and reach $ 6,000. By the end of the week, Bitcoin had lost $ 5,880 to $ 5,180. However, BTC recovered marginally and stayed above $ 5,250 in the last 24 hours.
A number of traders and cryptographic badysts have predicted a return to the monthly badistance area of about $ 4,500.
$ BTC It looks bad unless we get some kind of miracle magical rebound box (monthly support). pic.twitter.com/pUVfZcCZ3h
– SalsaTekila (JUL) (@SalsaTekila) April 26, 2019
Others have observed similarities with the current market structure and that of last December. The "Financial Survivalism" of the full-time crypto-trading company sees more consolidation in the future for Bitcoin, although it is still declining.
"It tells me that it could be another prolonged consolidation period. If it costs you between $ 4,200 and $ 5,800, be tired of the gold cross. The price must be higher than that of the EMA, otherwise a false signal is likely. If we support> $ 4.7 K, the gold cross is probably valid. "
1/2 the current $ BTC The market structure looks a lot like the reverse of what we saw in December 2018. Let's first notice the rising division on the RSI with two dailies in red. We currently have a bear division after two 9 greens. The ADX also turns over after pbading 70. pic.twitter.com/bVFt5Hx8gM
– Financial Survivalism (@Sawcruhteez) April 25, 2019
Bitcoin has maintained most of its recent gains, which is a strong sign for further consolidation rather than another big dump. Short-term movements and reaction to news are only the result of rash decisions made by day traders. The long term situation for Bitcoin is still very positive although there are always some bumps on the road from time to time.
What about Ethereum?
A similar scenario took place for Ethereum, which was rejected faster and faster than Bitcoin at the end of the week. From a seven-day high at $ 176, the ETH slid 13% to just over $ 150. Ethereum is currently trading around 155 USD, its lowest level since early April before the start of the rally.
Analysts have noted critical support at $ 143, where a rollover could result in a large dump back to $ 115. The $ 200 Ethereum is starting a new start because it has not reached this level since mid-November.
$ ETH:
As long as this structure is maintained, the bulls are safe.
Under $ 143, there is a turnover around $ 115. pic.twitter.com/3Vahk9tyuc– The crypto monk ⛩ (@thecryptomonk) April 26, 2019
Crypto markets in general are still trading in their range of over $ 170 billion. Last week's low was not as strong as expected and most of the rebound gains in early April were maintained. Other losses could however see the market capitalization quickly return to $ 140 billion.
Increased consolidation seems to be the most likely outcome for the cryptography markets in the coming weeks. The daily volume is still high, close to $ 50 billion, and the impact of the latest news seems to have been limited.
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