Crypto markets recover from their epic plunge; Binance Coin, Cosmos, NEM bounce back, Tezos still falling. Market WrapThe brakes have been put on the big crypto pullback for now as things settle down while we enter the weekend. Bitcoin’s plunge had been halted above $7,000 yesterday and the altcoin avalanche came to an end, for now. Total market capitalization has moved back above $230 billion once again.Bitcoin hit an intraday low of $7,045 a few hours ago but has already begun to march back upwards and is currently trading above $7,400. Volume, however, is starting to trail off which could be a sign of further downsides. The correction may not be over just yet.Ethereum has remained stable over the past 24 hours and is trading just above $240. Since last weekend ETH has pumped an epic 37 percent and things are still very bullish in this camp.The top ten is back in the green again during early morning Asian trading. Binance Coin has rebounded with a surge of 8 percent following yesterday’s double digit dumps. This has sent BNB back over $26. Stellar and Cardano are both recovering 4 percent today following their 14 percent dumps yesterday.The top twenty is also starting to regain its composure after yesterday’s digital avalanche. Leading things at the moment are Cosmos and NEM both getting an 8 percent boost. Tron and IOTA are both up over 5 percent and the rest are all up a little. That is aside from Tezos which is in the red dropping 3 percent at the time of writing.FOMO: SOLVE Surges into The Top 100Today’s FOMO goes to SOLVE which has pumped 37 percent entering the top one hundred. South Koreans are all over it on Upbit which is getting over 60 percent of the total volume. The Ukrainian healthcare administration and payments based blockchain project token is selling like hot cakes at the moment.BitTorrent Token is also getting a dose of FOMO as it pumps 28 percent on the day and Holo is the third altcoin above 20 percent. There are no major dumps going on right now but at the bottom of the pile is Dent and Tezos.Total market capitalization 24 hours. Coinmarketcap.comTotal crypto market capitalization has regained a couple of percent to reach $232 billion today. After such an epic dump which lost over $30 billion it was inevitable that cryptos would pick up a little, however. Daily volume has dropped back to $93 billion (which is still very high) and the weekly and monthly uptrends are still holding for now.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Market corrections are a natural part of their movements so we should not be surprised when they occur. Analysts and traders have been predicting this all week and it has finally been set in motion as Bitcoin and crypto markets tumble today.$30 Billion Dumped as Bitcoin DropsTotal market capitalization has declined by over $30 billion in 24 hours as mass profit taking occurs from assets that have been on fire all week. From a 2019 high of $264 billion yesterday market cap has dumped to $230 billion today as cryptocurrencies shed double digits. The slid has been expected however and markets are still up over 33 percent since the beginning of the month.The bitcoin price drops to $7,000 as crypto falls (source: coinmarketcap.com)Bitcoin has doubled in price since the beginning of April so a pullback is healthy and actually needed. Over the past few hours BTC dumped 10 percent, or a thousand dollars, back to just below $7,200. The sharp decline was triggered during the morning’s Asian trading session following a day with Bitcoin trading just below $8,000.Crypto traders and analysts are now turning to the charts to look for support levels which will represent new buying zones. Trader Josh Rager observed the fall in Bitcoin’s dominance as altcoins surged yesterday;“$BTC Dominance move down to 52% or below would continue to be extremely bullish for altcoins in the coming weeks,”At the time of writing BTC dominance was at 56.3 percent, it had peaked out at almost 60 percent earlier this week, which is a seventeen month high. Rager added that the CME futures gap had now been filled and Bitcoin had hit its support level at the bottom of it;$BTC – CME Futures Gap officially filledLooks like that was the dip to buyThis is very bullish pic.twitter.com/hYCRMKUj2i— Josh Rager 📈 (@Josh_Rager) May 17, 2019Even bigger support levels for Bitcoin lie around $6,400 so this would be seen as a new entry point for many traders. Civic CEO Vinny Lingham noted;“We’re in a Bitcoin recovery phase right now, since the $3100 bottom. Dips should be seen as good buying opportunities, unless we drop below the $6200 support level. Watch out for network congestion and fees hurting this run in the mid term if it moves up too quickly to test $20k.”We’re in a Bitcoin recovery phase right now, since the $3100 bottom. Dips should be seen as good buying opportunities, unless we drop below the $6200 support level. Watch out for network congestion and fees hurting this run in the mid term if it moves up too quickly to test $20k.— Vinny Lingham (@VinnyLingham) May 17, 2019Most are of the opinion that this dump is bullish and will result in further gains if the uptrend remains intact. BlockTower Capital CIO Ari Paul noted “I’m not sure this dip is bullish, but one interesting datapoint: I was in a room with 30 crypto people and no one batted an eye. Strong underlying confidence.”As usual the altcoins are getting hit harder. At the time of writing most of them were dumping double digits with XRP, Stellar and Cardano dumping 14 percent. Bitcoin Cash, Litecoin and Binance Coin had all lost over 10 percent on the day as the correction continues on red Friday.Image from Shutterstock
Crypto markets in massive correction; XRP, Stellar, Cardano, Bitcoin Cash, BSV and Tron getting smashed. Market WrapA crypto correction has been on the cards for some time and it has finally arrived this morning. Bitcoin dumped almost a thousand bucks and total market capitalization shrunk by $32 billion in a matter of hours.After spending most of the day trading in the $8,000 range Bitcoin plunged to a low of $7,175 in less than an hour. The ten percent dump triggered a market wide selloff with altcoins getting hit harder as usual. At the time of writing BTC had recovered a little to $7,300 but further losses are expected. Analysts are eyeing the $6,400 level as support and a new buying zone.Ethereum slid back to $240 in a 7 percent slide which was not as severe as many of the others. Over the week ETH is still in a strong position having passed $200 for the first time since November last year. Such a rapid surge is always followed by a pullback which is what we are seeing today.The top ten is awash with red at the moment as all of the altcoins come crashing back down. Many are getting hit hard including XRP, Stellar and Cardano dumping 14 percent each. Also in bad shape are Bitcoin Cash, Litecoin, EOS and Binance Coin all dropping over 10 percent a piece.Losses are even more severe in the top twenty where Bitcoin SV has been smashed 18 percent. Tron is also in pain with a 16 percent dump while Monero, Dash, IOTA and NEO have all lost over 10 percent on the day. Only Tezos has survived as it actually adds a little today while all around it have collapsed.FOMO: Chainlink Alone in The GreenOnly one altcoin is bucking the trend today and making a gain. Chainlink has added 7 percent on the day to reach $0.884. The mainnet launch on Ethereum on May 30 appears to be the only thing driving momentum for LINK at the moment. The only other cryptos in the green right now are stablecoins as everyone is dumping their alts.There are too many double digit dumpers to mention but those getting hurt the most are IOST, Golem, Pundi X and Ontology.Total market capitalization 24 hours. Coinmarketcap.comA whopping $32 billion has been dumped out of crypto markets as they fell back to $225 billion a few hours ago. The epic 12 percent slide is one of the largest dumps of the year but it has not been entirely unexpected. At the time of writing markets had recovered back to $230 billion which is still 20 percent higher than this time last Friday.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Nobody could have predicted what has happened to Bitcoin over the past month. A break past $4,200 was inevitable, but a surge past $8,000, doubling its price, has shocked the nascent crypto space. Where BTC goes next will be paramount and moving averages will play a big role as they have done before.Correction is ComingMarkets always correct and now that the ice from the crypto winter has finally melted, investors and traders will be looking for new entry points. Technical indicators are all flashing over bought for Bitcoin at the moment. For the third day in a row BTC hit a new high for the year. Just a few hours ago during Asian trading Bitcoin touched $8,320 adding over 5 percent on the day.Daily volume is still holding record levels at over $30 billion and the parabola has extended on Bitcoin charts. It has even become something of a joke on crypto twitter;Guys I hate to break it to you but the #bitcoin parabola is simply out of room.We’re going to have to attempt a warp jump through space and time to continue this.Target $20k+, February 2019. pic.twitter.com/Vt9ppMTDEU— Moon Overlord (@MoonOverlord) May 16, 2019As we know from previous market cycles this action cannot be sustained and Bitcoin will fall back, guaranteed. When it does there will be an influx of buyers loading up on what could be its lowest price for quite a while.During the bull run of 2017 Bitcoin pulled back and tested the longer term moving averages several times. Long term trader ‘CryptoFibonacci’ has charted this showing the points where BTC returned to support at the MA levels; “Things will retrace and test the moving averages. Count on it!”$BTC Daily moving average Chart.Things will retrace and test the moving averages. Count on it!#BTC #bitcoin pic.twitter.com/9uXf1huLdR— CryptoFibonacci (@CryptoFib) May 16, 2019Looking at the chart it is clear that a pullback from current levels will send Bitcoin back to around $6,400 on shorter term moving averages. If BTC retraces to longer term support zones it could go all the way back down to $5,500 at the 50 day or even $4,300 again at the 200 day.These will form new support and buying zones and, now that the uptrend has been established, could well send Bitcoin back up into five figures again before the end of the year.CNBC, who have made a name as counter trade indicator for crypto, has called for a pullback as charts continue skywards reminiscent of December 2017. Anthony Grisanti of GRZ Energy told the outlet;“We had rallied above [key resistance] but then failed on two different occasions, [Bitcoin] has doubled in the last five months, so I would expect a bit of a pullback, and on the downside, there’s a very interesting gap there, from $6,870 to $6,425.”Renewed OptimismThe recent rally has renewed optimism and ‘hopium’ within the community with several big industry names have spoken out on Bitcoin’s movements and the end of the crypto winter. Gemini exchange co-founder Tyler Winklevoss stated;“Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning!”Bitcoin breaking 8k this time feels lot different than the last time. So much progress has been made since then and it’s only the bottom of the first inning! 🚀👍— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019Market corrections are a natural thing and the number waiting for this one with fingers poised on the ‘buy’ button is growing.Image from Shutterstock
Crypto markets hit another high; Ethereum, Stellar, Cardano, ETC and NEM on fire. Market WrapYet again crypto markets have surged to a new high for the year. This time the altcoins are in control as Bitcoin remains steady above $8,000. Total market capitalization pumped by a further $20 billion topping $260 billion as the bulls keep buying.There is no stopping Bitcoin at the moment. A few hours ago, during the morning’s Asian trading session, BTC hit another new high for the year at just over $8,300. It has since pulled back to the temporary support level of $8,000 where it currently resides. There has been a lot of talk of a larger correction but as yet it has not materialized.Ethereum is on fire today with a massive spike of 20 percent to hit its highest price for almost a year. ETH touched $270 a few hours ago before retracing back to $260 where it is trading at the moment. As reported by NewsBTC yesterday, Ethereum was predicted to surge as Bitcoin cools off.The top ten is pumping at the moment with double digit gains for a couple. Stellar has lifted off surging over 30 percent on the day to hit $0.157, its highest price since the big November dump. The momentum appears to be FOMO driven but Poloniex has announced Stellar inflation rewards which could also be contributing. Cardano is also cranking with an 11 percent drive up to $0.095. Litecoin is back at $100 and BCH has hit $420 as altcoins light up the markets.Poloniex announces Stellar inflation rewards via /r/Stellar #xlm #stellar https://t.co/wScODWPBTh— Stellar Reddit (@RedditStellar) May 15, 2019The top twenty is a wall of green with NEM shooting for the moon with a 40 percent surge today. Ethereum Classic is following its big brother adding 18 percent to reach $8 and Bitcoin SV and IOTA are both over 12 percent higher today.FOMO: NEM RevivedToday’s top one hundred top performer is NEM pumping over 40 percent. Volume has surged from $18 to $73 million as XEM hits $0.10 for the first time since August last year. The FOMO is being spread around as Dent gets a 30 percent boost and even Verge has been revived from death with a pump of 26 percent on the day. There are too many altcoins in double digits to mention here which is not a bad thing!Only ABBC Coin is getting dumped with 5 more percent lost today. And of course yesterday’s pump, PAI, is dumping predictably today. Aside from those two only the stablecoins are showing red at the moment.Total market capitalization 24 hours. Coinmarketcap.comTotal crypto market capitalization has increased by another $20 billion surging to a new ten month high of $264 billion. A slight correction over the past couple of hours has dropped them back to $255 billion. Volume remains at record levels of $110 billion and Bitcoin’s dominance has fallen back below 56 percent as altseason gets under way as predicted.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
For the best part of the last month Bitcoin has been relentlessly chomping into the altcoin markets as its dominance surged to a seventeen month high of 60 percent. An inevitable cooling off and pull back for Bitcoin is expected, but will traders be putting their profits back into fiat or choosing low priced alternatives such as Ethereum?Ethereum Prices Sill On The FloorEthereum is rallying at the moment but the long term picture still shows ETH depressed at mid-2017 prices, down 84 percent from its all-time high of $1,400. Comparatively, Bitcoin has almost doubled in six weeks and is only 60 percent off its peak price.Ethereum shot to $400 in June 2017 and then again in early September but spent a lot of time hovering around the $200 to $300 level. It only really took off in December of that year in a short lived rally that was on the way down again by mid-January.Since then Ethereum nosedived almost 94 percent to a low of $85 in mid-December 2018. It has shown limited signs of recovery but has been blitzed by the performance of others such as Litecoin and Binance Coin. That could all change when Bitcoin corrects and traders seek cheaper alternatives. Crypto trader going by the moniker ‘CryptoFibonacci’ wrote;“It makes sense, with the money some people have made on BTC, they will naturally rotate back to some beaten up Alts they like. The key here is to see what reacts well and what does not. A lot of these Alts will not be around in a year, so be careful IMO.”$BTC $ALTSIt makes sense, with the money some people have made on BTC, they will naturally rotate back to some beaten up Alts they like. The key here is to see what reacts well and what does not. A lot of these Alts will not be around in a year, so be careful IMO.#BTC— CryptoFibonacci (@CryptoFib) May 15, 2019Ethereum would be a good choice since it still has huge potential and massive upgrades slated for later this year. Add to that its low price and we could see a move up to $300 pretty quickly. Other traders such as ‘The Crypto Dog’ wrote “I am currently long $ETH/$USD. #Ethereum currently at resistance, if it can break this range high I think we see $240 very soon. Next target after that: $300.”Ethereum is currently at resistance just above $200 but could well go further if it can be broken due to a short term outflow from Bitcoin. ‘Crypto Fib’ added;“Getting close to major resistance. But it is also forming an ascending triangle. Expecting a retrace here soon but then to break out higher after.”$ETH Daily Chart.Getting close to major resistance. But it also forming an ascending triangle. Expecting a retrace here soon but then to break out higher after.#ETH #ethereum pic.twitter.com/OCsugcazCZ— CryptoFibonacci (@CryptoFib) May 15, 2019At the time of writing Ethereum was having one of its best days of 2019 with a surge of 10 percent from just above $200 to $220 according to Coinmarketcap.com. Daily volume is at a solid $13 billion and ETH market cap has reached $23 billion, its highest for seven months. Ethereum is slowly pulling itself off the floor but there is a long way to go yet for the world’s second largest crypto asset.Image from Shutterstock
Crypto markets surge to new ten month high; Ethereum, XRP, Stellar, Tezos and NEO leading the way. Market WrapFor the second day in a row crypto markets have surged hitting a new 2019 high and a level not seen for ten months. Bitcoin has remained buoyed up and the altcoins are now revving up to boost total market capitalization up another $10 billion to $245 billion.Bitcoin took a dive back to $7,700 a few hours ago but traders in Asia have lifted the king of crypto back over $8,000 again. BTC is currently trading level on the day at $8,030 and holding steady for now. Further gains are looking unlikely, but we said that when it crossed $6,000!Ethereum is heating up today as Bitcoin starts to show signs of possible cooling. Rock bottom priced ETH surged 11 percent from an intraday low of just over $200 to just below $230 where it currently trades. This is the highest level Ethereum has seen for seven months as its market cap pushes past $24 billion.$ETH Daily Chart.Getting close to major resistance. But it also forming an ascending triangle. Expecting a retrace here soon but then to break out higher after.#ETH #ethereum pic.twitter.com/OCsugcazCZ— CryptoFibonacci (@CryptoFib) May 15, 2019The top ten is mostly in the green with several altcoins getting double digit FOMO for the first time in months. XRP has extended its run with a further 13 percent on the day to pass $0.43 and Stellar is mirroring its performance as it has done in the past with a 9 percent pump for XLM to $0.12. Cardano is still going strong adding 8 percent as Bitcoin Cash starts to pull back dropping 3%.A solid wall of green has enveloped the top twenty during Asian trading. Tezos is having a moon shot with a 22 percent taking XTZ to $1.63. NEO is finally getting a massive 14 percent pump to reach $12 and Ontology is adding 12 percent on the day. Even Tron has woken up finally with a 10 percent gain bringing TRX back to $0.029.FOMO: Project Pai PumpsThere is a lot of FOMO going around at the moment but PAI is getting the most of it with a 25 percent surge on the day. The AI based crypto token has been battered with the rest but is having a rare moment today. As mentioned Tezos is going well with 22 percent and Ravencoin is the third altcoin gaining over 20 percent today.Taking a hit at the moment is ABBC Coin as it dumps 13 percent today, closely followed by Factom dropping 8 percent. Yesterday’s pump, Holo, is dumping today as expected.Total market capitalization 24 hours. Coinmarketcap.comTotal crypto market capitalization has surged by $15 billion in the past 10 hours or so. Daily volumes are at record highs hitting $107 billion a couple of hours ago propelling market cap to $245 billion. A staggering 32 percent increase has been recorded for crypto markets since the same time last week equating to a cash injection of $60 billion.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
The FOMO has finally returned to crypto markets as scenes reminiscent of late 2017 start to unfold this week. Bitcoin has been the clear leader with dominance almost touching 60 percent and a surge over $8,000 for the first time since July last year.Bitcoin is King At 60%The BTC maximalists are full of hopium again today as their daddy blasted past another resistance zone and hit a new high of $8,050 a couple of hours ago. Asian trading has seen a slight pullback but the bulls are still grabbing the markets by the horns and keeping BTC buoyed up.Trading at just below $8k, Bitcoin is up 14 percent on the day in its second thousand dollar surge this week. At the weekend BTC pumped from $6,300 to $7,500 and many expected a correction which has yet to materialize. Over the past 24 hours BTC has pumped from just over $7,000 to top $8k for the first time in ten months.Market dominance is a touch under 60 percent which is the highest it has been since mid-December when BTC surged to its all-time high of just under $20k. The move has been that big that mainstream media is back on the FOMO train with headlines such as ‘Bitcoin’s Surge to Almost $8,000 Rekindles Memories of Bubble’.Fundstrat co-founder Tom Lee told Bloomberg “Bitcoin is acting differently since moving above its 200-day moving average.” He is not wrong; BTC has gone parabolic, almost doubling in price since early April where it traded at $4,100.All About The InstitutionsThe increased interest from institutions such as Fidelity, E*Trade, and Bakkt has no doubt added to momentum. According to a medium post, Bakkt will start preparations for user acceptance testing (UAT) for futures and custody, which they expect to start in July. There will be two contracts available; a daily settlement BTC future, enabling same-day market transactions, and a monthly BTC futures contract which will enable trading in the front month and across the forward pricing curve.Institutions are clearly keen to cover their bases with Ikigai Asset Management CIO Travis Kling adding;“This is a hedge against irresponsibility from governments and central bankers … the world is waking up to the value of a hedge against quantitative easing.”“This is a hedge against irresponsibility from governments and central bankers…the world is waking up to the value of a hedge against quantitative easing.”@OJRenick and @Ikigai_fund‘s @Travis_Kling go down the checklist for why #bitcoin won’t stop rallying.
📊 $BTC $ETH $LTC— TD Ameritrade Network (@TDANetwork) May 13, 2019Speaking to Bloomberg Kling added “The largest crypto gathering in the world is going on right now, Consensys, and there’s Bakkt announced their futures product is going to be up and running in July,”According to the DVAN Buying Selling Pressure Gauge, Bitcoin is seeing the highest buying pressure since the late 2017 surge which propelled it to giddy heights of $20k.In addition to institutions major corporations such as Microsoft, Amazon, eBay, Facebook and Whole Foods are getting into crypto payments and blockchain platforms. The ice has finally melted and crypto winter seems like a distant memory now though the altcoins are still not fully free of the bears just yet.Image from Shutterstock
Crypto markets surge to nine month high; Bitcoin, XRP, BCH, EOS and IOTA commanding things.Market WrapThe ice has melted. Crypto winter is now over as markets surge an epic 13 percent on the day to hit a new high not seen since September last year. Bitcoin has led the pack once again but some of the altcoins are getting double digit gains today. Total market capitalization has pumped close to $240 billion, doubling since mid-February.Bitcoin breezed past $8,000 a few hours ago to record a high of $8,050, its highest price for almost nine months. The monumental daily pump is the second time in less than a week that BTC has surged by a thousand dollars. The big pullback that everybody has expected has not arrived yet and momentum is still extremely bullish for the king of crypto.Ethereum has finally broke and remained over $200 as it too grabs the coat tails of Bitcoin and rises 10 percent. ETH was trading just below $210 at the time of writing and is likely to go higher according to the technicals. ETH has not had a sustained run above $200 since early November and the FOMO is getting shared around today.The top ten is on fire at the moment. XRP has shot off like a rocket with over 20 percent added in its largest single move since December last year. Currently trading at $0.387, XRP volume has pumped to over $3 billion. Bitcoin Cash is getting a double digit gain of 11 percent as it knocks on the door of $400 and EOS is over $6 again with 12 percent added on the day. Even the lack luster Stellar and Cardano are pumping ten percent today as the altcoins awaken.The party has continued into the top twenty during Asian trading with IOTA getting the biggest gain of 13 percent to reach $0.353. Double digits are also cranking prices up for Monero, Dash, Ethereum Classic, NEO and Ontology.FOMO: Ripple Army MarchesXRP its today’s top performing crypto asset. Forbes has run a piece on the expansion of the XRP ledger and the company has been relentless in securing new banking partners. Holo is the second best performing altcoin in the top one hundred at the moment as it surges over 15 percent. There are too many other altcoins in double digits to mention here at the moment.Not all of them have been invited to the party though. Maximine Coin is dumping again with MXM at the bottom of the pile dropping 8 percent. KuCoin Shares is the other big loser today with a 6 percent slide.Total market capitalization 24 hours. Coinmarketcap.comTotal crypto market capitalization has surged by a monumental $27 billion over the past 24 hours. At $238 billion things have not been this high since early September, nine months ago. Back then the trend was downwards, but over the past three months things this time have been on the up. Daily volume is approaching a record high of $95 billion as fomo grips crypto land once again.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Bitcoin’s epic surge over the weekend has brought some much needed elation back for crypto enthusiasts who have spent the best part of last year battered and bruised. The chart patterns playing out however look uncannily similar to previous market cycles so a pullback is expected.First $1,000 Weekend Since 2017Bitcoin went parabolic over the weekend notching up its first $1,000 gain since 2017. By the end of last week BTC had out performed many of its brethren and had reached critical resistance just below $6,400. Unperturbed, ts surged past this on Saturday adding over a thousand dollars to reach a new yearly high of $7,480 by Sunday afternoon.The 17 percent gain sent BTC to its highest level since August 2018. According to Yahoo Finance, “All five members of the Bloomberg Galaxy Crypto Index are up more than 8% this weekend, based on pricing from Bitstamp and Bitfinex.”As usual CNBC got it completely wrong again stating that BTC would pull back after breaking the $6,000 barrier. The news outlet has become known as the best counter trading indicator in the ecosystem;Bitcoin breaking back above $6,000, but @jeffkilburg says buyer beware: it won’t hodl here $BTC pic.twitter.com/GH3v7Vcr3R— CNBC Futures Now (@CNBCFuturesNow) May 9, 2019At the moment markets are correcting and Bitcoin has pulled back to just above $7,000. Daily volume, which surged to $30 billion, has also retreated to $26 billion which is still the highest it has been this year. Analysts and traders are expecting further corrections during which time they will be accumulating again. Crypto investor Josh Rager noted the similarity between this market action and a movement at the end of the 2015 bear market that instigated the bull run of the next two years;“Amazing similarity between the last bear market prior to uptrend. Bitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrend. Watching for a potential pullback where I’ll add more to the stack,”$BTC – 3D chart Super GuppyAmazing similarity between the last bear market prior to uptrendBitcoin had a similar parabolic push out of accumulation, followed by a pullback and uptrendWatching for a potential pullback where I’ll add more to the stack pic.twitter.com/JABErMhlMq— Josh Rager 📈 (@Josh_Rager) May 12, 2019Another technical analyst going by the handle ‘Cryptohamster’ correctly predicted the run up to $7,500 in early April after analyzing charts from previous market cycles. “If history rhymes and Fibonacci retracement is a real thing, bitcoin will rise to $7.5k and then will have a massive correction to $4.3k. That will be the last attempt of bears to come back,” he tweeted. The Fib levels have been key here as BTC did climb all the way back to touch the 0.618 level.A final shakeout could induce a dump back to the 0.768 level which would be around $4,200 according to the charts.According to the chart, it was actually 7550$.
Yesterday the peak price was 7580$ on Coinbase…
Fibo rules.$BTC #bitcoin $BTCUSD https://t.co/ZokQAwilb1— CryptoHamster (@CryptoHamsterIO) May 12, 2019A pullback to this level could well be the catalyst for a massive bull run as major accumulation is likely to occur if BTC ever goes back anywhere near $4k. Either way the weekend’s action has been uber bullish and more is likely to come in 2019 when Bitcoin starts hitting the mainstream headlines once again.Image from Shutterstock