Weeks And Weeks Of Crypto Gains
For the first time in a blue moon, cryptocurrencies have posted consistent gains for the better part of two months. Rhythm Trader, a leading industry analyst that is also known as Alec Ziupsnys, recently pointed out that for the first time since Bitcoin breached $20,000, BTC has posted six weeks of consecutive gains.
In mid-February, BTC rallied by 2.9%, then 1.58%, 2.86%, 1.73%, a mere 0.11%, and then, most notably, 3.18% over the last week. For those not wanting to deal with a handful of numbers, this represents a ~13% rally ($3,600 to $4,160) that began around February 17th, when this nascent market suddenly a monumental uptick in volume, seemingly resulting in what has been called altseason (relatively stable Bitcoin price action as cryptocurrencies, like Cardano, Binance Coin, amongst others, have surged).
Such consistent gains on extremely low volatility have historically presented a bullish case for this market, as explained by Murad Mahmudov. And a recent report from Bloomberg would that BTC’s bulls might not be ready to rest just yet.
Bitcoin Could Have Further To Run
According to Bloomberg’s Todd White, the GTI VERA Convergence Divergence Indicator, a signal that allows traders to gauge the potential of future rallies and pullbacks, is currently leaning bullish. This is purportedly the first time that this indicator has registered such a measure in months. As the outlet explains, the last time the GTI VERA issued a “buy,” Bitcoin rallied by 17% within a two month time frame, a move that would line up with BTC’s recent movements if repeated.
This comes after Crypto Thies’ proprietary “Market God” indicator issued an auspicious buy signal. As reported by this outlet previously, the indicator recently issued a “buy” for the first time since mid-2015, which follows the issuance of a “sell” near the peak of 2017-2018’s cryptocurrency rally. While the indicator’s inner workings aren’t exactly clear to Thies’ audience, it has proven to be an accurate trend forecast tool, as it managed to somehow predict short to long-term moves.
In a recent CoinTelegraph signal, Mati Greenspan, a senior markets analyst at eToro, continued the onslaught of bullish sentiment. Greenspan, a prominent voice in this industry, explained that BTC recently broke a key downsloping trend line that has managed to stop rallies dead in their tracks at levels like $8,500 and $6,500. The analyst calls this move “quite significant,” as it does signify that the cryptocurrency market is somewhat out of hot water, albeit not entirely.
However, it is important to note that BTC isn’t in the clear yet, nor are altcoins. As reported by Ethereum World News, BTC remains under its 200-day moving average, which has been a pseudo-overarching resistance for BTC throughout much of 2018’s “crypto winter.” Greenspan looks to this too, explaining that even if Bitcoin manages to surmount the key resistance at $4,200, it will have another $400 before it encounters that moving average, which will likely come alongside a mass of sell orders.
As of the time of updating this, Bitcoin has pumped, and has passed $4,200. But some analysts are wary that the cryptocurrency could pullback strong if there isn’t sufficient buying pressure.
Photo by Daniel Páscoa on Unsplash
