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Technical indicators Bitcoin (BTC) Turn Bullish
It is 2019 and it seems that the prospects are already bright for Bitcoin and for the cryptocurrency market in general. According to a recent article published by Vildana Hajric and Bloomberg's Reade Pickert, some indicators / technical signals have begun to show bullish signals, after a pause of several months in the encrypted evaluations.
According to the two reporters, the indicator of the GTI Convergence Division Vera is suggesting that BTC has entered the "longest purchase phase in six months", presumably due to the fact that cryptocurrency has not drastically dropped in recent weeks . The indicator predicts that if the pressure on the buying side will continue for the next two weeks, Bitcoin could continue to move higher, continuing to rebound to the lows from the start of the year to ~ $ 3,150.
The Bloomberg Galaxy Crypto Index, a direct effort from the outlet and Galaxy Digital of Mike Novogratz, produced a similar result related to the measure mentioned above. In fact, Vera C & D is indicating that Galaxy Crypto is in the middle of its longest shopping spree since September, when the cryptocurrencies suffered a micro-rally after a dip in the first months.
Mike McGlone, a Bloomberg Intelligence analyst who had been skeptical about crypto earlier, noted that this "rescue rally" could be a byproduct of the end of the 2018 fiscal season. However, he explained that this rebound could end shortly, since this market takes up a "longer-term bear market".
Speaking at current market conditions, Mati Greenspan, eToro's cryptoconstructed analyst and researcher, said that from the point of view of technical analysis, "we are much closer to the bottom than we are at the top".
From a fundamental point of view, Greenspan explained that this sector continues to swell at a "very rapid pace", as the companies in the Bitcoin and Blockchain sectors continue to take on mass. He added that with more and more projects coming, it has been clarified that people continue to flow into this sector en masse, despite the downward trend that has plagued cryptocurrencies.
At Sea Of Green: Crypto Market Posts Earn
This news comes after the cryptocurrencies recorded a stellar performance on Wednesday, as a number of businesses recorded half-digit earnings that looked healthy. At the time of writing, according to Live Coin Watch, the aggregate value of all cryptocurrencies rose to $ 136.1 billion, while 24-hour volumes rose to $ 8.52 billion, compared to $ 6 billion yesterday.
This move saw the 3.9% increase in Bitcoin (BTC), being valued at $ 3,950 apiece. And, interestingly, the altcoins have coincided with the performance of BTC, mostly, publishing almost identical earnings. But, as usual, there were some resources that stood out like a sore thumb.
For example, Ethereum (ETH) moved 11.35% to find itself at $ 156 per pop, approaching the maximums of several months. As reported by Wednesday's Ethereum World News, with this pre-Constantinople uptrend move, Ether surpassed XRP's market capitalization. From our original report, in which ETH had a relatively small leg compared to its rival, the gap has now inflated to $ 1 billion. Monero (XMR) also performed well as the resource began to be accepted by the official Fortnite Merch store, the first encrypted adoption event in 2019.
The Crypto markets are finally starting to look, but Bitcoin has hit the bottom yet … who is there to say?
Fred Wilson said the business could end sometime during 2019, which will arrive before the cryptocurrencies slowly enter a new bullish phase.
Flash in Photo Studio Title Image Courtesy of Alexander Dummer on Unsplash
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