Technical indicators show that a Bitcoin rush could be on the horizon
Short-term technicians have outlined a secure picture for BTC. For Bloomberg's Reade Pickert reports, afterwards BTC it surpassed $ 4,000 for the first time since Christmas / Christmas Eve, technicians have started to become positive for the resource.
The Directional Movement Index, which follows market trends, has crossed a positive zone for the first time since mid-November, "putting an end to the very strong Bitcoin sales series." Pickert said that the business could enter a new "positive purchase phase" ", which could catalyze a rally rally in the near future.
Mati Greenspan from eToro said:
"In technical analysis, this makes these levels very strong … But I think that only once we see a strong break above 5,000, 6,000, if we exceed 7,500, that's when people start turning really bullish" .
The GTI indicator Vera Convergence Divergence 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 states that if the pressure on the purchasing side will continue for the next two weeks, Bitcoin it could continue to move higher, continuing to rebound to the lows from the beginning of the year to ~ $ 3,150.
So, what does this mean for encrypted markets?
Bitcoin has historically brought the entire market Altcoin trend. Recently, Ethereum is able to stand comparison with the next fork of Constantinople. Popular Crypto influencer and analyst The Crypto Dog says:
"Obviously I'm not sure, but I find it really hard to be particularly bullish on $ ETH / $ USD with the $ ETH / $ BTC pair that looks like this … Maybe it was just a small setback, but to date the ETH It does not seem particularly interesting to me here. "
The rigid BCH fork was not only negative for the currency but also for the whole cryptographic ecosystem. Now, we have to wait another week to see how the ETH fork influences the community.