After Bearish Trend, Analysts Are Now Hoping A Bounce in The Bitcoin
It seems the market is now getting its glory back. The world crypto market has started to take a U-turn. Crypto lovers are happier now and those who were always optimistic and knew that the market would gain strength on day soon are must be feeling even more hopeful now. Bitcoin (BTC) had broken its bear trend in February only. And currently, it is recording gains of essential numbers.
Now a considerable amount of time is passed when cryptocurrencies started getting their value back from $110 billion to $122 billion in a day. At present, the volumes are still strong, and one can see the rapid price action in the market. In fact, as per one watch report, over the past one day, $14.3 billion worth of cryptocurrencies have been traded on exchanges. Last year the total trading volume was as low as $6 billion. This change in the volume is getting considered as a signal indicating that the market is finally getting back on its track.
A Bitcoin trader named Financial Survivalism recently said that prices are highest since the 2017 (last week). It was when Bitcoin was beyond $10,000, and other altcoins were surging 24*7. He did not forget to mention that the market hasn’t yet witnessed
“four straight weekly bars with that much buying volume.”
Many crypto experts are putting their views on social media too. For example, eToro’s in-house crypto trader posted on Twitter mentioning why charged activities in the market could work in favor of the crypto space and help it in moving ahead. The Crypto Dog said that if the readings of the trading volume are right and then, the market is about to hit a raging bull market.
Can we expect Bitcoin rally?
Twitter post of Filb Filb would explain why BTC is hitting $5,000 by May 2019 is possible, and what Ethereum World News reported recently is true. He said that many components have started working in favor of Bitcoin. Consider 12-hour Moving Average Convergence Divergence, which has started showing a positive trend. Flib also suggests paying attention to Chaikin Money Flow (CMF). CMF pays attention to and buying and selling pressure and measures them. According to BTC prediction, the measurement has already started indicating that there is underlying buying pressure for Bitcoins.
He further says that Bitcoin commenced testing a fourteen-month resistance downtrend, and it could reach higher lows if it goes beyond that level, eventually make it work in support. Anything done by BTC beyond this level would make it a “huge void” of volume.
