This Indicator May Take the Crypto Market on an Unprecedented Parabolic Rally
[NEWS BLOG]: This Indicator May Take the Crypto Market on an Unprecedented Parabolic Rally
The crypto market has been caught within a firm uptrend throughout the past six weeks, with its cumulative rally being fueled by steady gains seen by Bitcoin, coupled with parabolic gains seen by many major altcoins.
Examples of this can be seen while looking at major cryptocurrencies like Tezos and Ethereum, which have both seen massive gains over the past several days that are emblematic of the type of rallies seen during full-fledged bull markets.
Now, one elusive indicator that has flashed before the crypto market’s previous parabolic uptrends is flashing again, suggesting that the markets could be on the cusp of seeing a 2017-esque movement in the months ahead.
Crypto Market Sees Intense Uptrend as Analysts Eye Further Gains.
It’s no secret that 2020 has been a great year for the crypto market, with Bitcoin’s climb from lows of $6,800 to highs of over $10,500 allowing the markets to see some intense momentum.
This uptrend has allowed the aggregated crypto market capitalization to balloon, rising from year-to-date lows of $185 billion to its current size of over $300 million.
The fact that this climb has come about as the result of money pouring into both Bitcoin and altcoins concurrently suggests that fresh capital is entering the markets, and that a fundamental shift in market structure is occuring.
Financial Survivalism, a prominent crypto analyst on Twitter, explained in a recent tweet that he anticipates altcoins to see further momentum due to bullish patterns that they have been widely forming as of late.
“Can’t help but salivate when looking at the Big W patterns that are taking shape in alts. Most haven’t confirmed yet but they are already very well defined. First entry occurs with a close above point D. Second entry occurs with a close above point A,” he said while pointing to a collection of charts seen below."
This Indicator Shows an Unprecedented Altcoin Rally is Around the Corner
One key factor that should be on the forefront of all investor’s minds is the fact that there was a 50/200 EMA golden cross on the aggregated crypto market cap, with Bitcoin being excluded.
This formation preceded the alt rally seen in 2017, suggesting that a major movement could be inbound.
OTHER RELATED NEWS
Ripple (XRP) Showing Early Signs of Fresh Increase, But Bulls Facing Hurdles
"Ripple Price Holding $0.2800"
In the past three sessions, there were mostly bearish moves in ripple below $0.3000. XRP price even failed to stay above the $0.2850 support and it settled well below the 100 hourly simple moving average.
A new weekly low is formed near $0.2790 and the price is currently correcting higher. There was a break above the $0.2850 resistance. Moreover, there was a break above a key bearish trend line with resistance near $0.2900 on the hourly chart of the XRP/USD pair.
Ripple spiked above the 23.6% Fib retracement level of the recent decline from the $0.3274 high to - read more.
Bitcoin Vulnerable To A Nasty Drop Unless It Claims $7K
Bitcoin Facing Hurdles
In the past few sessions, bitcoin remained well bid above the $6,400 support area against the US Dollar. BTC price even climbed above the $6,800 resistance and settled above the 100 hourly simple moving average.
However, the bulls seem to be struggling near the $7,000 resistance area. There is likely a double top pattern forming with resistance near $7,000. The last swing high was formed near $6,989 before the price corrected lower.
There was a break below the 23.6% Fib retracement level of the main rise from the $5,750 swing low to $6,989 high. On the downside, the - read more.
Bitcoin Prepares to Rally to $12,000 as Price Forms Historically Bullish Pattern
After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as low as $9,200 for the umpteenth time in a matter of days.
The tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support.
Prominent analysts, however, have begun to spot silver linings in Bitcoin’s chart that are suggestive of a reversal to the upside, not an extension to the downside as some analysts have come to expect.
"Bitcoin Readies for Next Leg Higher"
Bitcoin seemingly moves without rhyme - read more.