A veteran technical trader is comparing Bitcoin’s recent surge to the start of the massive bull run that brought the price of BTC to an all-time high of nearly $20,000 on December 17, 2017.
A new tweet from Peter Brandt, who became a legend among crypto traders for accurately predicting the Bitcoin bear market in January of 2018, is going viral. Brant highlights a technical indicator – Factor’s benchmark weekly moving average (MA) – and compares Bitcoin’s current price action to its movements starting in November 2015 leading up to $19,800.
The last time Factor's benchmark weekly MA was in the current profile of turning from down to up was in Nov 2015 just as $BTC began its move from $340 to $19,800. pic.twitter.com/uFJSkV9NwM
— Peter Brandt (@PeterLBrandt) May 2, 2019
Meanwhile, in a new note to clients, Fundstrat analyst Robert Sluymer says he sees Bitcoin at “the early stage of a longer-term recovery,” reports Bloomberg.
“While it’s premature to conclude Bitcoin will not retest support near $4,300, we would encourage traders and investors to remain focused on the bullish longer-term technical profile developing. Bottom line: use recent weakness to accumulate.”
Right now, the market is mostly green, with Bitcoin up 4.86% at $5,658. Ethereum is up 4.63% at $165.97, and XRP is up 1.81% at $0.3063, according to Coin360.
Bitcoin Cash and Litecoin lead the top 10 with the largest gains, up 7.91% and 7.29% respectively.
For technical traders at large, all eyes are on whether Bitcoin can push past $6,000.
Bitcoin
CoinDesk – BTC appears on track to test the psychological resistance of $6,000 soon
NewsBTC – Bitcoin spikes, but the main party is after $6,000
Ethereum
Crypto Daily – Ethereum has just run into a confluence of strong resistance zones
Koinalert – ETH showing strong support at $164
XRP
NewsBTC – Bullish on XRP once prices rally past essential resistance levels
FXStreet – XRP/USD bulls are back
Litecoin
Smartereum – Litecoin price steadily growing since the month of March
FXStreet – LTC/USD bulls hunting for $100 return
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