A technical gauge that accurately predicted the bottom of the 2015 bear market is now signaling a period of “gentile retreat” and consolidation.
The Mayer Multiple (MM), which uses the 200-day moving average to identify market trends, is well above the crucial level of 1.0. The creator of the indicator, Trace Mayer, an investor-journalist who hosts the Bitcoin Knowledge podcast, says he expects the current market cycle to consolidate somewhere around the $7,000 mark, give or take.
@TIPMayerMultple is at slightly frothy 1.82 & 200DMA at $4,595; rising about $10/day. Gentle retreat to 1.4-1.6 would be range around $6,500-7,500 for consolidation.
— Trace Mayer (@TraceMayer) May 31, 2019
As for the trajectory of the altcoin market, crypto analyst DonAlt told his 104,000 followers on Twitter it may be a good time for long-term traders to enter the market.
However, he says it’s easier to judge the potential path for altcoins when Bitcoin is making big moves as opposed to sliding sideways.
This isn't an enter all alt markets Tweet, I'll wait for BTCs next move, see how altcoins respond to it and if they look good then, I'll pick some up.
Unlike common knowledge on here, I'm not watching alts when BTC is doing nothing, I'm watching them when it is doing something.
— DonAlt (@CryptoDonAlt) June 4, 2019
Right now, Bitcoin is down 2.46% at $7,749 according to the latest data from COIN360. Ethereum is down 1.95% at $244.31 and XRP is down 3.55% at $0.3969.
Technical analysts are tracking the chances that Bitcoin will continue to trend lower while gauging the consequences for crypto alts.
XRP, Litecoin, Bitcoin Cash
FX Empire – XRP, LTC, BCH attempt to avoid another sell-off