Bitcoin Indicator That Called Crypto Bottom at Crucial Level – BTC, XRP, Ethereum, Litecoin, Bitcoin Cash Forecasts
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.
Interesting coincidence with latest @TuurDemeester letter who comes from different point & reasoning. @ToneVays? pic.twitter.com/zBoN5CCigK
— 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.
Bitcoin
CoinDesk – Bitcoin recovers from 2-week low but price outlook remains bearish
Blockonomi – Minor recovery expected before another potential sell-off
Ethereum
FXStreet – Harsh consequences likely if $240-225 does not hold
NewsBTC – Correction gives buyers chance to accumulate
XRP, Litecoin, Bitcoin Cash
Coinspeaker – XRP/USD may reverse at $0.39 and move towards $0.42-$0.46
FX Empire – XRP, LTC, BCH attempt to avoid another sell-off
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