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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.
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.
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However, he says it’s easier to judge the potential path for altcoins when Bitcoin is making big moves as opposed to sliding sideways.
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
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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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