Crypto technical analysts and traders have mixed opinions about the next direct Bitcoin prices will take. This follows a weekend of consolidation where BTC’s market valuation didn’t deviate much from $5,100. Markets have started to move, as we begin another week; however it is not Bitcoin that is driving them at the moment.
Are The BTC Bulls Tiring?
Several prominent crypto market observers have come to agreement, not on who Satoshi really is, but that the recent Bitcoin rally could be coming to an end. The last two weeks has injected some long awaited hope back into crypto hodlers and traders who have been waiting since mid-November for some action.
The move saw Bitcoin break through key resistance at $4,200 and surge past the 200 day moving average up to form a new 2019 high of $5,400. Late last week however, the first correction got underway as BTC slid back below $5,000. According to one analyst, a collection of multiple moving averages known as a Guppy was retested and rejected;
— Cold Blooded Shiller (@ColdBloodShill) April 13, 2019
This is just one of a number of technical indicators that can be used to make a prediction on future market movements. This analyst at least thinks that it is too early to be bullish, and argues that Bitcoin will pullback once again.
There is further resistance at the 50 week moving average which currently lies at $5,600 according to TradingView charts. This indicator served as resistance before in July last year when Bitcoin hit $8,500 and bounced off it.
Other traders and market observers are equally bearish with visions of another altcoin wipeout this week;
Sitting mostly in fiat going into this week, waiting for opportunities to present themselves.
— The Crypto Dog? (@TheCryptoDog) April 15, 2019
More resistance indicators lie in the Bollinger Bands, and an open candle above it usually leads to a correction as observed;
This close and the candle after will be important.
We OPENED completely above the Bollinger band upper.
This USUALLY results in an ass screaming correction back toward the basis line.
We shall see, huge show of strength if it can close above the bear flag. #BTC $BTC #Crypto pic.twitter.com/0XY7PXFcFi
— Zig (@ziggitzaggle) April 15, 2019
The consolidation could well continue for some time since Bitcoin faces a lot of heavy barriers above its current level.
Are Altcoins About to Explode?
Analysts may not be too enthusiastic about shorter term gains for Bitcoin, but at the time of writing altcoins are driving markets higher. During Asian trading on Monday morning, Bitcoin Cash made an impressive 11% with a pump from around $275 to over $300 – largely traded on Chinese exchanges. The move has taken BCH back above EOS and Litecoin as it reestablishes itself as the fourth largest crypto asset by market cap – for now.
Fundamentally there have been a number of positive developments for Bitcoin Cash including Huobi BCH contracts going live, BCH based merit token from micro-nation Liberland reaching $1 million market cap, and the first listing of a BCH-based token on a crypto exchange.
Litecoin is the other high cap crypto which seemed to be making big moves today, as it added 9% in a surge from $77 to $84, before pulling back to $78. Digital silver’s performance this year has been impressive with a gain of almost 180% from $31 at the beginning of this year.
Tezos has also been flying today, as it surged up the coin cap list to sixteenth with a pump of 18% on the day. However, the market valuation has faced a pullback which is in line with the movement of the majority of crypto assets. XTZ has done wonders in 2019 with a 150% gain since the beginning of the year to $1.15 where it currently trades.
While it does appear that Bitcoin could be running out of steam in the short term as it battles to overcome resistance, some of the altcoins are still on fire and have moved markets back into positive territory today.