June 18, 2024

The cryptocurrency market officially entered the bull cycle

The cryptocurrency market officially entered the bull cycle

The bears who wanted Bitcoin below $9,000 did not get what they wanted. According to trader Josh Rager,there was an “official trend change from bearish to bullish.”

The top cryptocurrency has already minted a series of higher highs and higher lows on the daily chart:

“Bitcoin is not conducive to you, bears;the trend has officially changed, and many still do not want to understand this. I present a graph that shows what happens when a trend changes to higher highs and higher lows. It's simple. Bitcoin even closed above a key level of $ 9,550. ”

A break in the $ 9,100 mark has changed the rules of the game?

On February 4, the price of bitcoin fell to $ 9062 for Bitstamp, but the next day a pair of solid green candles allowed Bitcoin to reach a new annual high of $ 9777.

Trader Jacob Canfield says the breakout of $9,100 was a "big problem" for Bitcoin, as the level was support for a large descending triangle that was eventually broken:

“Zoom out and everything will look simple. Throwing over $ 9100 was a big success for Bitcoin. This is the former level of support for the “descending triangle” and the Chinese pump. Now, judging by the RSI, an upward triangle is forming, which on the daily chart forms a clear channel of an uptrend. ”

$ 18,500 before halving?

Although the upward trend has now become “clear”, everyoneThe question that worries me is how high Bitcoin will go. Analyst Thomas Thornton, based on the DeMark Sequential indicator, predicts further growth, followed by a “buy pullback”:

“Bitcoin is now up 51% compared towhen I pointed to the DeMark Sequential signals and the formation of 13 candles on the Combo buy Countdown indicator in mid-December. In my opinion, bitcoin will go a little higher before the opportunity to buy. ”

Meanwhile, crypto trader Crypto Michael still believes that Bitcoin will reach $ 18,500 before the May Halving:

“Not trading advice, of course, but here are somemy thoughts: The market is still in very good condition, and some of the lateral and strengthening movements of Bitcoin are simply magnificent. I expect a price increase to the level of $ 11,000, and the range of $ 11,000– $ 11,600 will trigger a “pre-halving FOMO.”

“I think Bitcoin is aiming for $ 16,500– $ 18,500, and such a pump will be the result of FOMO related to halving.”

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