Topic: Market Analysis April 13 (Read 115 times)
Well after bitcoin started to increase in value the other altcoins also started to climb up. It is still unclear if this pump will continue or it is just temporary but this is a good sign that bitcoin is starting to recover. With this people are so excited that they buy more bitcoins and it is visible with the huge volume being sold in all exchanged. Though it is unsure but I have a guess that this might be the starting point of bitcoins increasing in value.
I think it's too early for an all out rally. Today's price might hold, but this doesn't mean we'll go to 10k all of a sudden.
After such a huge sell-off there's always this period of "market memory" where people look at the previous drops and remind themselves that it took the price only one day to drop by 1500 USD (for instance on March30) and they will prefer to take small profits and mitigate the risk of falling into another bull trap. After 10k it's going to be a whole new level, but until then we can still revisit 6k this year.
After such a huge sell-off there's always this period of "market memory" where people look at the previous drops and remind themselves that it took the price only one day to drop by 1500 USD (for instance on March30) and they will prefer to take small profits and mitigate the risk of falling into another bull trap. After 10k it's going to be a whole new level, but until then we can still revisit 6k this year.
Game on?
MARKET ANALYSIS - BTC ETH LTC XMR
Today's rally offers a mix of several central themes that we've written about in previous reports.
Buying out of Russia highlights that Crypto as an asset class is so important that it both shapes and is shaped by the geopolitical landscape. The fact that big foreign buyers seemed to have picked crypto over metals speaks volumes. Today’s rally in Bitcoin is propelling a bounce off the 50-week moving average, and weekly stochastics are turning. If today’s rally holds, it could mean a long-term rally has begun.
Basic Elliot Wave work on the BTC weekly chart shows new highs are possible. In addition, to overseas buying, the power of hedge fund in the crypto market should be considered. Recently, there were outflows from crypto hedge funds. All that money that flowed out will no doubt rush back in, fueling more buying. Soros and all the rest are no doubt future buyers.
Next, the ETH rally and even EOS (not shown) was a leading indicator of the BTC rally. Earlier, we had discussed that ETH needed to lead any advance, and it did not disappoint. If ETH can climb back above its 50-week moving average at 463, it could be “Game On” across the crypto complex
It would also be helpful if LTC could climb back above a big Gann point at 12
and Monero (XMR) could stay above its 21-day moving average at 181. Generally speaking, a move above the 21-day moving average can be an important benchmark in establishing daily momentum
SORRY NOT ABLE TO POST CHARTS.
Twitter and Telegram Handle: @BoomerCapital
Website: https://boomerangcapital.org
MARKET ANALYSIS - BTC ETH LTC XMR
Today's rally offers a mix of several central themes that we've written about in previous reports.
Buying out of Russia highlights that Crypto as an asset class is so important that it both shapes and is shaped by the geopolitical landscape. The fact that big foreign buyers seemed to have picked crypto over metals speaks volumes. Today’s rally in Bitcoin is propelling a bounce off the 50-week moving average, and weekly stochastics are turning. If today’s rally holds, it could mean a long-term rally has begun.
Basic Elliot Wave work on the BTC weekly chart shows new highs are possible. In addition, to overseas buying, the power of hedge fund in the crypto market should be considered. Recently, there were outflows from crypto hedge funds. All that money that flowed out will no doubt rush back in, fueling more buying. Soros and all the rest are no doubt future buyers.
Next, the ETH rally and even EOS (not shown) was a leading indicator of the BTC rally. Earlier, we had discussed that ETH needed to lead any advance, and it did not disappoint. If ETH can climb back above its 50-week moving average at 463, it could be “Game On” across the crypto complex
It would also be helpful if LTC could climb back above a big Gann point at 12
and Monero (XMR) could stay above its 21-day moving average at 181. Generally speaking, a move above the 21-day moving average can be an important benchmark in establishing daily momentum
SORRY NOT ABLE TO POST CHARTS.
Twitter and Telegram Handle: @BoomerCapital
Website: https://boomerangcapital.org
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