bitcoin “Likely” To Break Higher
Over recent weeks, the market has seemingly began to embark on a slow and steady recovery. While the asset class took a slight tumble on Thursday, with () falling by 1.33%, are still nearing their year-to-date highs. The simple fact has led some crypto analysts to begin touting bullish sentiment, as the technical and fundamentals tides have seemingly begun to turn in ’s favor.
Prominent trader Filb Filb joined in with his own optimism recently, issuing a number of charts accentuating his/her belief that digital assets, especially , are poised for a rally.
Filb explained that from a 12-month perspective, when (L/S) ratio rose above 1.5, returned to one or below, and then moved back above 1.25, moved by higher by approximately 25% to 50%. On the other hand, when the L/S ratio failed to break 1.25 after a move under one, entered “very bearish territory,” resulting in fresh lows for crypto.
Currently, however, the L/S ratio has reached 1.5, fallen to one, and could potentially rebound to or past 1.25. And with that, Filb remarked that is “likely to break higher based on this metric alone,” drawing a hypothetical range of a 25% rally, which would bring up to $5,000 for the first time in mid-November.
$5,000 BTC?
This isn’t the analyst’s first time mentioning $5,000, believe it or not. As by World News previously, Filb remarked that a number of technical measures have started to turn in ’s favor. Filb specifically drew attention to the 12-hour Moving Average Convergence Divergence, which has begun to trend positive above zero. The analyst also touched on Chaikin Money Flow (CMF), which measures buying and selling pressure, which has begun to signal that there is underlying buying pressure in markets.
He adds that over recent days, has begun to test a “macro 14-month resistance” downtrend, and could break into higher lows if it surpasses that level, which would then turn into support. A move above this level, which would push into a “huge void” of volume, meaning that rallies and drawdowns could be accentuated with little-to-zero volume, could indicate that could hit $5,000 by May.
In a recent with BlockTV, Filb also expressed hope in regards to the crypto market’s short-term prospects. He explained that why he expects for to “certainly rally” in the near future is due to the block reward reduction, adding that the emission reduction will make miners less incentivized to sell, therefore granting this market with a reason to move higher.
Moreover, he drew attention to the especially in regards to the recent exposure that Jack Dorsey has the scaling solution. Filb notes that this is a strong fundamental factor that could push higher.
Title Image Courtesy of Icons8 Team Via Unsplash
Published at Fri, 22 Mar 2019 03:05:26 +0000
