The crypto markets have continued to surge today, maintaining the upwards momentum that was first sparked when began to skyrocket from lows of $4,000. Today’s surge has led many to climb 3% or more, with some surging over 10%.
Although today’s upwards momentum is certainly bullish, whether or not individual cryptos are able to continue climbing is largely dependent on if is able to maintain stability above its 200-day median, which recently turned into a support level.
bitcoin Swings Up Towards $5,200, But is Nearing Resistance
At the time of writing, is up nearly 4% at its current price of $5,200, up from its 24-hour lows of just under $5,000. Today’s upwards movement was sparked when briefly dropped below $5,000, which signals that there is a decent amount of buying pressure at this price level.
David Puell, a popular analyst on Twitter, recently explained that has now established its 200-day median as a strong level of support, which currently exists at roughly $4,000.
“$: Little something for ya… 1. A reminder of how beautiful the 200-day and 200-week moving averages are. 2. ’s 200-day median, which just flipped to bullish and should serve as support in the next few months (currently at 4k),” he explained.
: Little something for ya…
1. A reminder of how beautiful the 200-day and 200-week moving averages are.
2. ‘s 200-day median, which just flipped to bullish and should serve as support in the next few months (currently at 4k).
— David Puell (@kenoshaking)
Crypto Markets Swing Upwards
’s ability to continue climbing has led the to surge, with many individual climbing 3% or more.
Cash (BCH) has led today’s market surge, climbing nearly 13% to its current price of $326. In comparison, (ETH) has climbed just under 3% to $168.90, while XRP has dropped nominally to its current price of $0.361.
is currently up nearly 10% at its current price of $96.41 and is nearing the important psychological level of $100.
As for what may be fueling BCH and LTC’s latest surge, Alex Krüger, a popular economist who focuses on , recently explained that the amount of outstanding long positions – which he calls “fuel” – is playing a huge role.
“$ETH not moving higher at the moment as strongly as other coins such as $LTC or $BCH has little to do with fundamentals. This is why (less fuel available),” he explained, referencing a chart that shows the open long positions for both and .
not moving higher at the moment as strongly as other coins such as or has little to do with fundamentals.
This is why 👇 (less fuel available)
— Alex Krüger (@krugermacro)
As the weekend continues, traders and analysts alike will gain into where the markets will head in the week to come.
Featured image from Shutterstock.
Published at Sat, 06 Apr 2019 22:57:02 +0000
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