Crypto Trader Lays Out Key Levels
Alex Krüger, a pro-crypto researcher, recently took to Twitter to lay out his thoughts on the current state of the market. In doing so, he laid out an array of key levels for (), along with the fact that while the chart is screaming bottom by many measures, such an occurrence might not have to fruition just yet.
He noted that to the upside, $4,200 is a key level, as if convincingly moves above that price point, “it could move fast” due to historical precedent. To the downside, $3,700 should be a level of importance.
Krüger isn’t the only analyst expecting for the $3,700 zone to become an important level to watch in the near future. Galaxy, a popular analyst and industry commentator that recently called for an impending ‘‘, touched on this on Sunday.
In a tweet, which accentuated that has entered a multi-week rounded bottom, which some argue could signal an end to the bear market, Galaxy remarked that for this pattern to hold, ’s previous resistance at $3,750-$3,800 (on Bitfinex specifically) will need to become a level of support. If fails to hold the aforementioned price level, the could revisit its yearly lows at $3,150, as it would have broken below a phase of bullish consolidation.
Fundamentals Not Influencing Interest In bitcoin
Krüger went on to note that by many measures, fundamentals in this nascent industry are doing as well as ever. The New York-based researcher drew attention to the following factors, and then some: setting a positive precedent for deflationary money (), commissioner Jackson towards eventual approval of crypto-backed , institutional involvement nearing all-time highs (, Fidelity, etc.), launching fiat-to-crypto mediums, Facebook , and the monumental growth and future potential of the .
Yet, he made it clear that in spite of all this , public interest in this budding ecosystem remains at a minimum, meaning that prices remain low due to this and disparity between key industry facets. In fact, echoing analysis done by Adaptive Capital’s Murad Mahmudov, Krüger explained that “retail interest is gone for now,” which has been reflected in the cemetery-esque volumes. Backing his call, he drew attention to the popularity of the “” search term on Google, which has fallen to April 2017 levels, along with the number of tweets related to the , purportedly at 2016’s lows.
Thus he concluded that for to rally steadily, public interest in will need to return, which isn’t something that occurs overnight.
However, there was one silver lining that the analyst mentioned, which was that while prices may fall further, as ’s demand is mostly speculative and there is continual selling pressure from miners, exchanges, startups, there is clear buying interest from HODLers (a.k.a. long-term speculators) at lower levels.
Title Image Courtesy of Descryptive.com Via Unsplash
Published at Mon, 25 Feb 2019 01:03:25 +0000
