Throughout the past month, many traders have emphasized the importance of the $4,200 resistance level for .
cleanly broke out of $4,000 in February but struggled to test the $4,200 level and as soon as came close to breaching out of $4,200, it plunged below $3,700.
Following a plunge in price of from $4,200 to $3,700, economist Alex Krüger explained on February 24:
Today’s crypto dump was a simple correction. Prices had just gone up vertically for 16 days without a pullback. Take ETH for example: +38% without a pullback. Levered longs piled up. People FOMOed. reached the first strong resistance ($,4200) and gravity kicked in.
Hence, while an upside movement above $4,200 could open to a potential rally above the $5,000 mark until the $4,200 level is broken, the asset remains vulnerable to a pullback to the mid-$3,000 region.
On the technical side, according to a technical analyst with an online alias “Mayne,” has found strong support at $3,700.
If the dominant manages to break out of the $3,900 to $4,000 range in the near-term, the analyst sees the asset engaging in an extended upside movement, potentially to $4,400.
“ found support at the yearly open and is now rejecting from the breaker I wanted to short at, ended up being impatient and shorting lower. Above the breaker, looks good for $4200-$4400. If we reject and lose $3700 I wouldn’t want to be long anything,” the analyst .
But, as CCN throughout the past two weeks, the strong performance of major crypto assets and have lifted the pressure on .
Su Zhu, the CEO of Three Arrows Capital, stated that the last time was valued at $57, was $6,500.
Published at Fri, 08 Mar 2019 05:51:49 +0000
