Bitcoin held the weekend gains in the price range between $ 9k. The longer the price trades in this area, the more psychology increases and the special trading signal has only appeared 'long' for the first time since April last year.
Bitcoin plays on five numbers
BTC broke the $ 9k mark over the weekend with a rally to $ 9,600 a few hours ago. This move marks the highest price in 3 months according to Tradingview.com.
Price chart BTC 1 hour | Source: Tradingview.com
Golden cross has formed on the daily time frame, indicating the possibility of reversing the long-term trend. The 50-day moving average (MA) is now crossing the slower 200-day MA. The last time this happened was in April 2019 and after that the price increased by 200%.
A similar up move from today's lows will help Bitcoin reach $ 28,000 at the time of the halving event just after 3 months.
Analyst and trader Josh Rager has commented on a new technical indicator that has been appearing for the first time in almost a year. The Blackroots Alpha trend is now back to green.
The Blockroots Alpha trend just printed a “long” signal this week on the $ BTC 3D chart
The last two times “long” signaled:
– Sept ’16 prior to the Bitcoin ATH
– March 26, days before the $ 1000 candle and run to $ 13ks#Bitcoin
– Josh Rager 📈 (@Josh_Rager) February 2, 2020
“Blockroots Alpha trend is forming a“ long ”signal this week on the 3-day BTC chart. Last two visits:
– Months 9/2016 before when the Bitcoin reach ATH
– 26/3, few days ago when the 1k candles dollars reached 13k dollars ”
When asked about the open position (OI) on BitMEX, Rager added:
“I'm not too worried about that, I think we will see pullback. Of course it is just relying on leverage, smart trading like 2x to 3x will not cause everybody liquidated but many of these are predict a huge increase ”.
OI has now reached $ 1 billion on BitMEX, this often results in a correction. Traders seem to be cautious and take profits.
So far unable to break 9,400-9,450 but still fighting it after some fuckery earlier this morning to retest Jan 20 high (9,150).
– Pierre 🏔️ (@ pierre_crypt0) February 2, 2020
“Hitherto, price unbreakable 9,400-9,450 dollars but still quite hard after some fluctuations crazy in the early morning 2/2 to kiểm TRA again high level of 20th/1 (9,150 dollars).
When OI Bitmex reached 1 billion dollars and closing price weekly in few hours, I will reduce the level of exposure altcoin and reviewed on 3/2 ″.
Summary of the cryptocurrency market situation
Total market capitalization is now more than $ 259 billion, the highest level in more than 4 months. Bitcoin's dominance rate has dropped slightly to 66.5% and is good news for altcoins.
Ethereum has had positive weekends when rising to $ 190, up 5% in the past 24 hours. Although much lower than ATH, ETH is more attractive at this time so it is likely to grow even bigger in the coming months.
Ripple's XRP has also made a rare move up to $ 0.25 while both EOS and Ethereum Classic are up 5% for the day. Tezos is one of the best performing coins at the moment with 12% pump to reach $ 1.9.
Price of BTC today | Source: Coinmarketcap
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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