Connect with us

Hi, what are you looking for?

ELEVENEWS

Crypto

Indicator That Signaled 4,593% Bitcoin (BTC) Rally Now Flashing – But This Time Ethereum (ETH) Is the Coin to Watch, Says Crypto Analyst

A signal that flashed at the start of a historic 4,593% Bitcoin (BTC) rally is back, but this time it’s happening to the second-largest cryptocurrency by market cap, Ethereum (ETH).

A trader known in the industry as Alunaut tells 68,000 followers on Twitter that the price of ETH has crossed above the Ichimoku Cloud.

The cloud, also known as the Ichimoku Kinko Hyo, is a mashup of several indicators that identify levels of support and resistance, track momentum and spot potential trend shifts.

The same indicator flashed green for BTC in April of 2016, ahead of its long-term move from about $430 to an all-time high of $20,089.

However, in the highly volatile world of crypto, Bitcoin remains king, and the direction it takes will likely determine where the market at large is ultimately heading.

To that end, the prominent crypto analyst DonAlt warns that if BTC begins to retrace below $9,184, he’ll become “super bearish” on the market in the short term.

If Bitcoin begins a significant retracement, he identifies $7,900 as an area of support on both the weekly and monthly charts. DonAlt says he’s paying especially close attention to the monthly close of BTC.

“The absolute state of this current monthly candle. Bulls better fix this in the next 10 days.”

Source: DonAlt/Twitter

News Source

You May Also Like

Ripple

Before we dive into to predicting the Ripple future and XRP price forecast, let’s quickly sum up what awaits you in this article: First,...

Cardano [ADA]

Just like it always does, crypto made another violent, strong move in the direction no one expected it and all coins gained back losses...

Stellar (XLM)

Total market cap behaviour After swift moves down, then up, market has entered a boring sideways action for almost a week. It all begun...

Litecoin

In this price prediction, we will put out our own and market’s opinion (both from popular algorithms and experts) on Litecoin future while discussing...

Copyright © 2020 Elevenews