- After the sudden flash crash of Bitcoin and the whole cryptomarket on the weekend, prices have stabilized.
- Among the Altcoins, Ethereum, Bitcoin SV and Tezos have recorded the largest price gains within the Top 20.
Bitcoin has temporarily fallen by up to USD 1,000 from USD 10,500 to USD 9,450 over the weekend until last night, but the price seems to have stabilised. At the time of writing, BTC is trading at USD 9,746 and has recorded a sideways movement (+ 0.26%) within the last 24 hours. The market capitalisation has fallen from USD 306 billion to USD 286 billion as a result of the flash crash.
Bitcoin veteran Josh Rager describes how Bitcoin continues to form higher highs and higher lows, even after the sudden correction. Bitcoin must stay above the important USD 9,800 mark in the coming days. Otherwise, the price could quickly drop to the next support level of $9,300, Rager says.
The trader CryptoBull states that Bitcoin has formed a golden cross and has shown these formations before the last two bull runs on April 24, 2019, at $5,400, and on October 28, 2015, at $300. According to CryptoBull, this could indicate that Bitcoin has been pumping again.
Ladies and gentlemen.. let me present the golden cross!
The last time this happened was April 24th 2019 at $5,400.
Before that was October 28th 2015 at $300. pic.twitter.com/BcBbry8FwO
— Crypto₿ull (@CryptoBull) February 18, 2020
The coming days and weeks will give a better insight into whether the bullish cross is really sufficient to start a parabolic uptrend. Should Bitcoin fall below the important support of $9,500, the Golden Cross could lose its validity and Bitcoin could start a downward movement.
Ethereum and Tezos are rising
Both Ethereum (ETH) and Tezos have recorded significant price gains since the beginning of the year to date. The Ethereum price has risen over 125% from January 1 to its annual high on February 14 this year, before the latest correction began. Within the last 24 hours, ETH has recorded a 7.51 % increase to a price of USD 266.13.
Tezos (XTZ) is also showing bullish fundamentals and has risen by more than 200% from January 1st to its high for the year on February 14th. Within the last 24 hours, the Tezos price has risen by more than 10%, to a current price of USD 3.28.
However, analysts agree that both ETH and XTZ are overbought. A sell signal is shown in the form of the sequential indicator SD9 on the respective trading pairs against BTC. This indicates that no further upward movement will occur until a larger correction is completed.
The TD Sequence Indicator was designed by financial market expert Thomas DeMark and is used to detect whether an asset is indicating a buy or sell signal after the closing of the last 9 candlesticks. After at least 9 consecutive days of steady uptrend, ETH as well as XTZ have reached a value of 9 on the TD Sequence indicator, so the indicator shows that now is an ideal time to sell ETH or XTZ.
Bitcoin SV price driven by speculation
The price of Bitcoin SV has also increased by more than 15 % to USD 307,78 within the last 24 hours. Craig Wright, the mastermind behind Bitcoin SV, believes himself to be the true inventor of Bitcoin and is fighting a never-ending lawsuit to prove this statement. Most recently, he denied the court access to 10,000 legal documents relevant to the case, thereby disappointing the community once again.
It remains to be seen whether the crypto-market will only undergo a correction and soon be taken over by the bulls again. Follow us on Facebook and Twitter and don’t miss any hot news anymore! Do you like our price indices?