Crypto Trader Questions Market Euphoria After Meek BTC, ETH and LTC Chart Analysis Outlook
After crossing the $143 billion mark on February 24th, the total market cap has been stuck at around $130 billion, though it has been creeping upwards.
This has been because the crypto market turned red.
Good Volume Can Create a Raging Bull Market
The crypto market has yet again started seeing some action as it undergoes drastic fluctuations. In early February, Bitcoin started making its upward movement as it went from $3,600 to $4,200 with strong support from the exchange volume. Overall, the market is seeing the 24-hour volume of about $30 billion.
Bitcoin is currently trading at $3,922 with 24-hours loss of 0.42 percent. This has been while the leading cryptocurrency registered notable volume at $9.6 billion. About this upward trend in exchange volume, @Sawcruhteez said,
“Total Market Cap has the most buying volume since the last week of 2017. Don't think we have ever seen 4 straight weekly bars with that much buying volume. Tells me we are in for a strong bounce & that there will be immense selling pressure if we breakdown support.”
It is expected that this high market activity could have a positive effect on the crypto space while moving forward. Crypto trader, The Crypto Dog, also echoed similar sentiments when he said that such volume uptrends can have us “bust into a raging bull market.”
However, according to some analysts, the market is really not that bullish right now, rather it seems all bearish. The Crytpomist says, Bitcoin currently has strong support at $3,860 region and if fails here, $3,872 will be tested.
We finally broke down from the 4hr wedge mentioned few days ago
This 3860 region is strong support, should it fail however, 3872 will be next to be tested. Remember to adjust stop losses with profits.
Trade safe loveys x pic.twitter.com/fPvr5gy2JF
— The Cryptomist (@TheCryptomist) March 11, 2019
But Only to Turn into a Dump
Ethereum and Bitcoin Cash are down by more than 1 percent at $134 and $130 respectively. While XRP, Tron, Dash, IOTA, Bitcoin SV, Cardano, and Monero are down less than 1 percent. With over 13 percent losses, Ravencoin is the biggest loser.
One top cryptocurrency is today’s show stealer with 14 percent gains which is Stellar at $0.106.
That’s why crypto trader and investor DonAlt says given the fact that top cryptos have rejected their tops, the “euphoria” doesn’t make sense.
“I haven't looked at many charts but just from glancing at them I don't really see where all the euphoria is coming from.
BTC – At resistance
ETH – Rejected by top of trading range
LTC – Testing the distribution trading range.”
Meanwhile, according to the crypto trader and investor Josh Rager, Bitcoin hasn’t found its bottom yet and it could be next two weeks or two months that will have the drop so even after Bitcoin do get pumped up to a certain point, we will be seeing a dump.
“Current sideways BTC movement has allowed altcoins to have a nice run. Expecting altcoin profits to eventually move into Bitcoin for a push up in BTC price. Bitcoin profit taking should follow leading to the next drop, IMO. And the timing of this movement is unpredictable.”