Hello everyone, Today we will discuss the strong growth of Bitcoin is above the moving average 50 days to $4000. Also this week, the technology has been applied Mimblewimble, and despite its funny name, this event carries with it some technological advances. In conclusion, let us consider the market OTC trades with cryptocurrencies (OTC). For the last hour (video recording) Bitcoin grew by 5.3%, and after it began to grow and altcoins. I don’t know, is now the fundamental setup for long-term growth, but I would not began to speak in favor of this. However, in the short term, the rise may continue to have marked the target at $5000. Market capitalization is also rising and is approaching the resistance Dec 2018.
I think that if the cap continues to rise, it will slow down closer to 200 billion. I don’t think the market will simply move to this level. This is undoubtedly a good growth, but the market must be strong enough to keep the levels achieved, and with this, I believe, at this time, there will be problems. The dominance of Bitcoin is held by 50%.
Most likely, this support will be eventually broken, as when the growth of the market share altcoins on it grows. It is noteworthy that at the moment grow only altcoins with big market capitalization (ETH/XRP), while altcoins with small capitalization do not follow the General trend. Should focus on the support of the BTC’s dominance, as the breakdown of altcoins will grow faster than the market. The price of Bitcoin has gone through 2 levels of inclined resistance and now broke above the moving average 50 days, and continues to hold above it for several days.
I’m still not convinced that Bitcoin is waiting for long-term growth, but it’s nice to see the absence of any serious resistance to the moving average over 100 days. However, I remain cautious. The best step in the growth of up to $5,000 will be the reallocation of its portfolio of small altcoins, as the overall growth of the market, they generally move faster. Time to build a long-term tactic. To make me believe sustained growth can only be a very high volume of purchases, higher than the recent growth. However, to be honest, I don’t think it will happen. More realistic is the growth to the resistance at the moving average over 100 days and then decreased. Ethereum continues to test the moving average 100 days, and I believe he will succeed to break it resistance.
After that the price will go to test the previous support level at $200 and subsequently moving average for 200 days.