Friday the market capitalization of the stock market increased by $ 10 billion and continues to grow. All the major coins, including Bitcoin, Litecoin, and Ethereum, has risen to several percent. The main cryptocurrency after a relatively long flat finally set a new local maximum in this month.
What was the reason bullrun?
We will remind, the day before many traders are talking about the high probability of a pullback which should follow the period of low volatility. Analyst under the name DonAlt publicly announced the opening of long positions on Bitcoin and Ethereum. As you can see, his strategy was correct.
Bought quite a bit of $ETH just above $100 targeting a $200.
I could see us break down to $90 which would be my dream entry.
That said I’d much rather have a position than taking the risk of missing the move entirely.
If it breaks below $90 I’d guess we’re going for the shitter.
Almost immediately after Pampa DonAlt said that such a strong upward movement is likely to be a prerequisite to testing the level of $ 4,000.
Well, let’s subdue her euphoria for a moment. We just approached the upper boundary of the channel — it’s time to take profits on Bitcoin and Ethereum. However, the strength of the recent move of the home cryptocurrency is enough for growth up to $ 4,000.
But the trader Luke Martin de facto predicted to rise a few days before Pampa. Previously, he noticed that a price breakout above the 3480 dollars will allow the asset to grow above several key resistance levels.
Small jumps of Bitcoin only 1 percent can be a trigger strong movements until growth of 10 per cent. We are still within a boring channel without huge trading volumes. Crossing the resistance zone 3480 dollars could be the beginning of growth of the entire stock market.
Economist Alex Krueger to the other point of view. According to him, the main reason for pumps is to consider the words of SEC Commissioner Robert Jackson. Earlier, Jackson reported a high likelihood of imminent approval of the first ETF on Bitcoin.