This week has been an incredible week for the crypto markets, as we finally saw a wave of activity and there was plenty of opportunity to make some good money by trading the waves. Bitcoin finally became interesting after a long period of trading sideways, both Ethereum and Bitcoin cash saw major gains while Ripple appeared to stand pat.
As we move forwards from these trading sessions, things only look set to get better. Bitcoin is showing signs that it’s about to become more volatile and remain in the green for a little while longer, and Metal (MTL) looks poised for some huge action. To top it off, Ripple (XRP) appears to have double bottomed and be on an uptrend towards $0.90. The next few weeks could be very interesting for the crypto markets, as it looks like crypto winter is finally nearing an end.
Bitcoin Bouncing Back
Finally, the news everyone has been waiting for, Bitcoin looks set to trade fairly steadily for a few months as it slowly increases upwards, before breaking out in 2022. Median lines are slowing a clear channel up pattern that indicate Bitcoin has bottomed out and is set for a nice recovery. If you apply the same scales between 2014’s higher highs and 2015’s higher lows where we saw a decrease of around 86%, we should have finally reached the bottom of the current dip. Bitcoin is down 84.28% since its all-time high, and the median lines point to a slow and steady increase to around $8,000 in 2021 before picking up pace as we head into 2022.
This might feel like a long way off, but the upwards trend is already beginning. Now looks like the perfect time to double down and fill up your Bitcoin reserves as the price doesn’t look set to fall any further.
MTL on its Way to the Moon
Metal (MTL) is an interesting little altcoin, and it’s caught our attention this week. In the past week, MTL has broken two long-term downtrends and has found a good level of support at 20MA. Volume is up to levels higher than we saw in 2017 and there is a huge bullish divergence confirmed by the MACD. On top of this, there is a great deal of accumulation going on in the MTL market, hinting that we could see a huge breakout in the coming weeks.
These are huge reversals and could hint that MTL is preparing for a huge trip to the moon. We could see it double in price over the next few weeks, so stock up and ride the wave. Don’t be afraid to take profits off the table as it rises though, as big players will start cashing out as it climbs higher which will impede its progression towards $0.75.
Ripple Heading to $0.90
Ripple might not be everyone’s cup of tea, but it has remained fairly stable throughout crypto winter. Last week Ripple axed its chief marketing strategist in a surprise move, but it has signed a significant number of deals since then, countering any negative sentiment. Ripple has held $0.24 since August 2018 and has remained fairly flat ever since – bar a couple of breakouts on the back of partnership deals. We saw a double bottom of $0.28 in December 2018 and January 2019, hinting that upside momentum is starting to build. Ripple has been trading in a parabola pattern during its bearish phase, and with this double bottom it’s starting to look like it could have a parabola bullish phase as we head on into 2019. Based on current indicators, it looks likely to slowly move upwards to around the $0.90 mark by the end of the year.
The crypto markets are starting to thaw out and become more interesting. As the weeks progress and projects announce new deals, we are going to see a lot of coins jumping up in price. Bitcoin will once again take the lead and drag the wide crypto markets upwards along with it.