Crypto markets have returned to the usual tightrope walking act after the recent volume-busting breakout. On Monday we suggested that it might be time to open up some positions after months of negativity, a prophecy which proved correct as most coins enjoyed another uptick, including another 7% move for Bitcoin, which took it briefly above the $4,000 mark. Almost every other coin enjoyed a similar second wind, after which many have unsurprisingly cooled off, leaving the next few days important in terms of the market’s long-term recovery.
$BTC / How about a pullback Wednesday sound?
— Crypto ฿rahma (@Crypto_Brahma) February 19, 2019
Where Will it Land…
Pullbacks after such a rise are of course expected, and where Bitcoin pulls back to will be key in determining where it goes from here. The worst case scenario would be a pull back to under $3,700 (Binance pricing), as this would invalidate the weekly gains and take us back where we were, illustrating that the bears are still in control. Holding above that level has the possibility of providing a springboard for further gains.
Ethereum has dropped 2% since nudging $150, and the levels to watch out for there are $125-$130, as anything under that wipes out its early week gains, which it achieved with the highest volume for over a year. Binance Coin (BNB) continues to make all time highs against Bitcoin, adding another 12% to its already impressive climb, with some putting this down to another upcoming ICO on its Launchpad platform.
$BNB pushing past all time high today. Scoping out some rough levels as targets for the move higher.
Not sure if it’s the upcoming Launchpad ICO or the new analyst ratings that are giving it another boost today…either way it’s enough to move the needle 10%+ already. pic.twitter.com/agq15osROY
— Luke Martin (@VentureCoinist) February 19, 2019
Bloomberg Make 2+2=5
Some media outlets, including Bloomberg, came up with potentially the most tenuous and borderline laughable reason for the recent pump we’ve seen – a “delayed boost” in reaction to the JPMorgan stablecoin news. The fact that this news was published on the 14th and the first moves came some four days afterwards doesn’t seem to factor into their thinking. The responses to the Bloomberg article on Twitter outline the sentiment towards the theory, with users labeling it “pathetic” and “a joke”, with one user asking “How much did JPM pay you for this?” If Bitcoin can hold above the $3,700 line for 24-48 hours, then we might be able to experience more comedy gold as it, hopefully, busts through $4,000.