Cryptocurrency market this week has so far displayed signs which suggest that bulls have a solid grip on price action. The market saw consolidative price action in the early half of the week after weekends sharp boost of all major crypto coins above long term key resistance handles. However, bulls don’t seem to have given up on scaling new heights yet as Bitcoin and major crypto coins scaled new 2019 highs once again during Wednesday. But, a clear lack of fundamental support for bulls resulted in Bitcoin and legacy crypto coins failing to hold fort over yearly highs scaled so far this month.
Bulls Continue To Retain Hold Over Long Term Price Action
However, bulls have managed to make sure that the price of both Bitcoin and legacy cryptocurrencies remain well above critical resistance levels that limited gains for the majority of last month. That is to say in simple terms, Bitcoin remains above $4500 handle while Ethereum remains above $150 handle. Both the cryptocurrencies are seeing consolidative price action across Asian and European market hours. Price action in both BTCUSD pair and ETHUSD pair are currently well near price range from early week. However, a breach below last week’s high near $4600/$4500 handle for Bitcoin and below $150 handle for Ethereum would spell the end for ongoing positive price rally which will end in bears gaining control of overall price action.
Traders have now begun to speculate in cryptocurrency market is back into an action that will mirror the rally from December 2017 when Bitcoin and other major legacy cryptos hit new all-time highs. However, it remains to be seen yet if the market will really reach such heights as there are multiple key long term hurdles along the way which have to be scaled for reaching above mentioned price levels. The market is likely to see Bitcoin and major legacy crypto coins continue consolidative price action in immediate and near future trading sessions. A breakout below above-mentioned critical support would lead to a sharp corrective rally that could push the downside action all the way to key long term support levels while a breakout above weekend highs could result in price action aiming for new 2019 highs.
Please feel free to let us know what you think in the comments below