The cryptocurrency markets have shown early signs of a bullish momentum shift following several months of heavy selling pressure. After losing upwards of 75% to 85% and forming ‘adam-and-eve’ style double bottoms, many leading cryptocurrency markets have produced significant bounces over the course of the last fortnight. The markets now appear poised in ‘open air’ – with either a retest of recently broken descending trendlines or further bullish momentum toward 23.6% retracement areas comprising the likely next moves for price of leading cryptocurrencies.
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BTC Markets Recover by 25% From Support
The bitcoin (BTC) markets led the charge for the recent crypto bounce, forming an adam-and-eve styled double bottom after testing $6,000 USD area for the second time in 2018. The bounce saw BTC make a fourth point of contact with a long-term ascending trendline from July 2017. The recent low of roughly $6,400 comprised a 62.5% loss in value from this year’s highs of approximately $17,000.
On the 12th of April, BTC produced a dramatic upward spike and broke out of the descending triangle pattern in which it has consolidated during preceding months. With prices testing resistance at the $8,100 area as of this writing, the BTC markets have produced a gain of approximately 26.5% from the local low of roughly $6,400. Presently, as with many other cryptocurrency markets, it looks as though the next move for BTC will likely be either more bullish momentum towards the 23.6% retracement area, or a drop back down to retest the descending trendline that BTC recently broke above.
BCH Makes Bullish Gains of Almost 37%
Bitcoin Cash (BCH) found a local floor of approximately $610 towards the end of the first week
