It’s Time To Buy BTC As Technical Indicators Turn Bullish According To Bloomberg

The new year has just started but there is already a lot of prospects as cryptocurrencies are becoming bullish against the USD. It all started when the price of ETH became bullish against the USD carrying XRP, BTC and almost every other cryptocurrency along. This rise in price is strongly supported by technicals according to the report from Bloomberg analysts, Reade Pickert, and Vildana Hajric.

Technical Indicators Of Bitcoin (BTC) Are Bullish Against The USD

According to both reporters, the Vera Convergence (GTI) Divergence indicator has entered the longest buying streak BTC has seen in the past six months. This is mainly due to the fact that there hasn’t been any significant drop in the price of cryptocurrencies for a few weeks now. The analysts said that if the buy-side pressure keeps increasing over the next two weeks, the price of BTC will go higher. The higher it goes, the safer things will be.

The cryptocurrency index of Bloomberg Galaxy also produced similar results regarding the short-term progress of BTC. A Bloomberg intelligence analyst, Mike McGlone, who has always been skeptical about cryptocurrencies said that this relief rally may be a byproduct of the tax season in 2018. He went on to explain that the rebound is most likely not going to last long and would be followed by a long-term bear market.

Bitcoin (BTC) Price Today – BTC / USD
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Another analyst, Mati Greenspan of eToro said that the technical analysis is still closer to the bottom than the top. According to Greenspan, Bitcoin and the entire market still has a strong fundamental backing as blockchain industries hire e-masses to meet up with the growing demand of the technology. He said that as more projects appear online, it has become clear that there is still a lot of interest in cryptocurrencies even with the current market downtrend.

Cryptocurrencies Enter Minor Bullish Rally

The news about the technical rebound comes right after the cryptocurrency market recorded incredible gains against the USD. Yesterday, ETH started a minor bullish rally against the USD and carried other cryptocurrencies along. This boost led to a rise in the total cryptocurrency market capitalization and trading volume. Bitcoin (BTC) went up by 3.9% trading around $3,950 at press time. As expected, altcoins followed BTCs lead and started gaining against the USD.

Ethereum (ETH) Price Today – BTC / USD
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The origin of the bull rally was from Ethereum (ETH) which spiked by almost 12% within the day trading at $156 at press time. This is the first time the cryptocurrency is moving this high in many months. Ether was able to reclaim its position as the second largest cryptocurrency per market capitalization surpassing XRP with more than $1 billion per market capitalization.

Cryptocurrency Price Analysis Now

Right now, the price is starting to correct downward against the USD. ETH is trading in red against the USD at $149.97. This shows that it is down by 0.17% against the USD and down by 0.88% against Bitcoin. The trading volume over a 24 hour period is $3,116,277,893 and the market capitalization is $15,622,699,272. BTC is still green against the USD but is likely to trade in red soon. It was trading at $3,881.09. This shows that it is up by 0.67% against the USD with a market capitalization of $67,765,397,233 and a daily trading volume of $5,038,735,707.


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