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Total crypto market capitalization is back at its 2019 high as Bitcoin maintains gains and grinds slowly higher. There is a lot of resistance approaching, however, and analysts are starting to wonder when the next altseason will start to kick in.
Bitcoin Grinds Higher
BTC has been slowly grinding higher over the past 24 hours, touching a new 2019 peak of just above $9,400 a few hours ago. Since then it has retraced back below $9,300 during Asian trading this morning but is still up on the day.
There is a huge amount of resistance above $9,500 as Fibonacci levels line up and the price level matches that in May last year which was Bitcoin’s final top before its eight month plunge into the depths of crypto winter in December. ‘Chonis Trading’ has depicted this heavy resistance forming on the four hour chart;
$BTC – showing the market how strong this area of #bitcoin resistance truly is on the 4hr chart… pic.twitter.com/4VmWN4r71K
— BIG Chonis (@BigChonis) June 17, 2019
Over the past couple of months, however, Bitcoin has breezed through several heavy resistance levels with ease. Many had anticipated a large 30 percent plus correction and it has yet to materialize as daily price peaks get pushed higher.
A well observed industry counter trade signal has also just appeared again in the form of CNBC’s Fast Money predicting a move to five figures soon;
“Bitcoin is booming to its highest price in a year and the Chart Master says it’s heading straight for $10K $BTC”
Bitcoin is booming to its highest price in a year and the Chart Master says it's heading straight for $10K $BTC pic.twitter.com/91R9GhfIgT
— CNBC's Fast Money (@CNBCFastMoney) June 17, 2019
Long Term Indicator Flips Green
Trader and analyst, Josh Rager, is still very bullish though, especially in the long term. The weekly Super Guppy moving average indicator has just flipped to green indicating a strong bull market ahead;
“It’s finally here… The Bitcoin Super Guppy has flipped green on the 1-week chart
2012: 400-day uptrend followed a flip green
2016: 700-day uptrend followed a flip green
2019: the 1W Super Guppy has finally flipped green and it shall be a bountiful market the next few years,”
https://twitter.com/Josh_Rager/status/1140797717951733760
It is clear to see that from the chart long bull markets followed whenever this indicator has turned to green. So even with that large correction, which is well over due, Bitcoin could drop back to $6,500 which is still up over 70 percent since January first.
Bitcoin’s recent moves have lifted total market capitalization to an eleven month high of just over $290 billion. Late July 2018 was the last time total cap topped $290 billion and we all know what direction markets took over the following seven months.
BTC dominance is still over 57 percent so it is clearly in control of things at the moment. Other high cap coins such as Ethereum have been lack luster. Bitcoin is now 53 percent down from ATH while ETH is slumbering around 80 percent down still. Even with today’s partnership pump of 10 percent, XRP is still down 87 percent from ATH, and Bitcoin Cash down 90 percent.
Image from Shutterstock
