Cryptocurrency market which saw its first leg of major upside move last Friday continued positive price action over the weekend and entered consolidative price action on Monday. Over the course of the weekend, the price of Bitcoin and major legacy crypto coins had managed to breach critical price levels. Having made multiple attempts to bring the price back to yearly lows and seeing repeated attempts were investors failed to react to dovish news, bears finally exhausted themselves. This proved to be a major boon for crypto bulls as post consolidative move turned out to be yet another bullish breakout.
Key Long Term Targets Tests And Price Steady Above Critical Resistance Levels
This breakout saw Bitcoin scale $5000 handle while Ethereum scaled $160 handle all the way from their positions near $4175 and $142 handles respectively. While the price action above key long term targets lasted only for a short while, both cryptocurrencies managed to retain much of the intra-day gains despite declining from intra-day highs over bulls lack of strength to establish a stable rally above long term targets. For now, Bitcoin seems to have achieved stability above $4700 handle while Ethereum seems to have stabilized above $150 handle above which both crypto coins are seeing range-bound price action across European market hours.
The sudden upward spike after quite a while has got a lot of heads turning to look in the direction of cryptocurrencies. And for those who decided to patiently stick by and await recovery price action during crypto market’s sharp decline towards end of 2018, the wait has now yielded considerable fruits for patience as booking profits now will lead to huge gains. The fact that major crypto coins managed to hold steady above critical price levels despite declining from long term targets is proof that bulls are yet to be exhausted and both bitcoin and ethereum could see further gains before entering consolidative price action once again.
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