Cryptos Surge: Is the Bear Market Over?Apr 12, 2018, 6:28PM
The cryptocurrency market has posted a rapid surge with many assets experiencing technical breakout patterns
The cryptocurrency sector has been in a bear market since December of last year, but there are signs that this stagnant situation is ending. Timothy Enneking, a fund manager and director of Crypto Asset Management, LP, believes the decline is over. He predicts digital currencies will regain bullish momentum in the second quarter of 2018.
So far, Enneking's predictions seem to be playing out nicely. Bitcoin, Etherum, and Ripple have all gone up by double digits with tremendous volatility, and the positive trend continues as we speak. One asset - EOS - has soared by an unprecedented 30% in the last 24 hours alone.
Let's look at the technicals for Bitcoin, Ethereum, and the Altcoins
Bitcoin has initiated a parabolic upside move (almost 14% in the last hour alone) to hit prices of $7,821. This move will likely take prices above $8,000 and many are speculating that this may be the result of geopolitical concerns over the situation in Syria.
Bitcoin Cash posts a more modest gain of around 7.5% in the past hour.
ETH has initiated a sharp upside move against the USD to hit prices around $475 - this represents a surge of 11% in the last hour alone. This is a textbook break out pattern, and the price can go as high as momentum takes it over the next 24 hours. Expect psychological resistance around $500 as well as strong support at that level if it is convincingly breached.
Bitcoin dominance has declined to around 43% on the back of a surge in altcoin valuations going into Thursday. EOS and Cardano are the biggest winners with rallies of 30% and 20%, respectively. The rest of the top 100 is up by double-digits. Technicals are widely favorable, but it is unclear if this trend indicates the beginning of a long-term recovery.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.