Bullish Cryptocurrency Marketcap Analysis
Hi traders,
This market cap chart has helped me immensely these past few years, so I hope you enjoy this 2019 forecast on the weekly time frame.
Just a few things i want to point out on the chart, that are making me extremely bullish about the prospects of another $250 billion entering this market:
1. The bottom is in - this is signaled by the 200 week MA in royal blue, and the key psychology level of $100 B which held firm in the early months of 2019.
2. We can now map a new swing high and swing low with the fib retracement tool, which shows that we are currently battling the first fib level resistance (23.6). I am expecting a bit of a pull-back off this level, and a few weeks spent battling the $200 bill mark (as BTC re-tests $6500), which could show us a nice inverse head and shoulders pattern to bolster our bullish momentum. Once we can clear the 23.6, it is game on for the higher fib levels (including the 50% and 61.8%) according to Fibonacci law.
The next big psych level for this market cap is $500 billion, which would represent a 100% return from here. Not exactly sure when we will see this figure, but i am confident it will be some point towards the end of 2019.
Remember, TA is not a science - forecasting out price action months ahead of time is highly speculative, and the drawings on chart is for visualization purposes only.
This analysis places BTC price around $15,000 | ETH $400 | LTC $175 | XRP $0.50 by the end of the year.
Best of luck, hit the thumbs up.
This market cap chart has helped me immensely these past few years, so I hope you enjoy this 2019 forecast on the weekly time frame.
Just a few things i want to point out on the chart, that are making me extremely bullish about the prospects of another $250 billion entering this market:
1. The bottom is in - this is signaled by the 200 week MA in royal blue, and the key psychology level of $100 B which held firm in the early months of 2019.
2. We can now map a new swing high and swing low with the fib retracement tool, which shows that we are currently battling the first fib level resistance (23.6). I am expecting a bit of a pull-back off this level, and a few weeks spent battling the $200 bill mark (as BTC re-tests $6500), which could show us a nice inverse head and shoulders pattern to bolster our bullish momentum. Once we can clear the 23.6, it is game on for the higher fib levels (including the 50% and 61.8%) according to Fibonacci law.
The next big psych level for this market cap is $500 billion, which would represent a 100% return from here. Not exactly sure when we will see this figure, but i am confident it will be some point towards the end of 2019.
Remember, TA is not a science - forecasting out price action months ahead of time is highly speculative, and the drawings on chart is for visualization purposes only.
This analysis places BTC price around $15,000 | ETH $400 | LTC $175 | XRP $0.50 by the end of the year.
Best of luck, hit the thumbs up.