{"id":58125,"date":"2023-01-17T15:18:08","date_gmt":"2023-01-17T20:18:08","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=58125"},"modified":"2023-01-23T11:51:43","modified_gmt":"2023-01-23T16:51:43","slug":"is-crypto-spring-coming","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2023\/01\/is-crypto-spring-coming\/","title":{"rendered":"Is 'Crypto Spring' Coming?"},"content":{"rendered":"

Last week, crypto enthusiasts got a boost when the crypto market cap almost reached the mark of $1 trillion, the highest level since last November. <\/p>\n

That very month, I shared with you the bullish signal<\/a> in the Bitcoin chart<\/a> I spotted then. It was a Bullish Divergence on the weekly chart of the main coin. <\/p>\n

Below is the distribution of your opinions on that bullish alert. <\/p>\n

\"Poll<\/a> <\/p>\n

The \"I am Bearish\" option had gathered the most votes. The second largest bet was to see Bitcoin bounce back towards its prior consolidation area at $30-$35k. The price of digital gold was $16.5k at that time.<\/p>\n

Before we check what happened to the price of Bitcoin since then, let us review the major crypto market. \u00a0
\n\"Top<\/a>
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Source: coinmarketcap.com<\/em><\/center><\/small><\/p>\n

These are the five largest cryptocurrencies in the table above. Top coins are monumental at #1 Bitcoin with gain of 26% year-to-date (YTD) and #2 Ethereum with profit of 30% YTD. Binance\u2019s native coin BNB has attained #3 spot (+28% YTD) long ago, surpassing the Ripple, which is now only #4 with gain of 20% YTD. Cardano closes the ranking at #5 with the largest gain of 47% YTD. <\/p>\n

\"Top<\/a>
\n

Source: TradingView<\/a><\/em><\/center><\/small><\/p>\n

The chart of dominance has barely changed since November, with the main coin (orange) peaking up from a valley of 40% to 43%. Ethereum (black) keeps a stable share of 20% in the middle of its own range. BNB coin (green) dominance share has peaked at 6% and is cooling down now to 5%. This is about to enter the Ethereum area that starts at 7%. Ripple (purple) has been stuck around 2% for a long time. Cardano (blue) saw its maximum in the summer of 2021 at 4% and now is trying to push off the bottom of 1%. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\nNow let me show you the updated weekly chart of Bitcoin.<\/p>\n

\"BTC<\/a>
\n

Source: TradingView<\/a><\/em><\/center><\/small><\/p>\n

This is that very chart<\/a> posted in November. <\/p>\n

Firstly, let us quickly check the main alert that came from RSI in the sub-chart. Indeed, the Bullish Divergence has been playing out as projected. <\/p>\n

The price finally established a higher low at $16.2k last December and a higher peak at $21.2k last week. The RSI indicator is crossing the 50-point line now and entering a bullish zone.<\/p>\n

The price is moving north overcoming the largest volume profile barrier (orange) at $20k. The previous peak of $21.5k is within reach now. The next hurdle is the 52-week moving average (purple) which stands at around $27k.<\/p>\n

The $30-$35k blue box area will be the next target for bulls. Price reaction in this zone will provide clues to the direction of a future move. \u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

Is \u2018crypto spring\u2019 finally coming after a long suffering \u2018crypto winter\u2019?<\/p>\n

On hearing the news that the notorious FTX exchange has recovered over $5 billion, the crypto market exploded<\/a>. It is too early to judge if this is the global reversal or just a \u2018dead cat bounce\u2019. <\/p>\n

Despite mixed market sentiment, the bullish impulse should not fade until it touches the moving average around $27k to convince the trading community. <\/p>\n

To attract more buyers, the price should show a strong rally followed by a minor correction to let FOMO buyers in. The $20k area would act as strong support when the price climbs high enough. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
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Do you feel that the \u2018crypto spring\u2019 has come?<\/strong><\/p>