Former Wall Street trader and vice president at JPMorgan Chase, Tone Vays, says unless Bitcoin can hold above $5,200, he expects the price of BTC to fall.

At a crypto meetup in Philadelphia, Vays said if reports that Bitcoin’s initial push above $5,000 was triggered by a single whale are true, the recent rally is not sustainable.

“I am definitely leaning more bearish than bullish right now. If we can go back to $5,200 and stay there, I can go back to being bullish. 

I wouldn’t call this a run up. This whole thing happened in two days, right. So two days doesn’t make it a run. So this does look like a single large purchase that went through the order book. So, this is a very short-term run up… if this was due to a single whale buying trade, then it’s literally the definition of not sustainable. And that’s another reason to assume we’re going lower.”

Meanwhile, a technical gauge that accurately predicted the bottom of the 2015 bear market is flashing.

The Mayer Multiple (MM), which uses the 200-day moving average to identify market trends, has moved above the crucial level of 1.0, indicating the current market cycle has already reached a bottom.

Right now, the crypto market is mostly in the green. Bitcoin is up 2.21% at $5,177. Ethereum is up 6.76% at $166.34, and XRP is up 0.83% at $0.3237.

Technical analysts are looking for Bitcoin to consolidate above $5,000, while watching resistance levels for Ethereum, XRP and Litecoin.

Bitcoin

CoinDesk – Price hurdle may pave way for bitcoin’s next leg up

FXStreet – BTC/USD rebounds key support – cryptos in the green again

NewsBTC – Bitcoin price struggles in a $500 range

Ethereum

Coinspeaker – After breakout, $168 may be the price target

NewsBTC – Ethereum bulls are not out of woods yet

XRP

Forex Crunch – XRP price supported by a stack which runs from $0.317-$0.318

Blockonomi – $0.3225 and $0.3240 now crucial resistance levels

Litecoin

FXStreet – Important resistance level created at $84.40

Crypto Daily – LTC/USD contending with technical resistance around the $83.71

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

(Excerpt) Read more Here | 2019-04-16 18:43:19
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