It looks like the crypto-crowd saw what equities did yesterday and decided to join the party. More precisely, about three weeks ago I pointed out that Bitcoin has seemed to stabilize and was in the process of completing an exceptionally clean saucer pattern. Having bottomed at about $3100, it kept slowly creeping higher, but it seemed to stall just about $4000. The buying pressure was finally released, and BTC has ripped almost 20% higher.
To be clear, I don’t think is a new bull market for crypto. Far from it. There is a lead wall at $6000. That’s still over 20% away, though, so the crypto crowd could get some much-needed joy.
Ethereum is getting closer to an important breakpoint for itself, but I don’t think that resistance will matter much. It will probably follow BTC higher in the weeks ahead.
You can see a good example of price action when it breaks through a descending trendline with Litecoin, below. Take note of the lower red horizontal, and notice the strength of the move once prices moved past the descending trendline and horizontal simultaneously.
