As Long as These Key Bitcoin and Ethereum Level Holds The Bull Run is Intact
The market is expecting a good year for cryptocurrencies. After an underwhelming 2019, cryptocurrencies may get the comeback they deserve in 2020. However, some levels have to be maintained to avoid disappointments early in the year.
Losing these zones and we’re in for some more 10-20% trouble on the altcoins and structure looks destroyed then.
— Crypto Michaël (@CryptoMichNL) February 17, 2020
The performance of cryptocurrencies, including altcoins, depends largely on the performance of the top two decentralized assets, Bitcoin and Ethereum. They are the market indicators of the cryptocurrency industry.
As stated on the tweet, maintaining the values ($9500 BTC and $225-230 ETH) is crucial for the performance of the market in 2020.
— FatihSK (@FatihSK87) February 16, 2020
For Bitcoin, predictions of a golden cross are currently exciting in the market. However, for the golden cross to be significant, Bitcoin must maintain above $9,500. This reassures the market that the current upward trend is not just some short-term relief.
Furthermore, it is important that Bitcoin is as close to $10,000 as possible during its lows. The cryptocurrency is predicted to shatter records; thus, it must show its resilience and strength by maintaining the value above or slightly below the $10,000 mark.
Ethereum Remains Bullish
Ethereum is performing better than expected. The cryptocurrency is on an upward trajectory, and it looks like this is going to be the trend for the cryptocurrency, at least for this quarter.
Maintaining its good performance is important for increasing confidence of the market in the cryptocurrency. Its performance is getting better, as its charts indicate a bullish long-term future for Ethereum (ETH).
Details in newsletter tomorrow. Basically…
– Confirmed double bottom (red line)
– Flipping key resistance to support (blue box)
– Attempting to flip 50 EMA to support. Weekly candle just started, long time still to confirm.
Super bullish weekly chart. pic.twitter.com/YXaM1bzTOg
— The Wolf Of All Streets (@scottmelker) February 17, 2020
Ethereum’s performance against Bitcoin is also encouraging. It’s an indication of a growing cryptocurrency market.
The expected bull run will be fueled by the growing cryptocurrency market.
Featured Image Source: Lifewire
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at firstname.lastname@example.org