Cryptocurrencies are still looking good!
I haven't been posting very much recently on Steemit, because my sentiment on cryptocurrencies has remained the same! The bull market is back! The market is looking set to continue to rally. I would suggest, like I had in my most recent posts, to buy your favorite cryptocurrencies. This is a wonderful opportunity to make some easy money :) You may question my enthusiasm, but let me explain with technical analysis below.
Bitcoin, the largest cryptocurrency, is by far the most watched in the space. This means that the market tends to follow Bitcoin's direction. In this case, Bitcoin broke out of a wedge consolidation to the upside. Since the breakout, Bitcoin has formed a bullish flag. Bullish flags have a very high probability of setting up another bullish breakout. In Bitcoin's case, I expect a breakout to around $9,000.
Ethereum, the second most watched cryptocurrency, is setting up even better than Bitcoin! Ethereum broke out, proceeded to form a higher high and higher low consolidation pattern, and broke out again. I expect this breakout to be the start of another significant leg higher!
My short term price target on Ethereum is $600. I expect Ethereum will form another consolidation pattern around that level, before it continues to move higher.
Steem has been making sharp moves higher, followed by periods of consolidation, and then another move higher. This staircase pattern is a wonderful sign of a bull market. This pattern allows the market to continue moving higher without getting overbought.
I expect another move higher to occur shortly, and a move to $4 is very possible!
Lastly, the best sign that the cryptocurrency bull market is back, is that smaller coins such as GRS coin are experiencing massive moves higher! This buying of obscure coins was a large part of the bull run at the end of 2017, and to see that again means that people are looking to get their hands on any cryptocurrency they can.
All this in mind, I believe that the cryptocurrency market has more room to run! There are always risks involved when investing in the cryptocurrency space, but bull markets like these allow for some easy trading profits :) We are currently at the beginning of another leg higher, and possible at the start of a long bull market! This is a great time to be investing in the space!
Thank you so much for reading, and have a fantastic day!
Disclosure: I am currently long ETH/USD and STEEM/USD