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Many people are wondering if Bitcoin is heading into a Bull Market. Overall, the past few months have been hard on Bitcoin and most of the other cryptocurrencies. Above all, these altcoins retraced to new lows. For example, Bitcoin Cash (BCH) backtracked all the way down to almost five hundred dollars. After it hit bottom, it surged back up to fifteen hundred dollars in four days. Congratulations to those who participated in this three hundred percent gain! The Bitcoin Core (BTC) was trading at six thousand dollars and now is looking much better above nine thousand. However, when we look at the charts, we see indecision from buyers and sellers.
Bitcoin Core has been trading around the nine thousand dollar mark for almost a week now. The impressive surge has brought about many buys and sellers. Above all, most cryptocurrency experts feel that Bitcoins price would have gone higher if it was not for tax season selling. We see a lot of Doji candles on the one-day charts followed by green bull flags and then a red bear flag. What does this imply? Well, a doji candle suggests indecision. The buying and the selling after the doji candle shows weakness as the price cannot break above the ninety-three hundred mark.
Ethereum is another large cryptocurrency that ArmyOfBitcoin.com feels is undervalued. Ethereum or Ether was trading below four hundred dollars a few weeks ago. Now, it surged over seven hundred dollars a couple of days ago. However, it is struggling to stay at these levels. When we look at the Level 2 on GDAX and Binance, we can see that people are confused whether Ethereum is going to make a bull run. Will Ethereum top the seven hundred dollar level? Or, will it retrace back down to a bear market? We do not see the same pattern of Bitcoin Cash (BCH).
Bitcoin Cash (BCH) surged up to fifteen hundred dollars. After that, we saw a very small retracement, which is common for a three hundred percent move in four days. However, it only retraced back to twelve hundred dollars, which shows strength for this cryptocurrency. Above all, there is a lot of chatter above Bitcoin Cash (BCH) making big moves in May 2018. Was this three hundred percent Bitcoin Cash surge based on the rumors? Hence, buy the rumor and sell the news? Only time will tell! Nevertheless, based on the charts we see a lot of indecision in the majority of the more substantial cryptocurrencies.
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Litecoin is another large cryptocurrency. Charles Lee invented Litecoin, but he sold his positions when Litecoin surged over four hundred dollars in December 2017. That said, there still has been a lot of confidence in the Litecoin market. It retraced back to almost one hundred dollars. After that, it surged above one hundred fifty dollars per Litecoin. The price of Litecoin is strongly dependant on Bitcoins value. If Bitcoin does not head into a bull market, Litecoin and other large cryptocurrencies may retrace back to their lows or even worse.
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