Crypto has been on the decline since November time. Many of the top names are down 40% from highs of the last rally. However, a few names are showing signs of a reversal that are worth noting.
The common theme amongst a few charts is a break of a downtrend that has been testes several times. Bitcoin broke through this in February. What’s more, the break was strong, rising $4500 that day (12% gain). Since then, we have seen the price make a higher high. This is a good indication of a change in sentiment.
What should you look out for next? A higher low will need to appear for confirmation of a change in trend. The price fell slightly yesterday, but we’ll be looking for it to hold above $37.5K if it is to go lower.
Ethereum has a similar story. The trend line was broken after several rejections. After the trend break, the price tested the line again and held above. A slightly different picture to Bitcoin but another good indication of a more bullish sentiment.
The big picture for crypto is still a story of falling from its glory. The interest will still be there if there are further signs of a reversal. With Bitcoin and crypto, prices can move fast. Keep an eye out incase this is the start of the next bull run.