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 completely 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.
All of which reminds me of this gem: