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Expert Opinion: Cryptos bounce off the floor

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Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Key Highlights:

  • Markets seem to be have hit the floor for now
  • USD 3000 proves to be the strongest support for BTC and that seems to be the floor for now
  • EOS emerges the winner in this bounce with a rise of 29%

Is this the floor?

Well, it’s all green on the crypto street after quite some time now and it looks like we just hit the floor. Yesterday, on the 10th anniversary of Bitcoin’s all-time high, cryptos did manage to get a strong push off the floor. Though it’s not clear what exactly caused the bounce, it does appear to be a short squeeze that took out a few of the high-risk traders. Ever since the break below $5,000, everyone has been talking about light support at $3,500 and heavy support at $3,000, so this bounce off the $3,000 level couldn’t be more picture perfect.

The biggest winner emerging from this move was EOS, which rose a total of 29% within a few short hours. Yet still nowhere near its all-time high of $23.33.

chart

There is every possibility that one may continue to see prices moving downward from here, this type of movement is very encouraging for technical analysts and may just end up creating a bottom for this battered market possibly even giving way to a bullish trend in 2019. Who knows… maybe we’ll get a Santa Claus Rally after all.

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