According to U.Today, renowned analyst Alex Kruger has expressed strong confidence in the ongoing cryptocurrency rally, emphasizing his optimistic stance. Kruger believes it is too early to worry about market corrections, suggesting that prices often rise higher than expected before any downturns occur. He advises traders to embrace the current momentum and respect the upward trend rather than fearing potential market tops or corrections.
Kruger highlights the cyclical nature of markets, arguing that attempting to time exits precisely can lead to missed opportunities. His advice aligns with the broader strategy of riding bull markets without obsessing over potential risks. This sentiment is reflected in the recent price movements of Bitcoin, which has been on a significant upward trajectory, recently reaching $96,500. The price is trading well above key moving averages, such as the 50, 100, and 200 EMA, indicating strong bullish momentum.
The rally began in late October when Bitcoin broke out of a downward channel that had constrained it for months, leading to a surge in buying interest and new local highs above $75,000. The current market conditions are further supported by high trading volumes, despite a slight taper, indicating sustained market interest. The Relative Strength Index (RSI) suggests potential for further upside if momentum continues, even though it is currently in overbought territory.
Immediate resistance is seen at the psychological $100,000 level, which could attract traders, while strong support is found at $89,000 and $79,000. These levels are crucial for maintaining the overall upward trend. Kruger's optimistic outlook is reinforced by the Bitcoin chart, which suggests further growth is possible if the price breaks $100,000. However, respecting the pump also involves being vigilant for signs of market fatigue to prepare for any corrections. For now, Bitcoin remains at the forefront of the cryptocurrency market surge.
Edmund
Snake
Alex
Cointelegraph
Bitcoinist