Over the past week Bitcoin and altcoins started to move upwards under the influence of strong pressure from buyers. In just a few days, the main cryptocurrency has jumped by almost 1000 dollars after upgrading yearly low at $ 3150. Many experts talk about the imminent change of trend, this fact is also supported by record-high trading volumes in BTC.
Here is a famous capturador Alex Kruger believes that market players it is too early to give a bullish sentiment. According to him, the rebound of Bitcoin is not a sign of the completion of the bearish trend.
The bitcoin zombie attack
Detailed reasoning of his words, Krueger has published in a long discussion on his page on Twitter. First, the analyst cited several catalysts that may cause bullrun in the near future. He also mentioned the start of trading Bitcoin futures platform Bakkt.
On the other hand, cryptocurrency also has accumulated enough negative factors. This could include the surrender of cryptomundo, the war against financial regulators the ICO, the emergence of the “common agreements, investors” SAFT and “new year’s liquidation.” Last — displays the crypts to pay taxes.
9/ So what’s up with this rally?
IMO the single most important factor is #3: the Technicals. That is, this is a simple bounce from the most oversold levels in history. Nothing for investors to FOMO.
Calling this the Zombie Rally, as most of those participating in it are actually dead.
— Alex Krüger ?? (@Crypto_Macro) December 20, 2018
Kruger believes technical analysis is the best tool to predict his future behavior. He noted that in recent days, the technical indicator on the 1 day chart of Bitcoin has reached its lowest level since the 3rd quarter of 2016.
In other words, the recent price rally is the usual rising correction resold asset. The analyst believes that chasing the market and open a long position now is very dangerous. The recent price movement of the Kruger called “Zombie Race”, as well as those who now participate in it, “actually dead.”
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