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Hike in the price of Bitcoin and Enthereum- a hope for market recovery

The price of the first cryptocurrency, Bitcoin, has reached $ 3,700 at the Bitstamp exchange on Feb 18th and hence reached the monthly maximum. According to the analyst Omkar Godboul of CoinDesk Markets this confirmed the formation of a downward wedge, a reversal pattern, which indicates a rapid change in trend.

Godboul also noted that Bitcon is still stuck in a symmetrical triangle on the daily chart. At the same time, the inverted head and shoulders on the four-hour chart speak in favor of breaking through the upper boundary of the triangle at $ 3,760, which will open the way to $ 4,030.

This growth of Bitcoin is supported by high volumes and an increasing number of long positions (38,237 BTC on Bitfinex). Also, a break above $ 3,760 will change the situation on the daily chart in favor of the bulls, but failure will increase the chances of bears to return to $ 3,300.

Meanwhile, Ethereum again entrenched in second place CoinMarketCap. Over the past 24 hours, the coin has grown by almost 10% and its price is approaching $ 140 mark. The cryptocurrency is trading at $ 137.31 with a market capitalization of $ 14.4 billion. Crypto-Rives has grown by $ 6 billion over the past 24 hours, with a total market capitalization of $ 126 billion. This is a much needed market recovery which is a little earlier than the hard forks had planned for this month.

EOS and Bitcoin Cash come on the heels: they have 6.5% growth. BCH is trading at a price of $ 131 with a market capitalization of $ 2.3 billion. Ripple’s XRP token also reached 3% of profit and rose above $ 0.31.

Bitcoin and other cryptocurrency courses had not made any sharp jumps over the past few months. So it was assumed that Bitcoin and the rest of the cryptocurrencies would collapse by 5-10%. But this recovery has provided a much-needed respite to investors as the cryptographic market was under heavy pressure.

It would be interesting to see whether this recovery would be able to lay the foundation for a long-term recovery of a cryptographic market or not.

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