Throughout the week, the various cryptos have put up a Bullish momentum with most of them signaling an uptrend in the coming days. Additionally, Resistance zones have been tested and breached severally and Support zones bettered. Consequently Investor sentiments were pushed up with most of them going into the ‘undersold’ area. This represents positive investor sentiments in the markets with Bitcoin rallying towards the $4000 mark.
Throughout the week, the various coins performed as follows in the markets:
BTC/USD is on a Bullish momentum with the pair headed towards the $4000 mark in several weeks. The pair has been bouncing off soon as it neared $4000 which has had the effect of pulling prices of other Altcoins down due to its market dominance.
At the moment, the pair is exchanging at $3980 which is an 8% upward price movement since Monday, February 11th. This pushed the RSI (A) into the ‘undersold’ area (Above 70) which shows positive investor sentiments.
Despite a slight bearish outlook, the long-term is looking Bullish. The 9 day EMA (C) is above the 30 day EMA (B) with the two Moving averages forming a contracting triangular pattern between them. This supports a Bullish price movement in the coming days.
The same Bullish outlook that has engulfed the BTC/USD pair has been reflected in the Ethereum charts. The pair is at the moment in the higher highs with Resistance at $142 and Support coming up to $130 which shows a strong price consolidation around the $135 mark.
In the markets, this upward price movement pushed the RSI (A) into the oversold area as can be seen in the chart. This means investors are increasingly preferring to hold onto their coins in anticipation of better prices rather than sell.
At the moment, the 9 day EMA (C) is acting as the price support at the $137 mark and has dominantly been on top which shows a strong Bullish outlook in the near future.
Litecoin has been on Bullish trajectory throughout the week. At the moment, it is exchanging at $55.82 against the dollar with all indicators pointing towards a Bull Run in the coming days.
The RSI (A) has been at the ‘under bought’ area over the weekend. This shows a strong Bullish outlook in the coming days with investors holding positive sentiments towards the coin.
At the moment, the 9 day EMA (C) is above the 30 day EMA (B) with the tow tending towards a contracting triangular pattern. This supports an upward price rally in the coming days.
CRYPTO IS COMING!