Throughout this past week, there has been a stellar performance for the various cryptos. This pumped up investor sentiments in the markets with most investors unwilling to sell. The various coins had a high Relative Strength Index (RSI). During the weekend however, a considerable drop occurred which painted the various candlesticks red. Throughout the week, the various coins performed as follows:
On three hour charts, Bitcoin is up by 3% throughout the last week. This is after it began the week selling at $3625 and is now at $3781. Despite a short term bearish outlook, Bitcoin has put up a general bullish momentum over the long term. BTC/USD dropped sharply yesterday, falling from $4132 to $3795. This is perhaps expected considering that the pair tends to perform poorly on weekends.
Once the pair hit the $4000 mark on Saturday, February 24, the RSI (A) shot into the ‘undersold’ area signaling growing optimism in BTC from investors.
Throughout the week, the 9 day EMA (B) was above the 30 day EMA (C) apart from over the weekend. The RSI (B) has also dropped significantly. This shows that there may be a bearish outlook in the short term.
The LTC/USD pair started off the week selling at $43.43 and is currently at $44.78. This translates to a 2.3% gain in its value. This bullish performance was reflected in the markets where there were reduced sale offs as seen in the RSI (A). The RSI was dominantly in the ‘undersold’ area before it dropped over the weekend.
Despite the bullish performance displayed by LTC/USD throughout the week, there seems to be a bearish outlook incoming. The 30 day EMA (B) crossed over the 9 day EMA (C) which shows that the p[rice of LTC may drop in the coming days.
Ethereum began the week selling at $132.25 and closed at $137.32. This marks a 4.7% increase in its value. Consequently, investor confidence in Ethereum has maintained with the RSI (C) spending most of the week in the ‘undersold’ area.
Throughout the week, the 30 day EMA (A) was tending towards the 9 day EMA (B) in a reverse contracting triangular pattern before crossing over on top. This shows that a bearish outlook is likely in the coming days.
CRYPTO IS COMING!
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