There has been a general Bull Run in the markets across the week with investor confidence on the top as well. All indicators point towards a Bullish outlook in the coming days. The sharpest rise in the upward momentum was seen on February 8 with big industry players such as Fundstrat Global expressing confidence in cryptos this year. This follows a lethargic, slow crawl for Cryptocurrencies in 2019.
Across the week, Bitcoin was up by 5.25%, having started off selling at $3409 against today’s rate of $3588. The Bullish momentum saw investor sentiments rise rapidly on February 8 as seen in the RSI (A). BTC’s Relative Strength Index was at 90.93 indicating very little sale offs as investors were looking to hodl their Bitcoins for better prices.
On the upper side, Bitcoin hit $3711, testing and breaching the weekly Resistance zone set at $3650. On the lower side, BTC/USD was at $3360 showing a strong price consolidation at around the $3500 mark.
Both the 30 day (B) and the 9 day EMAs are upward facing showing a Bullish run is incoming. Also, the 9 day moving average crossed over the 30 day EMA midweek and has dominantly been on top which indicates that Bitcoin prices may go up in the coming days.
The Bullish outlook adopted by most cryptos in the top twenty bracket was reflected on ETH/USD technical analysis charts across the week. Ethereum was up by 7.55% across the week, starting off trading at $106.08 on February 5 against February 11’s rate of $118.19.
This upward momentum had the effect of sending investor sentiments upwards, with the RSI (A) crossing over into the ‘under bought/undersold’ region. The RSI hit a high of 85.97 on February 8 indicating strong investor confidence in ETH.
All indicators show a Bullish trend is incoming. The 9 day EMA (C) crossed over the 30 day EMA (B) midweek and is still above it. This shows an upward price rally for ETH/USD is in the offing.
After a slow start into 2019, Litecoin is rallying upwards rapidly, recording a 30.3% increase in its price. The Bull Run started off slowly as the week began but shot up on February 8 after fundamental news indicated that big industry players were upbeat about 2019 being a great year for cryptos.
LTC/USD’s Relative Strength Index (A) was at a high of 91.9 showing little sales. Investor sentiments are at an all-time high with all indicators showing an upward price rally in the coming days. Both EMAs (9 and 30 day, marked B and C respectively) are upward facing with the short term EMA (C) above the long term EMA (B).
Crypto is Coming!