This year’s Valentines’ week began on a Bullish momentum for cryptos. It followed an upward trend set on February 8 before taking a slow deep. On Monday, February 11, the Bulls were on top, Bitcoin closing at between $3640 on the lower side and $3660 on the upper side. Despite falling negligibly throughout the week, the Bulls have maintained momentum which has resulted into bolstered investor confidence which has been reflected in the charts today which indicate that cryptos are undersold except Litecoin (LTC).
Bitcoin is up by 2.3% throughout the week, having closed off the previous week at $3588 against today’s $3673. This marks a strong price consolidation above the $3500 mark with investors upbeat that better prices are coming. The previous week’s support level, set at $3359, was tested and breached with the Resistance also getting pushed further upwards.
In the news, there has been a general consensus among industry players that Bitcoin will undergo a price reversal after a Bearish 2018. Firms such as Paxful have pumped in more investments and aid in Bitcoin. This includes investing in Young African leaders by building a Bitcoin funded school.
Currently, the RSI (A) is at the undersold area which shows that a Bullish trend is incoming. Also, the 9 day EMA (C) is above the 30 day EMA (B) which supports the upward outlook.
Throughout the week, Ethereum has gained by 11.13%. It started the week with an early surge, hitting $124 on Monday on 3 hour charts before dropping by 4% to hit $119 later in the day. It closed the day at $120 and fluctuated on Tuesday. On Wednesday, it ran up to $124 once again, before ending the day at $121.The downward trend continued on Thursday to reach $123 before going through a price reversal. ETH/USD then stabilized and moved upwards steadily as seen between the 9 day EMA (C) and (B) until yesterday, when a late surge saw ETH peak at $126. ETH is currently trading at $128 and retains a market cap of $13.43B.
All indicators point towards a Bullish trend in the coming days. The 9 day EMA(C) is above the 30 day EMA(B) and are both upward facing signaling a strong upward momentum.
As with Ethereum and Bitcoin, the LTC/USD pair began off on a Bullish trend before dropping slightly then picking up again. Throughout the week, Litecoin has lost 6%. It began off trading at $46.47 and closed selling at $43.6. Despite an overall upward outlook, Litecoin is yet to register an increase in price which has been reflected in its performance at the markets as seen in A (RSI). The RSI is downward facing at the moment which means investors are selling to avoid future losses.
Despite a slow performance, all indicators point towards a Bullish outlook. Both EMAs (C and B) are upward facing signaling better prices.
CRYPTO IS COMING!