It’s Friday and the week is coming to an end. Overall it was a pretty quiet week for most crypto markets as they continued to trade sideways. Let’s take a look at our favorite cryptocurrencies and see if the charts tell us anything.
On today’s crypto market most coins have given a bullish performance, BTC being among them. The top cryptocurrency has recorded an intraday gain of 3%; this was after it was escalated Northway from the opening price of $9877.93 to the closing price of $10180.36.
Most moves encountered were bullish as they reflected an intense buying pressure over the last 24hrs. BTC/USD pair, however, began with a short-term consolidation phase below $9832.81 healthy support level. At around 16:00, there was an upside correction that rallied the price to a high of $10380 that was followed by a steady movement below $10318.67 resistance level.
Besides the technical indicators are suggesting a bullish outlook, since the short-term SMA has crossed above the long-term SMA. The RSI has gain momentum having climbed from the oversold zone to trade above average.
If the price breaks above the short-term SMA and $10318.67 resistance level, then investors should go long since a bullish rally above $11000.00 level is possible. Conversely, on the downside correction, if the RSI move below average a decline near $9700.00 is likely.
ETH/USD pair has also rejected lower prices as it outperforms with a bullish outlook. The coin has therefore traded higher by 6.19% over the last 24hrs. This was after the bulls moved the price from $203.99 to $217.47 and are now attempting to breach $222.27 resistance level, after finding a strong support near $203.18.
Besides, the short-term SMA that is above the long-term SMA bolstered the bullish rally. The RSI that climbed to the positive territory also showed intense buying pressure. However, the long-term SMA looks set to cross above the short-term SMA, and the RSI that is now almost dropping below the average level 50 gives a bearish sign.
It is recommended for investors to wait for a breakout to take a short position. Besides, a range-bound is most likely since the RSI is currently flat. Thus a downside break below $204.00 might trigger further decline near $190.00.
EOS/USD pair has also gained some momentum as it has given an upsurge gain of 1.6% over the last 24hrs. Despite the increase, the pair’s price movement was sideways trading between $3.9903 and $3.8347. The moving averages have twisted that identified the ranging trend. Besides the RSI is trading between midpoints that suggested a range-bound for a short-term.
At the press time, either bulls or bears have the upper hand; thus EOS market is facing indecision. However the long-term SMA has currently succeeded in crossing above the short-term SMA that gives a negative outlook that marks high interest of lower price levels.
A break above $3.9903 resistance level may promote further uptrend near $5.0000. However, if the bulls fail to push the price above 43.9903 levels, then a downside correction near $3.6500 is to be expected.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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