Yesterday was the fourth consecutive day in which bears dominated the price action for almost all the crypto assets, driving the price during the whole Asian session and continuing into the morning of the European session. Then, after trying to break below supports twice the bulls took the control.
Currently, all top 10 crypto assets are in positive territory with an average of about 5% gain over the previous 24H price. The most bullish is Bitcoin with a 15.8% gain in the last 24 hours, followed by Bitcoin SV (8,88%), Ethereum(8.02%) and Litecoin (6,6%).
The daily chart of the BTCUSD shows a bullish reversal candle – a hammer – which reveals a large mass of demand near the 9,850 support level. The price also surpassed the $10,380, which yesterday was acting as resistance, to close above the opening price, at $10,880. During the Asian session, it continued moving up, surpassing the $11,000 level and now is sitting close to $11,500. The price seems a bit overextended now, and it is likely a retest of the $11,000 before trying to test the $12,000.
The Stochastics is trying to make a crossover, and the MACD is also giving signs of a reversal to its bullish phase, but it is still in the bearish phase. The CCI is positive, though.
Ethereum’s support at $274 held yesterday, and similarly to Bitcoin, it had a daily reversal candle (hammer) which moved the price up to $290. We see that the MACD is still in the bearish phase, and the Stochastics creating a crossover to the upside. The CCI is slightly negative and timidly pointing upwards. We need to be cautious in the next few hours to see the confirmation of this potential bullish phase.
Ripple bounced yesterday along with the rest of the crypto coins. Following the trail of the Bitcoin, it is still moving very close to the bottom of the channel, and did not break yesterday’s highs. The stochastics are creating a crossover in the oversold territory, but the MACD is still bearish. Also, the CCI, in the negative area for some days, points to a more bearish stance for this asset.
Litecoin bounced off of its supports yesterday, but the hammer had a large red body. Today it is still moving within yesterday’s range. The indicators continue to point to a bearish bias. In this case all of them, so we need to be cautious with long positions. The positive note is that the price is above the $121 support.
Bitcoin SV has moved away from its support level yesterday, and today is gaining momentum. The price action, CCI and stochastics point to a reversal. The MACD is still bearish, although the MACD histogram seems to indicate a change in the situation may come soon.
This asset has crossed the triangular formation of the price and it may be a good candidate for longs if the price holds today.