Bitcoin recovered back to USD 9.500, causing a large part of the market cryptocurrencies to generate profits. Then we reviewed the charts of BTC, ETH, XRP and BNB to analyze the trend of each of these in the short term.
Contents
Trend of BTC and other cryptocurrencies
After a drop towards the $ 8.630, the price of Bitcoin has already eliminated a large part of the losses, and is willing to try new barrier at USD 9.950. Then, probably will seek to overcome the important psychological level of us $ 10,000, which would give an excellent bullish signal for the short and medium term.
When you analyze the daily chart BTC USD we can observe a decision of temporal control on the part of the bulls, then to break the 2 resistors near you. Thanks to this, today we see the EMA and 8 SMA for 18 days to cross to the upside, working as a support dynamic.
For the very short term, we can ensure that the trend of the largest criptomoneda is bullish.
Trend of the main cryptocurrencies for the medium-term
Due to the large size of the market capitalisation of Bitcoin, in comparison to the rest of the market, this exerts enough force on the other. For this reason, their performance in the short and medium term, has a major influence on the behavior of the rest.
Thus, it is possible to predict the future of a large part of the market, following only the price of the Bitcoin. For this reason, then I’ll show you my appreciation of the current situation of BTC and the cryptocurrencies in general.
The price of Bitcoin is enclosed in a significant consolidation, with a support adjacent to the USD 8.450, and resistance at USD 9.950. The escape by either of its ends will most likely cause a movement volatile.
The consolidation can serve both for a change of trend, as for the break before the continuation of the same. Facing the price of Bitcoin can generate enough indecision, since the trend to medium-term continuous uptrend, but is slowed in a zone of supply is very relevant.
From my point of view, Bitcoin has many fundamentals in its favor in the current situation to be the bulls who take back control.
Technical analysis of the trend of the BTC vs USD. Source: TradingView.
Trend of ETH
ETH is among the 12 cryptocurrencies that best have played in the last 24 hours, after generating gains of more than 7%, ensuring the upward trend for the short term.
As we have mentioned repeatedly, the exhaust the price of ETH above the USD 215 would cause a movement volatile. Effectively this is what happened, today we see it looking for the next area of supply nearest to you, close to USD 250.
Moving averages EMA and 8 SMA 18 remain bullish, currently quite far away from the price, for what is soon likely to start a correction.
The SMA of 200 days is below the price, supporting the positive trend for the medium term.
There is No doubt that the trend of ETH for the short term is totally bullish, always bearing in mind that corrections are necessary, and that is where we can take advantage of the feeling dominant.
Technical analysis of the trend of ETH vs USD. Source: TradingView.
Trend of XRP
The 3rd by market capitalization of cryptocurrencies is struggling to start a bullish trend in the short term.
In temporalities intra-day as the transitions occurred; however, on the daily chart still has the EMA and 8 SMA 18 bears, but getting close.
For these 2 moving averages begin to show signs bullish, resistance at USD 0,2050 should be crossed, something that is quite likely to happen in the next few hours.
Above, the SMA of 200 days, currently bearish, it will work as an excellent dynamic resistance, overcome it, the next area of relevant deal is close to USD 0,2250.
Technical analysis of the chart, XRP vs USD. Source: TradingView.
Trend of BNB
The token Binance is also struggling, as other cryptocurrencies, with a resistance as long as this note is worded, located in USD 17,5.
The EMA and 8 SMA 18 are crossed to the upside, the SMA of 200 days is also throwing off positive signals, so the situation is aligned so that the resistance is broken in the following hours.
Overcoming this level will no doubt cause some movement volatile, where the us $ 19,15 I think it will be short as the goal. I think that the next area of relevant offer are USD 21,5.
Technical analysis of the trend of BNB vs USD. Source: TradingView.
All our publications are of an informative nature and in no case should be followed as the advice of investment.