Bitcoin (BTC) and the other coins and altcoin in the market are busking in the green after the much-awaited bullish momentum returned to the market. The digital is battling to break barriers after hitting rock-bottom for over one week now. Bitcoin price support at $6,400 was very instrumental and a bounce leading to a sharp surge started marginally above this level.
The Bulls broke above the resistance at $6,600, as well as $6,700 before correcting into a bullish flag pattern. BTC/USD also traded above $6,800 on Tuesday forming a brief double top pattern followed by lower corrections back under $6,800. However, it is supported at $6,730.
The general trend is bullish, besides the technical indicators on the 15’ timeframe chart signal the presence of bear pressure in the short-term. The stochastic on the same chart is in the oversold but it is starting to change the trend upwards. The moving averages show that the sellers’ influence will continue to grow as well.
On the upside, the upper supply zone is at $6,800, which will pave the way for BTC/USD to retrace to the critical $7,000. The Bulls, on the other hand, must stand ground above $6,700 and deny entry of the sellers. The demand on the lower side rests at $6,400, besides, the largest crypto is still at risk of further declines.
IOTA (MIOTA) Price Analysis
IOTA price after hitting the bottom, almost breaking below $1.0 saw the entrance of buyers who put in their best effort using the brief bullish momentum in the market as support. MIOTA/USD commenced an upside climb in spite of the overarching corrections since the previous week. IOTA has been the best performing asset in the market today, however, after trading a short-term double top pattern, it is now settling into another bullish flag pattern.
IOTA is the 9th cryptocurrency according to the ranking on CoinMarketCap. It has a market of about $3.3 billion while the trading volume in the last 24 hours is $78,799,900. IOTA has formed a weak support at $1.20, but other support levels at $1.18 – $1.16 and the demand zone at $1.1 will prevent extended corrections. The ascending trendline will also offer support above $1.18. The 100 SMA is currently crossing above the 50 SMA indicating the presence selling pressure. This bear trend is confirmed by the stochastic pointing south.
Ethereum (ETH) Price Analysis
Ethereum (ETH) price has been trading in the red for over a week until the bulls said not to the bears ushering in a fresh upside moment. ETH/USD battled above the critical levels at $500 and $520 but selling pressure has limited at $540. It is currently trading at $533, besides, it has formed a double top pattern as seen on the chart. The Bulls are fighting to maintain the price above $530 and prevent the Bears from gaining control.
Subtle downside corrections are expected but, the immediate support at $520 will support the price. Moreover, the bullish trendline which also coincides with the 50 SMS will provide more support slightly above $500. The moving averages show that the sellers are seeking entry, while the stochastic is pointing further down to confirm the growing selling pressure. Trading above the key resistance at $540 could see ETH/USD attacked other higher levels at $560, $580 and the icing on the cake is at $600.