There Are Clear Signs Of Bullish Pressure In The Cryptocurrency Market

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There Are Clear Signs Of Bullish Pressure In The Cryptocurrency Market

Weekly Outlook – What’s Going On With Monero, Dash, EOS and Stellar

The crypto market is starting to show minor yet clear signs of bullish pressure, with more and more coins jumping to double digit percentage gains over the last few days. The overall market capitalization holds steady around $120 billion but don’t jump on the bandwagon just yet. We are still in a long term crypto downtrend so there is elevated risk.

Currently trading near $48.00, Monero is up 11.45% during the last 7 days and sits at number 13 in the CoinMarketCap rankings. After establishing support at $39.0, the USD/XMR pair traded for an extended period just above the level but now we can see an attempt to break out to the upside. In the long term context, this jump doesn’t mean all that much because the pair is in a clear downtrend but at least it’s a sign that the buyers are becoming interested. If this move gains some traction we may see a follow up into the 100 days EMA (red line), maybe as soon as the end of the week.

Dash is trailing behind Monero and is the 15th cryptocurrency by market cap, with a total value of $710,434,207 and trading at 82.35 against the US Dollar. Dash was in a strong downtrend for the entire 2020 and seems to have bottomed out around $59.0. The last 7 days have been prolific for the cryptocurrency, which posted 21.61% gains and entered into the space between the 50 days EMA (blue) and 100 days EMA (red). This territory is a resistance zone, so if the bulls don’t manage to break above it, we will probably see a re-test of the support at the 50-day EMA.

This is one of the few cryptocurrencies to print an all-time high during the 2020 crypto market crash, but it’s been downhill ever since that huge climb. Currently EOS is sitting at the 5th spot in CoinMarketCap rankings with a total market cap of $2,508,907,807 and a trading price of 2.77. Having bottomed out at $1.60 the pair has staged a minor recovery and is now attempting to break the 100 days EMA (red). Unless we see a breakout above said moving average, the chances of a significant recovery are slim and we might see a drop below the 50 EMA (blue) by the end of the week.

Of the four coins analyzed today, Stellar is the only one in the red, having lost more than 2.50% over the last 7 days. The coin is trading at 0.076 against the US Dollar with a total market cap of $1,463,572,273. This puts it at number 9 by market capitalization but that rank is tenuous. Stellar recently broke its all-time low located at 0.092 and is now trading in 0.07 area with the two EMAs crossed bearish and spread apart. All these are bearish signs, so the pair may go lower by the end of the week. However, it must be noted that the RSI has exit oversold territory which is about the only bullish sign present, but it may just be setting up for another move lower.

Why is Dash price surging in a Bitcoin stable cryptocurrency market?

Dash is up a whopping 7% on Wednesday. It is arguably the best-performing cryptocurrency among the 30. Bitcoin price is relatively stable after recovery from the brief fall under $5,000 on Monday. However, its recovery faces selling pressure at $5,500. Ethereum and Ripple exhibiting signs of stability after the rejection from key resistance zones at $150 and $0.15 respectively.

Dash price technical picture

A recent breakout above a descending trendline resistance failed to yield the desired upward movement. The upside remained capped under the 100 SMA on the 1-hour chart. However, surge above the moving averages on Wednesday has pulled Dash price to test the key resistance at $50.

At the time of writing, DASH/USD is teetering at $48.34. Resistance at $50 is proving to be an uphill task to overcome. On the other hand, the trend remains bullish as per the RSI and the bullish session with the Elliot Wave Oscillator. Moreover, correction above the moving averages could continue to encourage more buyers to enter the market. The 100 SMA and the 50 SMA are no longer resistance areas but support zones. For now, buyers need to focus on stepping above $50 and grinding towards $60.

DASH/USD hourly chart

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Bitcoin Just Printed These Key Bullish Signals as Price Surged to $8,100

After seeing a small retracement (as predicted in one of NewBTC’s Bitcoin analysis articles), BTC continued to rocket higher on Tuesday. As of the time of writing this, the leading cryptocurrency has tapped $8,100 for the first time in literal weeks — in six weeks, to be exact — managing to surmount that level on the back of another wave of buying pressure from bulls.

Related Reading: Bitcoin Poised to Collapse Under $5,000? Market Cycle Fractal Suggests So

This latest bump higher, while still strong, was relatively mild in the grand scheme of things; Skew Markets, a cryptocurrency data outlet, noted that this latest pumped higher, which took BTC 3% higher in a short period of time, liquidated $11 million worth of BitMEX short positions.

Although the momentum is slowing, there are a number of key bullish signals that were just printed, implying eventual continuation to the upside.

Bitcoin Charts Flurry of Strong Signals

Trader Byzantine General noted that while BTC is currently encountering some resistance around the $8,000 region, the four-hour chart just printed a 50 exponential moving average and 200 exponential moving average bull cross, suggesting bulls are decisively in control.

I haven’t seen anyone talk about this yet, but the 4H 50 & 200 EMA made a clean bull cross today.

That’s not all. Prominent analyst RJ noted that Bitcoin’s latest move has brought it out of a 47-day trading range without a Swing Failure Pattern candle, implying that buyers are supporting $8,000.

Related Reading: Why Bitcoin Network’s Record 2020 Is Bullish For the Crypto Market

He added that with “thin air above us,” meaning not much pertinent resistance, and a lack of short capitulation and FOMO, there is likely to be “more acceleration” of the Bitcoin price can maintain the $8,000 support in the coming hours and days.

$BTC
– Breakout of the 47-day trading range
– No swing failure at the previous highs
– Thin air above us

More acceleration likely if we can maintain above 8K. FOMO and short capitulation has yet to kick in. Travelling quickly on the way down = easy on the way up. pic.twitter.com/uNgSkZhEsb

Also, Adaptive Capital analyst CL noted that Bitcoin’s price is showing clear signs of a medium-term trend reversal in the bullish direction, drawing attention to the below historical trend: “When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges… There is not much more to say, I will be buying dips. Send it.”

When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges.

There is not much more to say, I will be buying dips. Send it. pic.twitter.com/GB1RA4M62n

Nick Chong

Since 2020, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering.

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