Check out what happened in the market today.
After reaching a new all-time high at the $49,000 level, bitcoin began another decline. However, the daily RSI has indicated a bearish divergence, and the volume during the most current climb was very low. Despite these bullish signs, indications suggest that the trend is still bullish, with the MACD & Stochastic Oscillator even on the increase.
This could be true majorly because of the ascending support line, which the BTC is following and is currently at $43,300. This is also the 0.5 Fib retracement level of the most recent portion of the upward move. But the bearish divergence of the RSI & MACD can't be ignored either. It seems that the BTC might see another uptrend in the future above $50k but may undergo a correction after that. Meanwhile, Bitcoin that was liquidated after the ATH amounted to $81.82 million in value.
Ethereum reached a new all-time high at $1,840 this week. It went into a correction after its record high. It appeared to be striving to break the resistance at the $1800 level as it could not close a daily candle above it.
Its first resistance lies at $1800; if it succeeds in breaking above this level, the next level of resistance lies at $1850. If it succeeds in breaking above the latter level, the following resistance levels are $1900 and $1960. Above these, we could see it ascend to $2,000.
On the chart of the ETH/BTC pair, after dropping almost 20% from the Feb high of 0.046 BTC, it is starting to show signs of weakness. The RSI has also plummeted beneath the 50 levels, indicating the bears are in control of the market momentum right now. There is hope with the Stochastic RSI already in oversold conditions, and it is primed for a bullish crossover signal.
See how altcoins performed
Bitcoin Cash is currently trading well above the $520 level and the 55 simple moving average (4-hours). On the 4-hour chart of the BCH/USD pair, a crucial ascending channel is forming with support near $500. It would likely clear the $550 resistance and continue higher towards $600 in the short term.
Ripple is currently trading above $0.580, while Litecoin is trading above $180.
In conclusion, it's been an exciting week for cryptocurrencies, major bullish markets, and corporations signing up for crypto plans.
