Bitcoin Showing Strength with Longest Streak of Weekly Bullish Action while EOS, Cardano, & Enigma Leading the Altcoin Boom
Bitcoin is in the green by over 2 percent, however, despite that, it is around $4k only at $4,052, as per Coinmarketcap while managing the daily trading volume of more than $11 billion.
Analyst Super Bullish for Bitcoin 2019 & Beyond
According to the analysis by crypto analyst, Alan Masters, something has changed in the market as all throughout the last years up until recently he says:
“all sort of bear action would come up with massive strength and momentum, but this is no longer the case.”
Moreover, the bear volume is low that means nobody wants to sell their Bitcoin. He notes that Bitcoin took five months to break above the EMA 50 and to turn this resistance into support.
And each time we have a trace now, BTC takes out each support level “very easily.” But now, Bitcoin is showing “great strength.”
On February 24th, the first support peak reached was EMA10. When Bitcoin dropped below this level, it quickly bounced back up. And then it took about 19 days for BTC to break this resistance, however, EMA50 was still intact:
“This is the type of strength that we haven't seen in years.”
It’s not all, since 2007, Bitcoin also had the longest streak of bullish action on the weekly time frame. Despite the fact that we keep on retracing, he concludes, Bitcoin bots has switched from bearish to bullish.
Though he says, Bitcoin can still drop lower, it won't be as much as we have been anticipating previously.
Have been pondering a few $BTC scenarios the past couple of days. One thing that struck me is the steady slow rise rise over the past few weeks is looking quite similar to early 2015 in $BTC so it will be interesting to see if the mid point holds in this range we've developed now pic.twitter.com/q1ZB6fmB16
— KISS TRADER (@Sanchez8810) March 26, 2019
Altcoin Market Booming
“The altcoins market is booming,” said Masters which can be seen in the price hike of Enigma, WaykiChain, and EOS. Enigma is today’s higher gainer with 24-hours greens of 54 percent.
With EOS founder, Dan Larimer declaring that the biggest announcement since its birth is coming up in June, unsurprisingly EOS is up by nearly 12 percent at $4.08. EOS is a popular cryptocurrency, more so as per the Chinese ranking as it has been topping China’s Center for Information and Industry Development (CCID) for the 10 consecutive times since the grading first started.
In its annual report, Weiss ratings also gave EOS the top spot that is likely to succeed in 2019 and beyond along with XRP and Bitcoin. Meanwhile, Cardano is rising by 10.40 percent at $0.0659 as Binance adds new trading pairs.
Wanchain and Walton Chain are also up by 10 percent while top crypto viz. Ethereum, XRP, and Litecoin are green between 2 to 3 percent. This has the total market cap crossing the $140 billion mark.