The crypto market is still talking, the Bitcoin rally doesn’t want to stop yet. Meanwhile, the altcoins are waking up.
Bitcoin is getting closer to a new all-time high, thanks to an amazing 7-week continuous bull rally, which makes us wonder if the bulls are tired yet.
As of this writing, Bitcoin is trading at $18,630, posting a 13.04% gain in the last 7 days, and a 2.54% loss in the last 24 hours.
With BTC’s momentum so widespread, investors in the crypto ecosystem have already begun to look to other crypto currencies, looking for opportunities where there’s more room for profit.
Thanks to this, today Ethereum is trading at $527.92, with weekly gains of 15.66% and daily gains of 3.01%.
But the crypto currency that is standing out among the biggest is undoubtedly Ripple, capable of accumulating a weekly profit of 60.29%, and a bullish jump of 12.36% just in the last 24 hours.
In order to forecast the future of these cryptom currencies, we have made the following analysis.
Bitcoin Rally Technical Analysis
From the weekly BTC/USD chart, we see a fairly widespread bullish momentum, and although it is not yet over, it is quite likely that we will see a reversal soon.
The 8-week EMA and 18-week SMA moving averages are crossed upwards, following the medium-term trend.
It’s possible that these averages will work as dynamic supports when Bitcoin decides to go back a bit.
Most likely, before this happens, a new all-time high will be reached. $20,000 for the coming week?
The close relationship between Bitcoin’s scarcity and its price
Bitcoin makes small retreats in search of demand, but there is less and less upward force
What appears to be a fairly widespread momentum on the weekly chart, appears to be a succession of highs with less and less force on the daily chart, creating a downward divergence between the candlestick and the RSI.
However, there is still no change in the short term trend, and it seems that the small downward movements that Bitcoin has been making, will be all that is needed to search for a new historical high.
For the moment, the odds are still on the upside, but a correction is likely to start soon. Don’t think it’ll be a long drop, it’ll just be a small, healthy break before you continue to climb.
WARNING: The Bitcoin rally is only heating up in the short term. The monthly graph tells us that the party is just beginning
Although I am talking about the fact that the momentum might soon run out, this is only when we talk about the short term.
While the weekly chart shows fairly widespread momentum, in the monthly chart all we have witnessed is just the beginning of what could be a big push in the long term.
Markets are fractals, so we should always be correlating what happens in different time frames.
Just because we see a volatile rise does not mean that there is no more room for profit, just the opposite, a drastic fall does not necessarily indicate the death of an asset.
From Google Trends‘ point of view, how is Bitcoin?
Ethereum marks a new annual high
After several weeks of gradually resuming the upward trend in the medium term, Ethereum has managed to set a new annual high.
We now have a developing momentum, with the ground cleared to $620.
Not to mention the long term trend that is being resumed, could lead Ethereum quietly to a new historical high.
Ripple is flying!
No doubt the most spectacular one this week. Although he’s still nowhere near obscuring the surprising Bitcoin rally, Ripple could be starting a great bullish period with the jump he just made.
When we look at the weekly chart in general, we notice that the recent explosion of XRP is signifying the breakup of a triangle-shaped consolidation, developed during the long corrective period of this cryptomon currency.
Now with the break of the resistance at $0.3000, the long term trend is resuming. This week’s 60% jump may be just the beginning.