There is lots of fear of missing out around bitcoin (BTC) in the market today, based on the expectation that the CBOE ETF (Chicago Board Options Exchange-Exchange Traded Fund) will be approved. The whole issue of bitcoin (BTC)’s scarcity is also coming to the fore again. All this is reflecting in the value and volumes traded of this crypto. Bitcoin (BTC) starts the new week on a high, opening at last week’s close of $7300 and pushing higher in the day to its current price of $7700.
All indications are that bitcoin will break above the 55-day moving average $7800 in the course of the week. A break above this level will signal the return of bulls in the market, something that could extend all the way into 2019.
In the day, Bitcoin (BTC) has made a clear break above the 100-day moving average. This gives it a real chance of edging higher to test $8300, a major resistance level in the short-term. Volumes point to a scenario where this is highly likely in the next 24 hours.
In the last 12 hours, there has been a strong surge in the volumes of Bitcoin (BTC). This can be validated by bitcoin’s dominance in the market, which is now above 45%. Therefore, buying at current prices presents a good opportunity to profit from bitcoin (BTC) all through the week.
In the week, Ethereum has opened the week in the green, but it’s not exactly bullish. That’s because it has opened the week at last week’s close yet last week closed with a bearish pin-bar setup. A pin-bar setup usually signifies a price rejection in whatever direction.
In this case, Ethereum (ETH) made some gains last week but bulls lost steam and it dropped to $465.
This means that bear power in the Ethereum (ETH) market is still strong at the moment and might continue to push Ethereum (ETH). If it breaks below $465, chances are that it could hit $391, which is the first support level.
Weekly volumes are low too, an indicator that Ethereum (ETH) might underperform in the week. In the day’s trades, Ethereum (ETH) is in a range below the 21-day moving average, a key indicator that it could drop in price in the next 24 to 48 hours. However, that is will solely depend on the volumes. If volumes increase, the Ethereum could make some gains in the short-term.
Like Ethereum (ETH), Tron (TRX) opens the week, with a bearish signal. The market seems to have rejected all the gains that Tron made last week, and has opened the week in negative territory. A similar trend is evident in the day, where Tron is headed lower and looks set to hit $0.032.
Daily volumes are low too, an indicator that there is very little buying activity in the Tron market at this point.
However, this is not unique to Tron (TRX) and Ethereum (ETH). Most altcoins are losing out in the market, as the possibility of a bitcoin ETF gains traction.