Bitcoin (BTC) continues to make massive gains and is now trading above $8000. This follows increased market expectation that the ETFs (Exchange Traded Funds) will be approved in the near future. It is also driven by the positive nod that the G20 has given to the crypto market.
In the day, Bitcoin (BTC) is trading firmly above the 100-day moving average at $7500. Volumes too have shot up further supporting its bullish sentiment. If this momentum continues to grow, chances are that Bitcoin (BTC) will rise to $8600, which is the next resistance level along the 200-day moving average.
Looking at bitcoin (BTC) in intra-day trading, it has eased a little bit having dropped from $8300 to its current price of $8200. However, this looks more like a short-term retracement and not a bearish reversal.
That’s because volumes are still high in the market, and bitcoin is still trading above the main intra-day support level at $7600. Therefore, this dip in price offers the perfect opportunity to buy into bitcoin (BTC) with a target of $8800. On the other hand, if it doesn’t break above $8500, chances are that it could ease to around $7800, before it regains its upside momentum.
In the day, Ethereum (ETH) has shot up from $450 to its current price of $473. Volumes too have increased, indicating that there is a growing interest in Ethereum at this moment.
This is mainly driven by bitcoin’s positive momentum that has pushed up the value of major altcoins as well. Therefore, as bitcoin continues to rise, chances are that Ethereum will gain traction too. With its current momentum, Ethereum looks set to test $499 along the 55-day moving average.
If it breaks above this level, chances are that it will rise further and test $566, which is the next resistance level along the 100-day moving average. In the last few hours, Ethereum (ETH) has eased some momentum after testing the 100-day moving average. If it doesn’t break above this level, it is likely to test $456 along the 55-day moving average.
But given that there is a strong buying momentum in the entire market at this point, chances are that this will be a minor retracement, one that will create more buying pressure in ETH. This could push Ethereum to $600 in the near-term.
In the day, Tron (TRX) has formed a clear bullish reversal pattern. After losing value for the last one week, Tron (TRX) has gone up, from a low of $0.032 to $0.04.
That’s an indicator that investors are taking a keen interest in Tron (TRX) now that it has lost a good chunk of its value from its all-time high. As such, with bitcoin (BTC) getting more bullish, there is a likelihood that it will support the value growth of altcoins like Tron (TRX).
Therefore, there is a good chance that Tron (TRX) could test $0.06 along the 100-day moving average, Its first major resistance level to the upside.