Expectations: Bullish sentiment for BTC/USD, Bitcoin reacts and shows its upward power
- BTC/USD surpasses the EMA50 level and gains room to further rise.
- The rise, however, damages the market as a whole.
BTC/USD 240 Minute Chart
In the middle of the American session, Bitcoin manages to surpass the exponential moving average of 50 periods in four-hour graph. As a battery of artillery prepares to launch a volley, the three main actors of the Crypto board consecutively surpass the first lines of resistance.
It’s Bitcoin’s turn now: that is, for size or its role of refuge before the risk, it is always the last one in taking the initiative. It currently trades at $3,420 and recovers lost territory this morning when both the Ethereum and the XRP have climbed powerfully.
The Bitcoin rally damages the market in the short term, as the ETH/BTC pair needs to improve to see a consistent bullish development. The current Bitcoin improvement over Ethereum lowers the price of the ETH/BTC pair and decreases the chances of closing above 0.03160 BTC per ETH.
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The MACD on the 4-hour chart is already in positive territory in the ETH/BTC pair, which supports the continuation of the bullish trend. Despite this positive data, we have to be very careful because it is effortless to undo this path and bring the price levels to negative territory.
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Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland. He expanded his technical training following the guidance of great experts on the financial markets.
