- 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.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.