Positivism took over the crypto market, more than it should, causing profits for the entire Top 10. Yesterday, Bitcoin System rose just over 3%, wrapping up the multi-day bearish intent.
Although yesterday’s rise was indeed good, the reaction from enthusiastic crypto was quite exaggerated.
Changpeng Zhao, Binance’s CEO, tweeted about it, claiming that he had never seen so much enthusiasm for such a small rise in the BTC price.
Top 10 Cryptcoin goes up with Bitcoin, will the current scenario be really positive?
After so many days with the crypto market away from volatility, it makes sense that movements like yesterday’s will generate excitement, as they can always be labeled as the resumption of the previous trend.
Price charts are fractals, and what is reflected in small time frames, is progressively affecting other larger ones, until it ends up generating important trend changes.
In the long term, Bitcoin’s trend is clearly bullish, thanks to a surprising revaluation since its birth, capable of maintaining increasingly high highs and lows.
In the medium term, the trend is also bullish, quickly identified with the 8-week EMA and 18-week SMA moving averages crossing upwards, and currently functioning as dynamic supports. A good confirmation of the resumption of this trend, is to effectively cross the $10,000 resistance level.
Bitcoin Rise (BTC) takes it to $9,400 for the first time in 2 weeks
Short-term trend of Bitcoin
This trend was reversed yesterday, thanks to the breakout of the USDT 9,208 resistance.
However, the odds are in favor of a break of this level, which would leave the ground clear for a climb to the low of USD 9.685.
All the moving averages seen in this time frame are giving upward signals.