The overall cryptocurrency market has gained tremendously in the past week, with a total market cap now reaching $145 billion after hitting the low of $100 billion in the last week. The recovery in the market has been led by growth in all major cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash etc. In fact, Bitcoin Cash has seen gains of over 180 per cent in the last 7 days.
With market holding on to the gains, now it has to be seen whether the momentum will further continue or it will flatten down.
Bitcoin has gained almost $1,000 in the past seven sessions, with gains close to 31 per cent and has crossed above the $70 billion market cap.
Looking at the chart, the 50 Day EMA is proving to be a significant line in both daily and hourly chart. In the hourly chart, the 50 & 100 Day EMA line is offering strong support to BTC prices and is witnessing increased buying interest around the zone. If the BTC prices succeed to break above the $4,400 level which is now offering a bit of resistance and the 50 Day EMA in the daily chart, then the prices should reach towards the $4,800 level.
Ripple has bounced higher from the $0.28 level, reaching towards the $0.44 level, almost a gain of 16 per cent in the last seven days. In the daily chart, the 200 Day EMA line is offering stiff resistance and if it manages to break above, then it can easily reach towards the $0.50 level.
All the 50, 100 and 200 Day EMA crossover have turned around higher which is a very positive development which will support the market to go higher.
Ethereum turned around from the $83 level to reach towards the $150 level, a gain of almost 80 per cent in the last seven days. It has been the most positive week for Ethereum in past six months and looking at the chart also gives a positive trend for the market.
In the daily chart, Ethereum has broken above the massively resistive 50 Day EMA line which is very positive for the market. In the hourly chart, 50 Day EMA line should continue to support the market going higher. Next resistance for the market is at $200 level.
Bitcoin Cash (BCH)
Bitcoin Cash has been the top gainer for the week with gains of almost 200 per cent in the last seven days. It turned around from the $76 level and is currently trading at the $210 level.
Looking at the daily chart, the 50 Day EMA is offering a bit of resistance which is placed around the $230 level and the market is struggling to break higher above that point. Stochastic oscillator is indicating of a pullback, but it will be a good buying opportunity given the fact that the trend of the overall market is very positive.
EOS has turned around from the $1.8 level and is currently trading at $3.12 level, signifying gains of over 72 per cent in the last one week. In the daily chart, the 50 Day EMA crossover is offering a bit of resistance and is struggling to break above. The stochastic is also indicating an overbought situation, which means of slight correcting in the market in the offering which could be a nice buying opportunity. The $4.40 level above is the next major resistance for the market.
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