- Bitcoin is missing apparent directional bias for a ninth straight day, neutralizing the bullish watch put forward by a prolonged-tailed doji candle produced on Feb. 27. As a consequence, a return to levels down below $3,700 are not able to be dominated out.
- A UTC near higher than the March 9 superior of $3,950 would revive the limited-term bullish outlook and perhaps produce a rally toward the new superior of $4,190.
- Though a several choice cryptocurrencies (altcoins) have recently witnessed a for a longer time-term bull reversal, the altcoin market as a complete is nonetheless to exit the bear market. That could be about to improve, while, as there are growing indicators of seller exhaustion.
- A bull breakout in the altcoin market would be verified if and when the all round altcoin market capitalization beats the prolonged-term slipping trendline resistance, at present at $64.28 billion.
Bitcoin’s struggle for path proceeds amid growing indicators of a bull reversal in choice cryptocurrencies.
The major cryptocurrency by market benefit is trapped in the range of $3,800 to $3,900 for a ninth straight day, contradicting the quick transfer toward the new superior of $4,190 proposed by the prolonged-tailed doji candle produced on Feb. 27. The instant outlook, as a result, is neutral.
As of writing, the cryptocurrency is flatlined at $3,847 on Bitstamp, symbolizing a .10 p.c acquire on a 24-hour foundation.
Further, BTC is reporting a meager 4 p.c acquire on a calendar year-to-date (YTD) foundation, as opposed to stellar gains in several altcoins. For occasion, litecoin, the fourth major cryptocurrency by market capitalization, is at present up 83.9 p.c on a YTD foundation.
Binance coin (BNB) and holochain (Very hot) are up at minimum 140 p.c every single, though EOS (EOS) and ontology (ONT) have received 40 p.c and 69 p.c, respectively, according to OnChainFX.
Meanwhile, both of those the BTC and USD pairs of LTC, BNB, Tron (TRX) and Maker (MKR) have identified acceptance higher than their respective 200-day moving regular (MA) – a extensively adopted barometer of bull/bear marketplaces.
As a consequence, speculation that the altcoin market has entered the bull market is gathering steam. Nonetheless, though several choice cryptocurrencies feel to have witnessed a bull reversal, the altcoin market as a complete is nonetheless to violate the bearish trend, as observed in the chart down below.
Altcoin market cap
On the weekly chart, the altcoin market capitalization (market cap) printed a better reduced around $45 billion in early February, signaling bearish exhaustion. Nonetheless, the trendline connecting January 2018 and April 2018 highs is still intact.
A weekly near (Sunday, UTC) higher than $64.28 billion (trendline resistance) could be regarded as an early indication of for a longer time-term bullish reversal.
A bearish-to-bullish trend improve, even so, would be verified, if and when, the market cap jumps higher than $68.61 billion – a bearish decrease superior produced on Dec. 24.
Bitcoin’s daily chart
The week-prolonged rate consolidation in the range of $3,800-$3,900 observed in the higher than chart has weakened the bullish scenario put forward by the prolonged-tailed doji candle produced on Feb. 27. As a consequence, the 100-day MA aid at $3,670 could all over again arrive into engage in.
On the better side, a UTC near higher than $3,950 is required to revive the limited-term bullish outlook.
Disclosure: The author retains no cryptocurrency assets at the time of writing.