Members of the cryptocurrency community are waiting for the end of the winter and start of Bitcoin bull run. This may be the Bitcoin bull run we’ve all eagerly been waiting for. Some have even given up concluding that Bitcoin is dead. This morning, everything changed as the entire cryptocurrency market started to recover gaining over $6 billion in a few hours.
Bitcoin Bull Run: EOS Taking The Lead with12.04%
At the time of writhing, EOS was up by 12.04% against the USD and 8.49% against BTC and EOS was taking the lead with double digit gains. It is trading at $4.09 and is currently leading the Bitcoin bull run in today’s crypto news. The market capitalization is $3,704,943,822 while the trading volume over a 24 hour period is $2,773,000,055.
EOS Price Today – EOS / USD
Altcoins seem to be leading in the Bitcoin bull run from today’s crypto news. Even if this doesn’t mean Bitcoin is dead, it means that Bitcoin’s dominance in the industry is slowly reducing. It is also important to note that, historically, altcoin season is followed by a Bitcoin bull run. So, we should expect the price of Bitcoin to keep rising.
TRON (TRX) Price Today – TRX / USD
Tron (TRX) is also higher against the USD. The Ethereum competitor is trading at $0.023439. This means that it is up by 4.98% against the USD and up by 1.62% against the price of BTC. Sellers may show up at the $0.0240 level and drag the price down. The market capitalization is $1,562,931,179 while the 24 hour trading volume is $226,680,508. Tron (TRX) recently took a dive down following a major dump from a cryptocurrency whale. It’s a good thing the entire market started recovering when it did.
Bitcoin (BTC) Price Today – BTC / USD
The flagship cryptocurrency is being outperformed in this Bitcoin bull run. At the time of writing, BTC was trading at $4,081.77. It is up by 3.26% against the USD. The trading volume over a 24 hour period is $11,378,642,587 and the market capitalization is $71,891,236,878 according to CoinMarketcap.com.
Bitcoin Cash (BCH) Price Today – BCH / USD
Bitcoin’s baby brother, Bitcoin Cash (BCH) is also surging higher against the USD. At the time of writing, Bitcoin Cash was trading at $169.78. This means that it is up by 7.57% against the USD and up by 4.14% against BTC. The trading volume over a 24 hour period is $540,474,579 while the market capitalization is $3,004,231,523. Sellers are expected to show up when the price gets to $170 according to the Bitcoin Cash price analysis on NewsBtc.
Cardano (ADA) Price Today – ADA / USD
Cardano is also enjoying the Bitcoin bull run with double digit gains today. It is trading at $0.067312. This means that it is up by 11.33% against the USD and up by 7.73% against BTC. The 24 hour trading volume is $103,121,550 and the market capitalization is $1,745,204,722.
Has the Bitcoin (BTC) Bull Run begun?
Bitcoin broke a strong resistance line that had pressured the price to stay under for almost a year. This has caused some to speculate that Bitcoin might have started its bull run. The price of Bitcoin was $4,011 and the market was at $71 billion, at press time. The 24-hour price change showed a surge of 3%.
The 4-hour and the daily chart of Bitcoin showed the formation of a rising channel pattern, which is similar to the one that was formed in December 2018.
The Rising Wedge usually presents a bullish buying opportunity by definition, but current conditions under which the pattern has formed indicates that Bitcoin will perform a contradictory move leading to a price dump. There are three conditions that support this theory of price dump.
- The declining volume.
- A strong declining resistance line that Bitcoin has respected for more than a year.
- The 20-weekly moving average [140-day moving average] provides yet another strong resistance for Bitcoin.
Rising channel or Ascending channel usually provides a bullish buying opportunity, but the declining volume at the breakout point must be high, which is a criterion for the pattern; but the 4-hour chart and the daily chart show that the volume is in a declining trend. However, if there is a sudden surge in volume, then the price might break to the upside.
In addition to the declining volume, a resistance line has been keeping the price of Bitcoin under since February 2018. Although Bitcoin breached it momentarily, the candle is yet to be closed. The price could be testing the resistance and only time will tell if it will actually stay above it.
The 20-weekly moving average or the 140-daily moving average is also serving as resistance. Similar to the declining resistance, Bitcoin breached this line and might be testing it.
Supplementing the above conditions, the 4-hour chart presents resistance at 3 important levels: $4,060 to $4,100 and $4,400. Even if the price decides to break the rising wedge in a bull trend, it would be rejected at these above-mentioned levels. If the price remains above these key levels, then it can be argued that Bitcoin has started a new bull rally.
Bitcoin is still supporting the 200-weekly moving average, but the 20-weekly moving average and the 200-weekly moving averages are converging with each passing week. The price broke the 20-weekly moving average consistently for the second week. However, the volume is minimal, indicating that this move might not hold.
Additionally, the volume has consistently declined, but the price has increased; this is a classic divergence move, which will not hold for long.
The Stochastic RSI showed that it has hit the top/oversold zone. The Stochastic and the signal line showed signs of a bearish crossover, since there is no room at the top and hence, the only way it can move from here would be to the bottom. This would mean that the price will also decrease. Source: Ambcrypto
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