- Ethereum reasserts itself against Bitcoin and claims a heroic role.
- Bitcoin joins the rally but lacks guarantees of continuity.
- XRP stays put and waits for its moment.
The crypto market is beginning to see the effects of the upswing among the main Altcoins.
Their gains against Bitcoin during the Asian session have been remarkable, giving us a taste of what may be their usual behavior for the coming weeks.
The upward turning process is going to take a few days, as in periods of less than a day prices have hit the main moving averages.
There are two scenarios on the analysis panel. First, the market reacts as a whole, rallying with the Altcoins consistently dragging Bitcoin’s performance. In the second scenario, Bitcoin and the majority of Altcoins continue to move downward but outperforming Crypto-King.
The unpleasant news of the day is the security breach in Crypto’s YouHolder loan platform, which has exposed sensitive data from thousands of users.
ETH/BTC Daily Chart
The pair is currently trading at 0.022 and is down from Wednesday’s high of 0.0224. This pair has been in a more bearish trend since January 2018, so consolidating a change of direction may take quite some time.
Above the current price, the first resistance level is at 0.0228 (price congestion resistance), then the second at 0.0253 (EMA50) and the third one at 0.027 (double price congestion resistance).
Below the current price, the first level of support is at 0.020 (price congestion support), then the second at 0.0155 (double price congestion support). There is no notable third level of support, and drilling the second support down could bring the market to the brink of collapse.
The MACD on the daily chart shows a perfect bullish cross. It has a long way to go up without any obstacle, which augurs weeks, if not months, of bullish strength.
The DMI on the daily chart shows the bulls have not yet managed to take the lead from the…