Bitcoin
Crypto bull run continues: BTC, EOS, TRX price technical analysis
Bitcoin price analysis
The crypto market is currently on fire as prices are on the upward trend. Bitcoin (BTC) continued to gather the momentum and during the trading hours of Tuesday, 23rd April 2018, it breached the $9000 level that has been awaited for long. In fact, during the past week, the price has gone up by over 20%, and according to Coincap, bitcoin is up by 5.60% against the US dollar in the past 24 hours of the analysis.
Basically, BTC experienced a resistance level at $8500, and currently, it is after higher consolidations. Bitcoin price is currently trading a high of $9650 with a bullish momentum close to the level. There was resistance at the recent support of $9,200 as the price shifted higher. Indeed, as various indicators hint, there seem lofty consolidations for the bitcoin against the US dollar.
Subsequently, it was expected that bitcoin might experience stiff resistance once at $9,500 while it surges the month’s new highs towards $10,000. The moving averages are signaling that there is an influence from the bulls in the crypto market. Also, the MACD momentum indicator as well is hinting the positive region showing the least resistance path is all towards the upside. Stronger support is at $8900 while the short-term support at $9300.
Price Analysis of EOS
The price of EOS is currently at the 23.6 percent retracement level and the previous swing high at $15.9 with a low of $5.9. As much as the upside is capped below $14.00, a bullish-momentum is vividly forming and is very near to this level. Looking at EOS against the US dollar, it is apparently in the range to hit past the all-time high which EOS actually marked in January this year.
As EOS is on the move, it initiated a bullish flag trend around $10.00 level, going above the level of resistance at $11.00 where it again showed the same trend above $12. Currently, EOS is trading at a price of $15.5, and a similar pattern is expected to result in even higher consolidation as the price points to hit even $20.00 now.
Moving averages show that the current momentum will carry on being bullish, and the EOS/USD may increase intraday high, as well as the trading may hit above $17.00 today. Similarly, both MACD and trend bars are as well pointing the bullish momentum.
Price Analysis of Tron (TRX)
In past 24 hours, Tron (TRX) price has been upside roll surging basically by more than 30%. Sooner Tron’s Mainnet launch will happen which means it will shift from being an ERC20 to simply Tron blockchain, and as this approaches, Tron price is expected to be on the rise.
Currently, TRX versus the US dollar is trading just above $0.070 level even though the upside is capped at $0.080 after experiencing the selling pressure. There is increasing selling pressure for TRX/USD at $0.080 which is its intraday high; however, MACD indicates positive signaling more buyers could jump in the market.
The moving averages, on the other hand, are showing a wide gap indicating that buyers in the short-term are letting sellers have the control. Short term support is at $0.07 and the highlighted at $0.065 area.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
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Economic Outlook
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The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
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Fundamentals
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