Dear Readers,
There seemed to be a good rally in the crypto markets.
At the time of writing this article the global crypto market is valued at $ 2.47 Trillion, a up of 2.24% from yesterday.
BTC is trading firmly at $69469, +2.11% from yesterday and ETH is trading at $3345, +3.08% from yesterday.
The 50-hour and 200-hour moving averages of BTC is at $66,951 and $68,075, which are the strong supports for this strong upward movements. Besides, these points also serve as key support levels, holding the BTC price steady above $69,000.
Technically while we see the BTC charts, The Bollinger Bands show the price pushing the upper band, also hinting at overbought conditions but also strong upward momentum for BTC.
The MACD histogram and signal lines also show a positive divergence in the chart pattern. The histogram’s positive values and the widening gap between the MACD and signal lines point to growing buying momentum.
Interestingly, the BTC reserves in the crypto exchanges also get low which indicates the hodl of BTC and not selling is seen.
It is widely understood that whenever there is high volume in BTC in the exchange reserves, the traders/investors are tend to sell. But, now the reserves at the exchanges are found to be low.
All these contributes the BTC price hike and is expected to go up again in this week!
Happy trading!
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