Bitcoin And Ethereum Daily Price Forecast – Top Cryptocoins Steady Above Critical Support LevelsMajor cryptocurrencies are holding steady well above critical support as bears seem to lack strength required to drag the market on a steady decline.
When looking at the big picture, nothing much has changed in the cryptocurrency market. As explained in yesterday’s article, the market is currently seeing a phase of consolidation which lacks an expiry date and has painted a scenario where Bitcoin and other major crypto coins have found a bottom to multi-month long corrective price rally. Since last Christmas, bulls in the crypto market seems to have become active and aim to build on slow and steady upward price rally. Despite bears attempting to undo ongoing recovery rally bulls seem to increase their hold over price momentum after each attempt made by bears painting a picture slow increase in fundamental support for crypto bulls.
Bulls Hold Steady But Not Out of Danger Yet
Trade volume data from many major crypto exchanges across the globe indicate at a substantial slowdown in the total number of transaction per day. But this seems to have been priced in by most major traders and investors in the market already. This has led to consolidative price action in Bitcoin and other major legacy cryptocurrency pairs with declines limited well above the critical support level and repeated attempts by bulls to build on the next level of the major upside move. Having ridden itself of speculative participants and people who wanted to ride on the momentum during what is commonly referred to as crypto bubble, the market is currently left with loyalists, large investors who understand the inner working of markets and are ready to patiently wait for their investment to yield profits and traders who approach the market from a fundamentalist perspective.
As of writing this article, BTC/USD pair is trading at $3887.7 up by 0.33% on the day while ETH/USD pair is trading at $134.17 up by 0.62% on the day. The ongoing price action suggests that move ahead is likely to be slow but steady as time progresses. And in case the price of Bitcoin manages to move above $4000 and hold steady on the rally above $4K market it will be a clear indication of bulls having gained upper hand and entered into a stable upside recovery rally. While price remains well above critical support levels for now in both BTC/USD & other major legacy crypto pairs, bears would continue to aim at erasing all gains and taking price back to previous year lows which suggest that crypto market isn’t out of the woods as of yet but for now holds steady well in bulls territory.
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