Ethereum leads the market recovery, bitcoins exceed $ 4000


  • The cryptocurrency market closes at 140 billion dollars during a fruitful weekend session.
  • Bitcoin corrects over $ 4,000, although the rise is limited to $ 4,100.
  • Ethereum is the market leader; try $ 170 on the upside.

The weekend trade was fruitful. Bitcoin not only came out of a range of bears, but also outperformed the medium-term resistance to $ 4000. As discussed earlier in the Bitcoin price analysis, the bulls have not yet been made and BTC / USD is ready for a further move that could recover position over $ 4,200 for the first time in 2019.

Most industry experts say that Bitcoin has already reached its minimum level and is waiting for its support to organize an event. However, some industry players believe that the bear trend is still underway but will end soon.

The entire cryptocurrency market recorded relatively good performance in the last weekend, where the value of market capitalization increased significantly from $ 129 billion to $ 138 billion. However, there was a correction with assets that lose at least $ 1 billion according to data on CoinMarketCap on Monday. The Altcoins continue to fight for their position in the market, but the Bitcoin domain is still over half the market value, 5106%.

Technical image bitcoin price

As mentioned earlier, Bitcoin is holding the ground above $ 4000 after breaking the psychological level. The increase was limited to $ 4,100. However, another breakout still lingers according to technical indicators such as the Stochastic. 21-day Average Moving Average (SMA) is above the 50-day longer-term SMA to show that the bulls are in control. Meanwhile, short-term support was formed at $ 4,020 in addition to the stronger support areas at $ 4,000 and $ 3,900.

1 hour BTC / USD chart

Technical framework of Ethereum

Ethereum has been a market leader since the start of the new year. He started claiming his position as the biggest altcoin. In addition to that, he surpassed the resistance at $ 150 before zooming over $ 160. Ethereum also tested $ 170 on the upside, but corrected lower & # 39; to change hands to $ 159 at the time of printing. The 50-day SMA limits the gains immediately above the current value. A correction above $ 160 will pave the way to $ 170. On the other hand, support will be provided by the 100-day SMA (1-hour interval) and $ 150. Other support zones include $ 140. and $ 110 respectively.

ETH / USD 1 hour chart

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