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After a bearish start in the week, the bulls took over and painted the green of the market. For the best parts of last week, the Bears dominated the various markets. The trend continued over the weekend and at the start of the day.
The downward trend has seen the previous support areas tested and violated. Moreover, all of today's focus currencies have moved to the "oversold" area, which signals the decrease in investor confidence in the cryptocurrency sector.
BTC / USD
The largest digital currency by market capitalization has increased by 4% in the last 24 hours. This is after it has risen from $ 3582 to the current $ 3715. The previous downward trend clashed with previous forecasts that the 2019 would begin with a strong downward stroke leading to a market correction at the psychological price. previously held $ 6000.
The 21-day EMA (C) passed the 7-day EMA (B) and currently serves as the price determinant. This shows the strong impetus that the Bulls have put in place and that has had favorable effects on the psychology of investors. Most investors were trying to sell off their BTC investments, fearing that the momentum bearish could cause losses. This was shown in the RSI (marked as A) that is struggling to get out of the "oversold" area.
ETH / USD
After enjoying a short period as a second crypt in terms of market capitalization, Ethereum returned to third position. This happened after the XRP suffered massive sell-offs that saw him move over ETH. The latter is at $ 12.3 billion while the former is at $ 13.2 billion.
ETH increased by 10% after rising from $ 119.43 to $ 127.39. This bullish momentum has been reported by various indicators including the RSI and both the moving averages. Point A shows the RSI in the "oversold" area. This shows that ETH holders would prefer to save their coins. Furthermore, both EMAs (B and C) are pointing down, which indicates that the momentum of the Bulls could gain grip.
XRP / USD
After suffering a sharp fall, XRP is attempting to run a bull run that has seen more green candles on his cards than any other coin. The XRP started selling at $ 0.32 from the current rate of $ 0.33756 with a 4.94% increase in its price.
The feelings of XRP investors seem positive after skyrocketing significantly from the "overbought" area. B and C show the EMAs of 21 and 7 days respectively. They form a triangular model that contracts and shows that the bullish moment could make more movements towards the top.
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