Cryptocurrency has decided to awaken. The Market was woken up from the slumber that it was previously in.
The bounce in Ethereum, appears to have led the entire market, seeing the rest of the market boost up by an average 7-8%.
This brings one thing to mind, every time a large dump is unsatisfied, there is a relief rally or a dead cat bounce (with a negative bias). This effectively means that the entire market is filled with joy and we see the average 7-8% as usual.
Notable coins include Aurora, NANO and DRGN.
Nano and DRGN have increased their market sentiment within the Crypto community, especially NANO who have led their community via technological advancements. DRGN is unknown to the increase.
Nouvive have found one thing interesting for sure, that during these past two weeks in which there was not a lot of market movements bar the occasional heavy dumping on Ethereum. There has been no interesting news published on any of the outlets.
Where is Bitcoin going today?
Let’s analyse both the Bearish and Bullish bias:
- There has been all of the MA Crossovers, including for the first time in over 10 days, Bitcoin is trading over the 200 Day Moving Average.
- There has been increased buy pressure from the entire market.
- There are a lot of buys at $7100 – interestingly, seems like the market is calling for this area.
- More bullish market sentiment in the area.
- Surpassing the $6500 area will be a strong as there are heavy sells in the area until $6850.
- RSI Stochastic crossover: illustrating that there may be a dump coming back to the $6200 area.
- There are a lot of sells in the current area that Bitcoin is trading.
- It will be difficult for bitcoin to get above $6500.
- A lot of buys in the $6180, this means that the market is calling for this area again.
Nouvive recommends a short from $6500 to $6200, with the first stop loss at $6520.
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