The cryptocurrency market is showing high volatility again as the prices were seen to be at firm levels but soon afterward it went down again to swing lows and come back up. This movement was observed for the coins which followed Bitcoin [BTC]’s trend.
EOS is seen to be under a major bullish trend with a gain of 18.93% in the last 24 hours. The coin is currently trading at the all-time high levels and at 10:07 AM UTC, it was seen to be trading at $18.77 with a market capitalization of $15.406 billion. EOS is way ahead of Litecoin [LTC] in market capitalization and EOS is more likely to retain the 5th spot in the rankings.
TRON [TRX]’s bullish streak also has not waned and the coin has had a gain of 8.93% in the last 24 hours. Bitcoin [BTC] has gone back up to the $9000 levels and looks firm above the level. Even though the coin had a loss of 0.34% in the last 24 hours, it looks steady above $9000.
The sentiment analysis segment is carefully structured after interviewing a group of influencers, miners, skeptics, analysts, investors, and thereby recording their valuable comments and opinions.
This includes the sentiments of experts, from around the world, which were gathered and are presented as it is to ensure that our readers get a wholesome picture about the current market trends and possible outcomes of the coins. This analysis focuses on the number one ranking coin in the cryptocurrency world; Bitcoin [BTC].
Bitcoin [BTC]
At 10:28 PM UTC, Bitcoin was seen to be trading at $9295.54 with a market capitalization of 158.053 billion. The intraday high for the coin was seen to be at $9745.0 and the price is trying to correct higher. The target set for Bitcoin is at $10000 but there is a resistance to the coin at the previous swing high level.
The coin has a bullish momentum at the present moment and a break above the resistance could take the coin higher to $10000. The MACD indicator for the coin in the 4-hour chart has now crossed and it is looking positive. The Weis Wave Volume indicator has a bullish control and the Stochastic RSI is heading towards an overbought position.
The coin is trading above the 100 and 200 SMA in the hourly chart of the coin. These indicate that the buyers have the upper hand and a number of buyers will enter the scene.
Marley Bauer, a Stock Broker from New York says:
“Bitcoin is bound to follow a corrective ABC pattern, which means that the bull may have dominance at the present moment but the bears are not far away. The B wave has been completed and the coin has started to follow the next wave. The coin also has completed a head and shoulder pattern. In my view, there will be a short-term upside correction and soon after that, the coin will retrace back to the swing lows.”
“Bitcoin broke the trend on the 20th of April which started in December and things are looking good and the bull mode is on. The 20 SMA has crossed the 50 SMA on the daily chart and this signals a bullish trend which took some time to materialize after Bitcoin started to gain recover. This month’s bottom was at $6425 and the coin had hit the bottom at $6000 in the early February.”
“Bitcoin is currently priced in the ‘No Trade Coin’ which extends up to the $9455 mark and if the coin breaks this mark it will enter into a buy zone. The market is filled with blindly bullish investors who disregard the fact that the market is still under the control of the bears. Indeed we have had a rally, but this does not take away the possible dangers in store.”
To conclude, Bitcoin respondents have a bullish bias with an equally important bearish bias. 57% of Bitcoin respondents feel that the coin will test the $10000 mark and will move up but another 43% of the Bitcoin respondents are of the opinion that Bitcoin will once again fall below the $9000 mark for a short-term once again.