Hester Peirce of the United States Securities and Exchange Commission (SEC) was on a bullish sentiment towards crypto currency during the New York session. He said that,
“Am I optimistic that we’re going to finally get to the point where we do provide more clarity? I think we have a good chance. We’re likely about to get a new chairman, Gary Gensler, who had his hearing in front of the Senate. That’s one step in the process. Then he has to get voted on. And if he does get confirmed and come to the SEC, he brings with them really deep knowledge of this asset class.”
Based on this official statement, volatility on Bitcoin and altcoin increased rapidly after a brief fall in the early hours of the Asian trading session.
BTC price extended its rally on Thursday by 3.63%, following on Wednesday day’s gain of 7.38%. BTC price retested the upper part of bullish channel (mark green) at an intraday high of $57903.15 at the close of the New York trading session.
Yesterday, it was weak bearish start to the day as the bears lack steam to dip BTC price below a broken resistance of $54854.98.
Bitcoin price appeared to form an ascending triangle pattern on the 4-hour charts below. The bulls gained more volume at $54854.98. Traders loaded up their bags at this price level which set BTC ablaze for sudden rally to revisit the all-time high.
The MACD formed a bullish crossover on the 4-hour chart to show rising bullish momentum. Technically BTC created a market structure of higher highs and higher lows to climb back to the all-time high.
On the day ahead, the bulls will be faced with monthly resistance of $58,338.61. From volume technical indicator, it shows volume is on the increase. With this volume the bulls could thrust BTC price above the $58,338.61 resistance and which launched another phase of rally in the next few trading session.
Yesterday, it was bearish start of ADA. ADA declined by 2.34% due to failure of the bulls to defend $1.143718 support on 10th February. The bears took advantage of this scenario as the demand was on a decrease, taking a clue from the volume indicator.
As the bearish pressure intensified, ADA fell to an intraday low of $1.113917.
From the 4-hour chart, there is still much bear pressure on ADA price to the downside.
The RSI on the 4-hour chart suggested that bearish momentum was behind ADA over the past few days after a double top was created on 9th March. ADA price is below the EMA’s on the chart as sign of rejection to the upside.
Furthermore, the trading volume was trending lower, indicating that the market sentiment was enough to force a significant move in south direction.
On the day ahead, ADA price could further lower down to $1.055427 if the support of $1.107866 is broken at the beginning of the next trading session.
On the contrary, if the crypto market rallies in the day ahead, this could introduce some buying pressure from retails traders towards ADA, but key level to watch out for before taking a buy decision will be $1.201487. ADA price must break above 1.201487 before taking a long position.
On 1st March, after EOS price revisited on the resistance built on 21st February, the bulls lacked momentum to further thrust price to the upside.
Yesterday, EOS started the trading session $3.9904 with bullish hammer candle, which was meant to be a bullish signal at the early hours of the Asian session. The bulls managed to push EOS price to an intraday high of $4.0435. As traders steered at $4.0789 resistance for profit booking, the RSI down ticked below the neutral zone of 50 mark. The RSI pointed to the north direction as sign of weakness of the bulls and low volume on the crypto asset.
Based on this sentiment, traders short their position, which caused EOS price to plunge to an intraday low of $3.8202. Although it quickly retraced back to a support of $3.8913.
Area of concentration on the day ahead, will be a range bound of $3.8913 and $4.0836. If the bulls break above the $4.0836 resistance and the EMA acts as a dynamic support, uptrend continuation will resume and invalidate the correction.
But on the contrary, if the bears broke below $3.8913 support, this could further dip EOS price to a low 3.6007 in the day ahead.
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