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Crypto Technicals: Bitcoin cash (BCH) finds strong support at 208.85, break below to strengthen bearish bias
Digital Currency Revolution Series: Bitcoin bulls beam up with fresh 2019 highs, just 200 pips away from 10k
Year-2019 has been constructive Bitcoin prices so far, it has been spiking constantly higher from the last couple of weeks, rose from the lows of $3,215 levels to the recent highs of $9,820 levels which is the 2019 highs (i.e. almost more than 120% in this year so far). We are now on the verge of hitting multi-months highs if it breaks-out $10k mark.
Technically, after BTCUSD has bottomed out at $3,215.20 levels, consequently, the bullish engulfing pattern has occurred at $4,071.70 levels (refer weekly plotting).
The minor trend in the last week of May was stuck in the tight range, but bulls managed to break-out above with bullish EMA crossover. Ever since then the pair kept spiking higher constantly, it has now gone well above 21-DMAs. Thereby, bitcoin bulls are beaming up with constructive buying sentiments again. Followed by, the majority of the crypto fraternity experienced the middling performance with a few select altcoin markets surging strongly.
Well, to substantiate the prevailing bullish sentiments, all technical indicators are also in line with the price upswings.
Both RSI and Stochastic curves show upward convergence to the prevailing rallies that indicate the intensified buying momentum.
While lagging indicators (DMA, EMA, and MACD on both daily and weekly terms) show bullish crossovers, that also signal uptrend to prolong further in the weeks to come.
On the back of these bullish price sentiments, we are just 200-250 pips away from the psychological $10k mark and the pioneer cryptocurrency (Bitcoin) and its counterparts sensed eye-catchy market-capitalization growth in the recent past.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 137 levels (which is highly bullish), USD is at -50 (bearish), while articulating (at 07:07 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex