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FxWirepro: Luring bulls on BTC/EUR’s bullish crossovers but wise to enter activate longs with a better entry levels
Bitcoin crosses have been spiking higher from the last couple of weeks, with BTCUSD rose from the lows of $3,405.30 levels to the current $5,298.60 levels which is almost more than 37% so far (i.e. 10% in March month and 27% in April month series), while BTCEUR jumped from the December lows of 2,844.3 to the recent highs of 4,570.5 level which is almost more than 60% in just 4 months, and so is BTCGBP (soared from 2557.9840 to the recent peaks of 4115.10 levels, i.e. more than 60%).
Technically, after BTCEUR has bottomed out at $2,844.30 levels, consequently, the bullish engulfing pattern has occurred at $3,581.50 and 4,669.30 levels.
Ever since then the pair kept spiking higher constantly, the current price has now gone above 21-EMAs with bullish crossovers.
Thereby, the pair surpasses the psychological price levels of $4,500 level and hits $4,788.70 mark. Followed by, the majority of the crypto fraternity experienced middling performance with a few select altcoin markets surging strongly.
To substantiate this bullish sentiment, all technical indicators are 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 (EMA & MACD on monthly terms) show bullish crossovers, that also signal the uptrend to prolong further in the weeks to come.
The flurry of bearish candle patterns, such as back-to-back shooting stars, gravestone doji, and hanging man) are coupled with the overbought pressures signal little weakness in the minor trend, trend indicators substantiate, strong support is observed at 4,306.40 (refer 4H chart). Hence, it is wise to capitalize on prevailing and potential price dips going forward that could be optimally utilized to build a long setup in the long run. Ideal entry points would not only reduce the cost of trading but enhances the profit maximization.
On the back of these bullish price sentiments, 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 84 levels (which is bullish), USD is at -50 (bearish), while articulating (at 06:26 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex