Market Summary: After a slight slump last week, the various cryptos are back on top with most candles turning green. This upward rally has positively impacted investor sentiments in digital coins. In the markets, most coins have been under sold, signaling the high hopes investors have in a Bullish outlook.
In most instances, previous support zones have been bettered as the upward price rally persists. In the same breath, resistance zones have been tested and breached several times as the various coins push for higher prices.
At the moment, all indicators point towards a Bullish outlook in the coming days. On three hour charts, the 9 day Moving Average is above the 30 day Moving average with the two tending towards a reverse contracting triangular pattern. This signals an upward price movement in the coming days.
Bitcoin Price Analysis (BTC/USD)
The BTC/USD pair is now up by 2% over the last 24 hours. It was selling at $3851 as of March 7 and is now trading at $3860. The uptrend is supported by both moving averages which are upward-facing. At the moment, the 9 day EMA (C) is acting as the price support at $3860 which shows a strong upward rally.
The bullish outlook has positively impacted on investors seeing that the RSI (A) has been dominantly near the undersold area.
BTC Price Forecast
The 9 day EMA (C) is above the 30 day EMA (B) and is acting as price support. This shows that an upward rally is likely in the coming days.
Ethereum Price Analysis (ETH/USD)
As with the BTC/USD pair, Ethereum has also put up a strong bullish momentum. It is up by 2.5% in the last 24 hours with all indicators supporting an upward rally. The two moving averages (C and B) form a reverse contracting Triangular pattern between them which shows a strong upward movement in price for ETH/USD in the coming days.
In the markets, there has been a slow increase in sales with most people opting to hodl for better prices as shown in the RSI (A) which is moving steadily.
ETH Price Forecast
The 9 day EMA (C) is acting as price support and has been dominantly on top which supports an upward price rally.
Litecoin Price Analysis (LTC/USD)
There has been a general bullish movement in the LTC/USD pair. It is up by 1% over the last 24 hours. It started off trading at $55 and is now at %55.41. Support is at $52.67 and Resistance at $58.02 which shows a strong price consolidation around the $55 mark.
This Bullish outlook has pushed Litecoin’s market sentiments into the undersold area as investors are upbeat of better prices. This is as shown in the RSI (A).
LTC Price Forecast
The 9 day EMA (C) has been dominantly above the 30 day EMA (B) with the two forming a reverse contracting triangular pattern between them. This shows a strong upward movement in the coming days.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.