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The current rally in the market unexpected, but highly welcome. Bitcoin gained over $600 in under one hour yesterday pulling most of the coins and altcoins into another bullish rally. For instance, Stellar (XLM) is up 33% in the last 24 hours while trading at $0.309. Cardano (ADA) is also shooting fireworks on its way to the moon with over 22% rise in price. EOS is also blowing off the roof after breaking above the long-term key resistance at $9.00. To sum it up, the market is basking in the green while bullish signals could result in more upside corrections in the short-term, at the same time, higher consolidations are also expected.
Bitcoin is up over 10% in the last 24 hours and 1.39% on the day. After the sharp spike in the evening (GMT) session on Tuesday where it gained at least $600, the largest cryptocurrency is battling to consolidate the gains above $7,400. Earlier this week, Bitcoin embarked on yet another rally that escaped the entrapment of the resistance at $6,400; gaining over $400 on the day and trading slightly above $6,700.
In just one week, Bitcoin price has gained over $1,000 and industry experts like Thomas Lee and eToro’s Senior Market Analyst Mati Greenspan have tried to demystify the cause of the rally. The latter says that “The assumption is this is a combination of some sort of short squeeze and some new money coming in [to the market].”
Bitcoin, after breaking above the key resistance at $6,800, traded an extended engulfing candle spiking above $7,500. However, the price ran into resistance made lower corrections on the day, but they have been supported above $7,330. The crypto is trading at $7,400 at the time of writing, but various technical indicators are sending bearish signals. Bitcoin price is likely to correct lower before retesting $7,500, although a break above this level could see BTC/USD recoil further towards the upper supply zone at $7750.
Tron price has also made considerable gains in the past 24 hours. The price has smashed through the critical resistance at $0.038 and is now making higher consolidation above $0.040 after reacting on the just form double top-pattern. The bullish signals from the technical indicators will continue in the short-term and even the medium-term.
The moving averages on the 2-hour chart have just crossed, which means that the buyers still have the control. Tron intraday limit has capped the gains below $0.041, but the buyers have their eyes on $0.042. The immediate supply zone is at the double-top pattern at $0.04082, which also represents a significant breakout position. Trading above this position will allow the Bulls to gather momentum to retrace higher, but in the meantime, a support above $0.040 is good enough.
NEO (NEO) price, on the other hand, has been trading higher highs and higher lows since Monday. Toward the end of last week, NEO tanked further exploring lows marginally above $30.00. The 38.2% Fibo at $33.2 restricted the price, but the bullish wave on Monday this week pushed the price above this level and settled in a short-term bullish flag pattern supported at $36.00 while the upside was capped at $37.34.
However, the price blasted its way through the resistance at this level forming an engulfing bullish candle on Tuesday. There are minor price movements today, but the stubborn resistance at $40.00 has limited the gains. NEO/USD is seeking support above $39.00, but a significant support is the 61.8% Fib retracement level at $36.7. NEO price is likely to make subtle lower corrections before retesting $40.00. Similarly, to confirm, an uptrend, it must trade above this $40.00.
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