As usual, the trend of most cryptos is being strongly influenced by the fluctuations of the larger one. We are at a peak, where a break in the BTC price above USD 10,000 would be ideal, let’s see how this can influence ETH and XRP.
Technical analysis of the crypt trend
We start with Bitcoin, with which we can have a macro view of the crypto market.
BTC is trading at USDT 9,295 at the time of this writing, while trying to maintain a small intraday support.
The long term trend, followed by the 200 week moving Bitcoin Era average, is fully bullish. This indicator was tested last March, and again, it was defended by the bulls.
In the medium term, the 8 and 18 week moving averages are excellent for quickly identifying the trend in cryptos, currently giving bullish signals, and functioning as dynamic supports. For this to change, the USD 8,700 support must be broken through.
On the daily Bitcoin vs Tether chart, the short term trend can be identified. The fast moving averages, used in red and blue on the next chart, are giving a downward signal.
The odds are in favor of an early search for the USDT 8,700. If this support is not broken, cryptomone sellers will still have a hard time generating good profits.
For the short term trend to change up, the USDT 9.525 resistance must be crossed. On intraday charts, bulls are already making their presence felt, leaving a small area of demand near the USD 9,000.