They have been truly exceptional days in the crypto market, especially for Bitcoin, capable of recently reaching an annual high of $ 16,480 in a bullish rally that seems not to be exhausted, however with each high it marks, the strength decreases and the volatility slows down.
After BTC started to slow down, other cryptocurrencies started to gain traction, and little by little we began to see a widespread rally.
Despite this, lately overall volatility has been decreasing in the ecosystem.
We recently saw weekly gains of over 20% in the TOP 10. Today the best we see is Ripple with a rise of 6.45% in the last 7 days, currently trading at $ 0.27.
Ethereum for its part accumulates gains of 1.94% in the last 7 days, trading at $ 454.59; and Bitcoin with 5% gains in the same time period, priced at $ 15,970 at the time of writing.
Will the depletion of the bulls be warning us of a correction? Or, on the contrary, will prices explode soon? To find out, let’s see what the charts of the top crypto market participants tell us.
Bitcoin slows at $ 16,150 and the crypto market follows suit
It is now 7 weeks in which BTC has been on a constant rise, and despite the fact that with each passing day the momentum seems more exhausted, still the bears cannot take control, so a pullback is still not at all safe.
If we look at the weekly chart we notice a fairly developed bullish momentum, in a trend that has not yet made a valid retracement. Despite the fact that there is still no correction of the medium-term trend, nothing assures us that this will happen soon.
On Nov. 13 as BTC made a new yearly high, a weekly resistance at $ 16,150 hampered the bulls’ intentions.
The current moment seems like a good time to correct, but I don’t think it is a good idea to bet on this scenario, it is always a better idea to go in favor of the trend.
In addition, what we see from the weekly chart as a strong momentum, in the monthly time frame we see that this is just the beginning of a momentum in the historical trend.
Short-term trend of Bitcoin
When we move down to the daily candlestick chart, we identify a strong short-term uptrend. However, with each high that marks this direction, the force decreases more and more, which is reflected in a bearish divergence between the candlestick chart and the RSI.
There is not much yet to confirm that Bitcoin is going to pull back anytime soon. As long as the support at $ 14,818 remains, the short-term uptrend remains intact.
Ethereum continues in a solid bullish direction
Despite the lack of strength in Bitcoin holding back other crypto market participants, still the price charts do not say there is much to worry about.
Ethereum still hasn’t even managed to break past its previous yearly high, however the short-term bullish direction is intact.
This way, there is nothing to worry about. ETH continues to be keen to set new yearly highs in the near future, and we should see some pretty serious bleeding from BTC for this scenario to change.
For now, the odds are still on the bullish side, it’s time to keep monitoring.
Ripple managed to wake up
While the strength in the crypto market slows down a bit, this is not to say that some important steps cannot be taken.
XRP managed last Friday to get out of a cumulative period in which it remained for more than 3 months.
Although the strength is not yet too strong, the bullish signal that this break throws is quite relevant. The breakout above the resistance at $ 0.2538 roughly, signifies the resumption of the mid-term uptrend, which should seek a new yearly high in the near future.
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