The cryptocurrency market is gradually entering a bull run as Bitcoin along with major altcoins are recording significant gains over the last few days.
Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), Monero (XMR), and EOS (EOS) are in the bull markets. At the time of writing, the coins are trading at the overbought region of the daily indicator except for BSV.
BCH/USD Major Trend: Bullish
Bitcoin Cash (BCH) has made an impressive bullish run but has one hurdle to overcome. The bulls have successfully overcome the $320 and $360 resistance levels but are yet to penetrate the resistance at $400. In retrospect, the $320 resistance has been a knotty price level which has not been broken since August 2019.
These resistances have been breached except the $400 price level. Possibly, a break above $400 will push the coin to a high of $520. Meanwhile, the Relative Strength Index (RSI) period 14 level 71 indicates that the market is overbought. In an overbought market condition, the bulls will not be available to push BCH upward. Rather, bears will be available to push BCH downward. Therefore, BCH is likely to fall.
BSV/USD Major Trend: Bullish
The new-look Bitcoin SV (BSV) was earlier in a price rally. On January 10, the bulls broke the $120 resistance level and the price rally above $440. The selling pressure was overwhelming at $440 as the coin nosedived to the low at $240.
Before this time, Bitcoin SV was in a sideways trend between $80 and $120. The four months old sideways trend was broken during a price breakout. Today, the coin is fluctuating between $240 and $320 after the downward correction. Meanwhile, the market is above 40% range of the daily stochastic, meaning that BSV is in bullish momentum.
LTC/USD Major Trend: Bullish
Litecoin (LTC) is making remarkable moves after its ability to overcome the resistance at $50. The bulls broke the $50 resistance but were resisted at $60. The coin fell back to the support at $50 before resuming the upward move. The cryptocurrency is in an upward move as it approaches the next resistance at $70.
On the upside, a break above the $70 will propel LTC to rally above $80. If the bulls are successful, the silver coin will be out of the downtrend zone. Meanwhile, Litecoin is above 80% range of the daily stochastic. This implies that the pair is in the overbought region of the market. The cryptocurrency’s upward move will be hampered in the overbought region as buyers will be unavailable to push the coin upward.
XMR/USD Major Trend: Bullish
Monero is also making positive moves after its breakout from the downtrend line since January 3. The pair have consistently broken the $50 and $60 price levels. However, the bulls made two attempts before breaking the resistance at $70. At the moment the upward move has been put on hold. XMR is retracing after encountering a resistance level.
The price may retrace and find support at $70. On the upside, a break at $75 resistance will push the coin above $80. Nonetheless, if the bullish momentum is sustained, Monero will be out of the downtrend zone. Currently, the coin is out of the overbought region of the daily Relative Strength Index period 14 level 66. The market was falling when RSI is above level 70 due to insufficient buyers to push the coin upward.
EOS/USD Major Trend: Bullish
EOS (EOS) has commenced an uptrend move immediately it broke the downtrend line. After the breakout, it reached a high of $3.70 and then dropped to the low of $2.20. The pair resumed its upward move and broke the key levels to reach the high above $4. EOS is now facing a critical resistance level at $4.30. This resistance level is a historical price level in July and August when the coin consolidated before its downward move.
Nonetheless, the downward move may find support at $4. On the upside, a break above $4.30 will propel EOS to reach a high of $6. Meanwhile, the cryptocurrency is above 80% range of the daily stochastic. In other words, it is in the overbought region of the market. In the overbought region, buyers will not be available to push the coin upward. In the meantime, EOS will be falling until it finds support.