The crypto market is ready to exit the bears market it seems as most cryptocurrency has been on the rise during the last 72 hours. The market gained 5% during this time as it hit the $1.5 trillion mark again. Some of the contributors of the 5% gain are Bitcoin and Ethereum.
Bitcoin has enjoyed three days of steady gains since the month’s beginning. The current price actions are leading many traders to think the bearish dominance is over.
A quick reminder that we are still under the death cross and BTC liable to increased bearish actions. Regardless, the bulls are edging. Looking at various indicators it is very hard to overlook the significant gains the buyers are getting.
One such indicator is the Moving Average Convergence Divergence (MACD). This indicator’s two lines crossed as the fast line intercepted the slower one from below; displayed a buy signal. Per MACD readings, the king coin has been on the rise with little retracements.
Additionally, the three days gains are forming a three white soldier pattern. This candlestick pattern could be heralding the end of the bearish dominance. It is also important to note the recent trend pattern as traders have been dumping the market on weekdays and buying back at the weekends.
If the trend continues, we may see a gradual drop in prices going into the new week. If the market stays true to the chart pattern, we may see a continuation of the green candles on the 1-day timeframe.
The once struggling coin finally see light out of the tunnel as it regains its $2k status. Like other cryptos, ether has also enjoyed steady gains in the past three days. Ether also thrilled traders as it hit its two weeks high of $2,376.
One of the attributing factors of the current surge ETH is seeing is its upcoming London hard fork. In the days leading up to the hard fork, we may see the second coin by the market slowly increase in price.
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