Bitcoin (BTC), EOS and TRON (TRX): The Bull Run is on, Cryptocurrencies Are on Fire
Bitcoin (BTC) price continues to pick up the pace even carrying the entire cryptocurrency market bullishly along with it. The largest cryptocurrency by market capitalization breached the long-awaited $9,000 level during the Asian trading hours on Tuesday. The price is up more than 15% in the last one week while Coinmarketcap.com shows that BTC/USD is up 4.62% in the last 24 hours at the time of doing this analysis.
Bitcoin price is seeking higher consolidations, as it retraces higher towards the short-term resistance at $8,500. The price is trading the intraday high of $9,350, although there is a bullish momentum in progress close to this level. The current support at $9,200 offered resistance as the price edged higher. Various indicators point towards higher consolidations for BTC/USD.
The moving averages are closing in to signal that the bulls have the influence in the market. Besides the MACD momentum indicator is pulling further into the positive regions to show that the path of least resistance is to the upside. Bitcoin (BTC) price will face stiff resistance at $9,500 as it explores new April highs towards $10,000, which is within reach. As mentioned the short-term support is at $9,200 while the stronger support rests at $8,800 on the 4-hour timeframe chart.
EOS Price Analysis
EOS price, on the other hand, is dancing with the 23.6% Fib retracement level with the previous swing high of $15.9 and a low of $5.9 close to $13.5. There is a bullish momentum that is forming close to this level, although the upside has been capped below $14.00. EOS/USD is threatening to smash its all-time high recorded in January 2018.
There was a bullish flag pattern that was initiated around the $10.00 level, breaking above the resistance level at $11.00 before embracing another similar pattern above $12.00. EOS price is currently trading at $13.5 pending yet another bullish flag pattern that could result in higher consolidation before the price attacks $15.00.
EOS price is exchanging hands above both the 50 SMA and the 100 SMA on the 4-hour chart. Consequently, the moving averages indicate that the momentum could continue to be bullish in the near-term where EOS/USD could increase the intraday high and possibly close the trading on Tuesday above $14.00. Other technical indicators like the MACD and the trend lines are still pointing towards the bullish momentum observed on the chart.
TRON (TRX) Price Analysis
Tron (TRX) price is on an upside roll surging by over 21% in the last 24 hours. TRX/USD is trading above $0.060 level although the upside has been capped at $0.065 after facing selling pressure. Tron is counting days to the mainnet launch that will see it migrate from being an ERC20 token to Tron blockchain. The impending airdrop promises $1.7 million to the Ethereum community and particularly the active users with over 1 ETH after January 1, 2018.
Tron price could continue to correct higher as the mainnet launch approaches. Besides cryptocurrencies are still retracing due to the current bullish trend that has seen Bitcoin hit $9,000, Ethereum $700 and Bitcoin Cash $1,500.
Technically, TRX/USD is facing rising selling pressure at the intraday high of $0.065, although the MACD is still pulling into the positive territory which could signal more buyers to enter the market. However, the gap between the moving averages is widening to show that the buyers are giving up control to the sellers in the short-term. A short-term support has been formed at $0.06, similarly, there is a highlighted support at $0.055 area. Below this, the 100 SMA will stop further declines in the event of a significant trend reversal for Tron (TRX).