Since hitting $4,200 on February 24th, the leading cryptocurrency has been stuck at $3,900. It’s been more than a fortnight that Bitcoin saw any real action. At the time of writing, Bitcoin has been trading at $3,892 with 24-hours loss of 0.59 percent, as per the data provided by Coinmarketcap.
Meanwhile, the daily trading volume has been moving down as it slides to $9.4 billion from $10.7 billion, a few days back.
However, according to crypto trader and analyst, Alan Masters, the bullishness of the Bitcoin is, in fact, intact. Talking about Bitcoin on the 4hr time frame, he notes the following points,
- Bitcoin has been printing higher lows since the 27th of February.
- We can see a bounce each time EMA200 (bold orange line) is tested.
- Our trendline from the 7th February worked as support on the last drop, XBTUSD didn’t reach EMA200 and bounce before that, a small but valid bullish signal.
- Both the MACD and RSI are showing a strong curve up which can open the door to additional bullish action.
He further says the consolidation continues to happen as “A break and close below EMA200 would invalidate most of these signals and a new analysis is needed. This is all based on the 4H time frame,” with the Bitcoin bullish potential remaining intact.
When it comes to altcoins, among the top cryptos, coins like Dash is making huge gains while Stellar, Litecoin, and Cardano saw a good rise in the past couple of days. Today’s top gainer with over 30 percent gains is Maximum Coin while Zcoin, Crypto.com Chain, Electronium, Komodo, Kucoin Shares, and Digitex Futures are up between 10 to 20 percent.
“This action is indicative of the market bottom already being established and I believe this can be just the beginning of something much, much bigger,” shared Alan Masters.
He says, altcoins remains bullish and strong and on the basis of past market analysis that also means additional bullish action from altcoins could be expected.
“When I think back in time before the last cryptocurrency market bull-run, you would always see similar action to what we are seeing today. Bitcoin goes little bullish and the altcoins explode. After the huge altcoins explosion for several long weeks, then the retrace comes and Bitcoin shoots up.”