Bitcoin has surged above the overhead resistance and that has pushed certain altcoins higher. Bitcoin shot above the $1 trillion market capitalization today, pulling the total crypto market capitalization close to $2.3 trillion. This marks a complete 100% recovery from the June 22 lows.
BTC
Bitcoin broke above $48,843.20 which was the first sign that the correction may be over. This may have attracted bears, resulting in a rally. The bulls have pushed the price above $52,920, which invalidates the H&S pattern. The 20-day exponential moving average of $46,947 has turned up and the relative strength index (RSI) is close to the overbought zone, this show that the bulls are running the show.
ETH
Ether bounced off the 50-day simple moving average 0f $3,3174 and the bulls extended the recovery. However, the bears tried to delay the rally today and they pulled the price to the 50-day SMA. The candlestick shows aggressive buying near the 50-day SMA. The rising 20-day EMA of $3,262.50 and the RSI in the green zone indicate that bulls are in dominating.
BNB/USDT
Binance Coin broke and closed above the overhead resistance of $433 but the bulls have not been able to gain momentum. The bears pulled the price back below $433 today but the positive sign is that bulls aggressively bought the dip. The 20-day EMA of $404 is sloping up and the RSI is in the positive territory, indicating that buyers have the upper hand. If bulls push and hold the price above $444, BNB could rally to $518.90.
ADA
The bulls have not been able to clear the overhead hurdle at the 20-day EMA at $2.25 in the past few days, indicating selling at higher levels. The candlestick suggests that bulls are accumulating ADA at lower levels. The 20-day EMA is flattening out and the RSI is just below the midpoint, suggesting a balance between supply and demand. If bulls drive the price above the 20-day EMA, ADA could rally to $2.47.
