The cryptocurrency market’s sudden bullish trend has certainly had a positive impact on investor sentiment as the prices have started climbing. Popular cryptocurrencies like Bitcoin [BTC], Ethereum and XRP have all seen a green spread while at the same time, the trend has had a drip down effect on the rest of the market. Looking at the charts, it becomes apparent that Bitcoin is trying to break its current resistance and go back to its glory days.
The one-hour graph for Bitcoin shows a significant uptrend that has boosted investor sentiments. The uptrend lifted the price from $3,355.47 to $3,575.81. The support has been holding at $3,354.25 while the immediate resistance has been lifted to $3,667.11.
The Chaikin Money Flow indicator is just below the zero-line after being above it for more than two days. The hold below the zero-line is an indication of the capital coming into the market being lesser than the capital leaving the market.
The Parabolic SAR…
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