This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.
Dealers looking for tokens who can see accelerated gains like Bitcoin (BTC) options may want to focus on Ether (ETH) and the relationship between Bitcoin Cash (BCH) and Bitcoin.
Both have broken long -lasting downturns along with bullish bottom formations in the leading meme -token’s dog and shib.
Ether breakout
Ether’s price has risen more than 8% today and piercing the trend line (see left chart) representing the descendant from December heights over $ 4,100. In other words, the demand has finally managed to overheard the supply zone defined by the trend line, confirming a bullish shift in the market trend.
Three-Linje’s Break Chart (right) shows a similar breakout. Line Break chart
Focusing on price movements and changes in the trend while ignoring time helps dealers filter erratic price movements and noise. As a result, signals on the line scheme are considered more reliable and durable signals.
The breakout shifts focus on resistance between $ 2,300 and $ 2,400, the support zone from October and November.
BCH/BTC
The US dollar prices for Bitcoin Cash and Bitcoin have risen 11% this week and topped a trendline that characterizes the brutal year -long bear market.
The Bullish Development suggests that BCH Outperformance compared to Bitcoin in the coming days.
DOGE, SHIB -BUND
The market caps for DOGE and SHIB rose 7% and 5% at the time of writing, with their respective daily charts showing a “rounding bottom” pattern.
A rounding bottom occurs after a significant downward downtend, as in DOGE and SHIB’s cases. and signals a shift to a bullish market. It shows a change from lower heights to higher low low, indicating that buying interest begins to rise.
