Why is Crypto Going Up – DXY Down, Time to Buy Coins For Altcoin Season?
On Friday, a weaker dollar may have helped propel crypto prices upward as stock market investors remained cautious after U.S. inflation numbers came in at historically high levels despite a slight easing, and uncertainty around the upcoming FOMC meeting next week.
Meanwhile, the cryptocurrency market made a significant recovery yesterday as it bounced 2.30% off the 0.382 Fibonacci retracement level of support. Today markets are continuing to rally so far, with Bitcoin up 1.49% and Ethereum up 2.02% as of writing. As the market cap tries to find its way back above the $860 billion range, is the market once again attempting to break this key resistance area?
In the long run, prices remain bearish as the market continues to trade below both EMA 50 and 100. But for now, a bit of optimism may be setting in as the market stays steady above the EMA 20 for the last couple of days.
Yesterday, the Relative Strength Index (RSI) broke past the RSI 50 mark at RSI 50.03 and is now hovering around RSI 50.44. It's essential to maintain this level over the next few days in order for us to see a potential market uptick.
The MACD's bullish crossover with the climbing moving averages is a sign of potential upward movement, however, the shrinking gap between them may be cause for concern. To sustain this promising trend we need to experience further growth in market momentum.
Fib 0.236 and Fib 0.382 has been proven significant for the past couple of weeks. Therefore, the levels of $789 billion to $804 billion are the immediate supports for the Crypto Total Market Cap. The market has so far broken the daily EMA50 at the $837 billion area and is now attempting to break through the $850 billion to $860 billion resistance level. If successful, it
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