This is a daily technical analysis of the Coindesk analyst and technician of the approved market Omkar Godbole.
Traders looking for tokens that can see accelerated gains like Bitcoin (BTC) rallies might want to focus on ether (ETH) and the relationship between Bitcoin Cash (BCH) and Bitcoin.
The two broke prolonged downward trends alongside the bullish background formations in the main memes and shib tokens.
Ethouet
Ether’s price has increased by more than 8% today, piercing the trend line (see the left graph) which represents the downward trend in December summit above $ 4,100. In other words, demand has finally managed to dominate the supply area defined by the trend line, confirming a bullish change in the market trend.
The three -line rupture graph (right) shows a similar break. The line breakdown
Focus on price movements and trend changes while ignoring time, helping traders filtering erratic price movements and noise. Consequently, the signals on the line rupture graph are considered to be more reliable and durable signals.
The rupture focuses on resistance between $ 2,300 and $ 2,400, the October and November support area.
BCH / BTC
The ratio between the prices of the US dollar for Bitcoin Cash and Bitcoin increased by 11% this week, exceeding a trend line characterizing the one -year bear market.
The Haussier development suggests an outperformance of BCH compared to Bitcoin in the coming days.
DOGE, BOTTOMS SHIB
The stock market capitalizations for DOGE and SHIB increased by 7% and 5% at the time of the editorial staff, their respective daily cards presenting a “bottom to the district” model.
A rounding background occurs after a significant decrease trend, as in cases of Doge and Shib. And signals a shift to a bull market. It shows a highest passage from the highest stockings, which indicates that the purchase of interest is starting to increase.
