Let us start our analysis with theBitcoin dollar chart.
On the daily chart we are still in a downtrendand below the Ichimoku Cloud.
Despite the more positive sentiment and thenice up move in price on Sunday, as long as we stay below the cloud,I will not get too positive.
From a classical charting point of view, weneed to take out the resistance at the 4,200 level and set the higher high before we cantalk about the positive uptrend.
On the four hour chart things look much better.
We have successfully retested the cloud fromthe top side and moved higher dynamically afterwards.
Next levels to watch are 3,800 high volumezone and, of course, the much more important 4,000 to 4,200 level.
Moving over to Altcoins,we see Litecoin in a healthy consolidation after its hefty up moveone and a half weeks ago.
The new leader, as it seems, is now Etheroutperforming Bitcoin about 10% over the last days.
We turned bullish on the ETHBTC cross bothon the four hour and the daily chart.
This brings us straight to our rotation report, where we clearly see the rotation out of Bitcoininto Altcoins on the MACD charts.
The top 10 coins are right in the positivearea and also the coins ranked 11 to 50 are pushing hefty towards the positive area.
On the correlation chart, we see the overallcorrelation between Alts and Bitcoin breaking down which, in our view, is a positive sign.
To sum up, there are a lot of positive signsand price moves.
There seems to be some opportunity in Altcoinsto be picked up, but as long as Bitcoin stays below the 4,200 level we would be cautiousand set tight to stop losses.
The move higher over the weekend or actuallyyesterday afternoon was led by Ethereum.
Here we can see Ethereum is the white lineon the chart, you could see there was a pop yesterday morning which was followed about10-20 minutes later by the rest of the markets.
Everything corrected in short time, but ittook Ethereum a bit longer to come back to the original price.
And you can see throughout the afternoon Ethereumcontinued to rise while the market stayed flat, and then by the evening it turned intoa kind of full on rally.
And we can see the results today.
Ethereum up 13% since that pop happened.
As far as indicators are concerned, the onethat I want to point out most is the volume that's been happening on global exchanges.
So here on Coin Checkup we can see that onFebruary 8th volumes were bottoming out around 14-15 billion dollars across all crypto exchanges.
Then there was that noticeable spikewhich did come along with a spike in volumes.
And by today we're looking at global volumesof around 27 billion which is more than 10 billion dollars above,where we were just 10 days ago.
So these strong movements happening on verystrong volumes – is an incredibly positive sign.
Most of the volumes are happening againstBitcoin and against Tether still, but I did notice checking out CryptoCompare data thatabout 12% of volumes were coming in US dollars which is a tad higher, usually that figureis around 2% or 3%.
So this could very well indicate that newmoney is coming into the market.
My eyes at the moment are on that 200 Daymoving average.
This blue line has basically supported theprice throughout the 2017 Bull Run.
Got a little bit detached in Q4 and Q1 overhere, but as we can see throughout the bear market, specifically during the second halfof 2018, this moving average acted as a major resistance point for the market.
So what I'd like to see is a strong breakabove that 200 Day moving average or a strong break above the psychological levelof 5,000 dollars per coin.
I think that could really changethe market sentiment a lot.