The bullish rally of cryptocurrencies led by Bitcoin has been maintained over the weekend as planned. The market of capitalization in general has remained firm in the $ 140 Billion dollars, which is the immediate resistance to beat by the ecosystem to achieve a new bullish rally, otherwise we will begin to see how the market recedes to levels of a week ago .
For now, Bitcoin (BTC) holds the domain with a 50.7% market share share in general.
However, symptoms are already being felt in the three leaders of the general ranking, that this scenario could soon change. Let's see in depth what this week holds for Bitcoin.
After reaching the $ 4000 barrier, the cryptocurrency maintains a lateral movement between the bands of $ 3800- $ 4000 during the last hours, synonymous with a struggle between the bulls and bearish to take control.
At the time of writing, Bitcoin (BTC) has a spot price of $ 0431.56 per unit, with a 0.25% drop in the last 24 hours. Its capitalization market remains strong above $ 70 trillion.
In the short term, the leading cryptocurrency presents a scenario of price correction, with a possible contraction to levels of $ 3990.83 for the end of the week, according to the pattern drawn by the Elliot Wave Correction (orange line), after walking for maximums of $ 4011.3 and minimum of up to $ 3927.89, as immediate support.
The Stochastic indicator continues to move strongly to the overbought zone, which is a good indication of the bullish level to be maintained for now, however, its projection indicates that it will soon leave that area by mid-week, which could confirm the scenario proposed for March 24, 2019 in the graph.
Even though we have an ascending channel similar to the 2015 scenario, where it could be indicated that it is the last low floor of Bitcoin, before the new bullisht scenario of the market, we must wait the next hours to see if its level of support is not exceeded and it ends up having a change totally contrary to the expected for this week.
According to this graph, Bitcoin will end its downtrend at the end of the day and could return to levels of $ 3800.
The Aroon UpTrend indicator is on the way to reaffirm this thesis, when we see it heading south (green line).
Similarly, the crossing with EMA25 indicates that we are entering the sales area, with the bears waiting to regain control of the market.