The market demonstrated a very bullish momentum in the past week, with strong rally recorded in almost every cryptocurrency. The investors are still looking for reasons that lifted the market sentiment and of course prices but is also sceptical on how long this momentum will persist.The total market cap of all cryptocurrencies now going around $185 bn levels, which is over a 20 per cent jump in last one week. This is also the highest market cap level since December last year.I think, going forward, the market will struggle to reach higher and there are some clear signs of exhaustion in the market but uncertainty prevails. Here, is the technical analysis of the top five cryptocurrencies:Bitcoin gained over $1,000 in a week, to break above the $5200 level, the first time in 2019. Overall, the market continues to be bullish but is likely to pull back a bit as the market is in overbought zone.If we analyse the weekly chart of Bitcoin, the 50 & 100 Day EMA is offering stiff resistance and also stochastic is in an overbought condition, suggesting a reversal in trend. Further, the last time stochastic was in the overbought condition in the weekly chart was when the market had peaked to $20,000 level.If the Bitcoin price reverses, the $5,000 level should offer support and if it breaks below, then the region around $4,500 level is a strong support zone.ETH prices bounced higher from the $140 level, the region where it was consolidating for the last several sessions. Currently, the ETH price is trying to move towards the $200 level but is likely to face strong resistance ahead. In both the daily and weekly chart, the stochastic is in an overbought condition, sending out signals of exhaustion. The $160 region has strong support which extends down to the $150 level.Ripple broke away from its range bound movement in the past week, breaking above multiple resistance levels all at a once. XRP/USD pair is now consolidating around the $0.36 level which is one of the resistance lines and is also attracting a lot of attention. In case of a pullback from here, the $0.3375 level and 100 Day EMA slope should offer strong support.In the weekly chart, the stochastic is giving out a signal of a bullish build-up in the market, as it is currently moving out from the oversold position. If the pair clear above the $0.36 level, then it can easily reach towards the $0.39 level.Bitcoin Cash gained the most in the last seven sessions, registering over 100 per cent in gains, breaking away from the months of bearish sentiment in the market. I think the market from here should witness a reversal in momentum and get pulled back a bit.The 50 Day EMA is breaking above the 100 Day EMA slope, which is a bit bullish and will also support the market to go higher. In case of breakdown, the $200 level underneath is a strong support zone.After a steep rally in the counter last week, the LTC/USD pair is now witnessing a bit of issue at the higher level, struggling to gain momentum to break higher. In the weekly chart, the LTC prices have both broken the 50 & 100 Day EMA, which has been extremely bullish for the counter but is now losing momentum.The $75 level underneath should offer strong support, which extends down to the $67 level. In order to move higher, the market needs to break above the $93 level, which is the immediate resistance for the pair. Join the Discussion on Telegram
© CoinJoker 2019 | All Rights Reserved.