ETH, BCH and top memecoins are flashing bullish chart patterns.
Ether's price has surged more than 8%, breaking a prolonged downtrend and indicating a bullish market shift. The BCH/BTC ratio has risen 11% this week, suggesting potential BCH outperformance relative to bitcoin.
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.Ether's price has surged more than 8% today, piercing the trendline that represents the downtrend from December highs above $4,100. In other words, demand has finally managed to overpower the supply zone defined by the trendline, confirming a bullish shift in the market trend.The three-line break chart shows a similar breakout. The line break chart focuses on price movements and changes in trend while ignoring time, helping traders filter out erratic price movements and noise. As a result, signals on the line break chart are considered more reliable and durable signals.The ratio between U.S. dollar prices for bitcoin cash and bitcoin has risen 11% this week, topping a trendline characterizing the brutal year-long bear market.The market caps for DOGE and SHIB were up 7% and 5% at the time of writing, with their respective daily charts showcasing a "rounding bottom" pattern. A rounding bottom happens after a significant downtrend, as in DOGE and SHIB's cases. and signals a shift to a bullish market. It shows a change from lower highs to higher lows, indicating that buying interest is starting to increase.Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
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