Bitcoin is breaking above its Diamond formation, reaching its first target at $9670

Ethereum is enjoying a spectacular trading day, strengthening its edge versus Bitcoin

The main Cryptocurrencies are enjoying strong rises today, with Ethereum leading the way and consolidating its gains against Bitcoin, as we will see in today's analysis.

Among the altcoins, IOTA is the biggest mover, with gains over 10% that have been regulated during the first hours of the Asian trading session. We should always be aware that volatility in an asset is not bullish or bearish, so expect to see big retracements as well.

ETH/USD 4H chart

Ethereum is trading around $792 at the time of this writing. This is not a random level, as it was already visited several times during February and March during its bearish leg.

On the upside, next resistance is at $811.89 at first, followed by $843.60 and finally $869.90. If that level is breached, ETH/USD would get into a very clean area that could increase the speed of the price action.

MACD in the Ethereum 4-hour chart shows a clearly bullish profile, with no indications of a possible change in the upcoming hours.

Directional Movement Index in the same chart shows a strong bullish profile that should bring several periods of rises. D+ is moving well above the ADX and with an important inclination that, even though it doesn't totally exclude violent retracements, gives a big margin to the continuity of the movement.

BTC/USD 4H chart

Bitcoin escaped to the upside from the Diamond formation that was containing it and reached its first resistance at $9648. BTC/USD is now trying to breach the $9753 level, that would take it quickly up to the $10000 mark as a temporary stop before the real target at $10094. Further above, as the maximum bullish target for the upcoming periods, we find the $10648 level.

MACD in the Bitcoin 4-hour chart has improved a lot its technical outlook compared to yesterday. Inclination and opening are perfect for the bulls, always keeping in mind that very volatile consolidation moves can appear.

Directional Movement Index in the same chart is accompanying the movement and also shows a clearly bullish profile. Expect consolidation action where the price can get very volatile, but the general bias is clearly bullish. ADX is trading above 20 and rising, which also supports a bullish continuation.

IOT/BTC 4H chart

IOTA also enjoyed a very positive day yesterday, but it looks like it consumed most of its bullish short-term potential in just one session. Today, IOT/BTC profile points to a retracement and consolidation of a certain amplitude. As we already mentioned, expect consolidation around 6% after a 10% rise. Trading such moves is possible and profitable, but expertise in short-term trading is required.

IOTA is heading now to 0.000241BTC after support at 0.000253 couldn't hold the price. If that first support is lost, IOT/BTC could come back to 0.000222BTC and unwind all of its gains from April.

MACD in the 4-hour IOT/BTC chart shows the mentioned exhaustion, although it is not showing a bearish profile yet. A bounce upwards in the next support looks likely.

Directional Movement Index in the same chart still shows the buyers with the edge, although without the strength and potential shown in prior days. D+ is already moving below ADX, so the current bullish movement will slowly become a lateral-bullish action in the next trading sessions.

ETH/BTC 4H chart

Ethereum is strengthening its advantage against Bitcoin. It's important to track this cross considering these are the two main Cryptocurrencies which act as the price reference for most of the Crypto sphere. Balancing our portfolio in favor of ETH will give us some edge.

First resistance in the ETH/BTC cross is at 0.083573, followed by 0.089571. Above there, and very close to relative highs, another resistance at 0.0987875.

Below there, first support is at 0.078729, followed by the 0.073885 level and as a third support the 0.070000 mark.

MACD in the ETH/BTC 4-hour chart has taken a second bullish opportunity after some hesitation in the last session that almost made the pair to cross down. This kind of movement is usually terminal and tends to very brief.

Directional Movement Index in the same chart is showing the D+ located above the ADX, a structure that supports the bullish continuity. D- is not diminishing with the last bullish leg and shows a meaningful interest in Bitcoin against Ethereum.