The cryptocurrency market momentum has swung back to Bitcoin (BTC) recently as BTC dominance and trading volumes have been climbing along with the price. In that regard, the primary altcoin indicator Ether (ETH) has not been doing well as ETH/BTC dropped 30% in the last two months.
Now many crypto traders are asking when the altcoins will bottom out and start to rally again. Let’s take a looks at what the charts are showing.
The weekly chart shows a precise range as Ether’s price couldn’t break through the resistance zone at $450. However, some bullish indicators are also seen on the charts.
One of those bullish indicators is the breakthrough of the 100-week and 200-week moving averages (MAs). These MAs are often seen as a crucial indicator of bullish/bearish sentiment of the markets. As the price of Ether broke through the MAs in the previous months, it can be said with confidence that this cryptocurrency is in bullish territory.
ETH/USDT : Bearish but into ascending triangle !
– EMA 100 is supporting movement
– Trending into ascending triangle
– Support levels are near to price
– Moving into resistance zone
– Bearish crossover on Stochastic RSI
– MACD is bearish also had a Bearish crossover on daily time frame
– Helical indicator is bearish now
ETH is into ascending triangle with bearish candle on daily time frame, indicators confirmed Bearish side but we have to take a look at support levels..
Next candles are important ! IF ETH failed to break resistance and exit Triangle then we will going for a correction near 300$ !!!
But if ETH breaks resistance and take hold above it, We could touch 490$ again.
Everything is now depending on DOMINANCE and current resistance level …
Attention : this is not a financial advise we just try to help people on their own vision.
HAVE A GOOD DAY
Bitcoin Pullback As U.S. Presidential Elections Loom Could Ignite Meteoric Altcoin Upsurge: Analyst
The Trump-Biden White House race is about to come to a close in a few days. Interestingly, bitcoin has been incredibly strong and resilient heading into the U.S presidential elections amid the stock market instability.
Last week, bitcoin came close to its June 2019 high above $13,800 and slumped as traditional markets crushed following mounting concerns about the sharp rise in COVID-19 cases. Bitcoin was, however, able to avoid a breakdown below $13,000 even as risk-off assets such as gold dropped to one-month lows.
Surprisingly, bitcoin recovered and surged to $14,045 over the past weekend. This marked the highest level since January of 2018. Perhaps even more interesting, bitcoin breaching the $14K mark coincided with the 12-year anniversary since bitcoin creator Satoshi Nakamoto released the whitepaper on October 31, 2018.
However, the rally to $14,000 was met with violent rejection. One crypto analyst observed that the top cryptocurrency has put in a temporary top around this price level. The analyst expects continued weakness as the U.S. elections draw closer. This, according to him, will give altcoins enough momentum to shine as they post significant gains against the dominant cryptocurrency.
The analyst specifically said:
“I think bitcoin is putting in a temporary top. Price action to the upside when futures are closed gives me further indication that we’ll see a continued pullback into the election. Hopefully, after we’ll see capital go into alts. $eth $btc $link.”
In recent weeks, the altcoin market has seriously underperformed bitcoin. As such, it remains to be seen which catalyst will ignite a rotation of capital from the top crypto to the altcoins.
Notably, the growth of the decentralized finance (DeFi) industry has slowed down during the recent bitcoin mania. This implies that the sector could reawaken when altcoins start rallying massively.
On the other hand, there is a high possibility of a contested election and this could create uncertainty. Such uncertainty could start the next major Bitcoin market decline. Other analysts believe this may have a detrimental impact on altcoins.
At press time, bitcoin has lost 1.62% on the day to trade at $13,460.15.
Author: By TeamMMG