Altcoins have been rocketing higher today as Bitcoin consolidates. This is the first time that altcoins have shown any signs of following in Bitcoin’s footsteps, as the benchmark cryptocurrency has been sucking all the oxygen out of the market over the past few days.
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin market rally was likely spurred by Ethereum catching an impulse wave that sent it rocketing higher.
Following a prolonged period of sideways trading, ETH was finally able to gain momentum a couple of days ago when news regarding the imminent release of the 2.0 network upgrade broke.
This news sent its price from $380 to $410, where it stalled and consolidated for a day or so before gaining any momentum. Meanwhile, Bitcoin rocketed to fresh post-2017 highs of $16,000.
Now that Ethereum has gained some ground against BTC following its intense surge to $450 overnight, altcoins are beginning to show signs of forming bottoms.
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin market.
Bitcoin is currently stable at its current price of $15,400. This is where it has been trading throughout the past day, with buyers unable to push it above $16,000 yesterday.
The benchmark crypto is up significantly from its recent lows of $13,300 set just a few days ago.
This uptrend is being driven by fundamental strength, and the rest of the market is beginning to match its strength.
Altcoins – and the DeFi sector in particular – are rebounding and moving to mark their recent lows as a long-term bottom.
One analyst explained in a recent tweet that he is expecting Bitcoin to see one more strong push higher before posting a “blow-off top.”
He contends that this will open the gates for altcoins to see some explosive momentum.
“Ratio’s are going up (into bearish territory), but it’s nothing extreme yet. So, I think the following is likely… A scenario just like in July/August. One cool off day (today), then one final quick rally which creates a blow off top. After that, most likely alt season.”
Image Courtesy of Byzantine General. Source: TradingView.
If altcoins begin forming a long-term bottom, the DeFi sector may be the first to rally due to the intensity of the recent selloff it faced.
Bitcoin Consolidates Gains While Ethereum, Altcoin Bulls Take Over
After a sharp rally towards the USD 16,000 zone, bitcoin price faced sellers. As a result, BTC started a downside correction below USD 15,750 and USD 15,600. The price is currently (13:00 UTC) consolidating gains above the USD 15,350 and USD 15,200 support levels.
Also, most major altcoins gained bullish momentum during bitcoin’s correction, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is up over 10% and it even spiked above the USD 245 resistance. XRP/USD gained bullish momentum after it settled above USD 0.250 and traded close to USD 0.260.
Total market capitalization
In the past few hours, a few altcoins rallied over 20%, including AAVE, UNI, RSR, SNX, MANA, YFI, BAND, REN, and GNT. Out of these, AAVE gained over 35% and it broke the USD 35.00 resistance.
Author: Posted by George Harrison
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Look for XTZ to continue to fill out the lower 2 dollar range. When ready we will pop through to the 3 dollar level and fll out the lower range of that as well. Patience. Long term goals havent changed.
Bull flag breakout will resolve whether or not Bitcoin value goes to $16Ok or $14Ok
Bitcoin value (BTC) seems to be taking a brief breather after reaching a brand new 2020 excessive at $15,960 on Nov. 5.
The 1-hour and 4-hour timeframe present the value compressing inside a flag and all through nearly all of the buying and selling day, the $15,500 stage has held as help. $15,750 is the extent Bitcoin wants to interrupt with a purpose to pursue one other stab at $16,000.
Inside the final hour, a dragonfly doji candle fashioned as the value swept low to check the decrease help of the bull flag at $15,166, and because the formation approaches its terminus merchants will search for a breakout which can push by way of the $15,500 to $15,600 stage the place a excessive quantity VPVR node lurks.
Clearly, there’s a small tussle going down between bulls and bears, and flipping the $15,600 stage to help with a 4-hour shut will improve the chance that BTC will make a 3rd run on the $16,000 mark.
The RSI additionally continues to rise above 70, a bullish sign, however day by day buying quantity has tapered off a bit after some merchants secured earnings as BTC surged to $15,900.
Alternatively, a drop under the flag help at $15,100 opens the door for a contact of the 20-MA at $14,680. The swift, almost vertical breakout that occurred from Nov 4 – 5 occurred with out establishing any ‘new helps’, and because the quantity profile, seen vary exhibits there’s a hole extending from $13,900 to $15,500.
Within the occasion that the value falls under $15,100 and patrons don’t understand this as a dip-buying alternative, there’s the potential of a retest of the $14,000 to $13,800 stage as help.
Whereas a 9%, $1,400 drop is un-nerving, decrease help retests are completely pure and wholesome after sturdy rallies just like the one seen this week.
As Bitcoin value searches for route, altcoins have regained a smidgen of the huge territory misplaced over the previous two months. Ether (ETH) is essentially the most notable chief of the previous few days because the altcoin rallied to $447 and is at present making an attempt to interrupt by way of resistance at $450.
Yearn Finance (YFI) additionally made a powerful transfer because it rallied greater than 30% to $11,100. Uniswap’s UNI token additionally made waves at it added 15.5% and at present trades at $2.53.
In accordance with CoinMarketCap, the general cryptocurrency market cap now stands at $444.6 billion and Bitcoin’s dominance fee is 64.7%.