As a new week begins in crypto land a different pattern is forming this Monday morning. After bitcoin spent most of the weekend consolidating above $10k, the altcoins are making all the moves at the moment. Is this a one off or could it be the start of a wider revival for them?
Bitcoin Makes a Move
For the best part of the past 24 hours bitcoin price has remained sideways at around $10,400. This has kept it above the 50 hour moving average but below the 200 where the next level of resistance lies. There has been no move back into four figures since a brief dip just below $10k on Saturday.
As Asian trading moves into the afternoon BTC has started to move with it, with a further push to the upside. Over the past hour or so, bitcoin has lifted out of its channel to touch the 200 MA on the hourly time frame. This has taken the king of crypto up to a five day high of $10,700 according to Tradingview.com.
On the 4 hour chart this move has taken BTC to touch the 50 moving average which is about to form the death cross over the slower 200 if the down trend continues. These two lagging indicators are currently providing the resistance point.
As trader ‘Crypto Fibonacci’ pointed out there is also resistance at the 0.382 Fib level which now appears to have been broken.
Fibonacci levels from 12k to the recent low.
38.2% was tested twice already.
Looking forward to see it broken.
Fibonacci levels from 12k to the recent low.
38.2% was tested twice already.
Looking forward to see it broken.$BTC $BTCUSD #bitcoin pic.twitter.com/QrwaqqzP00— CryptoHamster (@CryptoHamsterIO) August 18, 2019
There is also a distinct pattern forming on the daily chart as notice by other crypto traders.
https://twitter.com/TheCryptoDog/status/1163339123609915394
Altcoins On The Move
In a rare move the altcoins actually started making gains before bitcoin’s run up to its next resistance level. Ethereum is chasing down $200 again in a 7% surge on the day from below $185 this time yesterday. Further gains are looking likely as BTC has now started to run also.
XRP has made a rare spurt also as the Ripple token adds over 8% on the day taking it to $0.288. It really needs to reclaim $0.30 and hold gains before any larger upswings can occur. Litecoin has also done well today adding 7% to reach $78 as it shrugs off a recent LTC dusting attack.
Most of the altcoins in the to ten are adding more than 5% at the moment as total market capitalization gets a $14 billion pump to reach $277 billion at the time of writing.
Will altcoins begin to recover finally? Add your thoughts below.
Images via Shutterstock, Twitter @TheCryptoDog, @CryptoHamsterIO, BTC/USD charts by Tradingview