Last week, altcoins got a boost from Bitcoin’s gains, but not as much as one would expect. Perhaps it’s an opportunity for altcoin traders. If Bitcoin holds on to its recent gains, altcoins should follow.
Following a breakout from a symmetrical triangle two weeks ago, Bitcoin (BTC) broke through it’s resistance levels ($11K and $12K) with strong volume, in part driven by PayPal’s announcement about plans to enable investing into a few top tier coins. These coins were among the biggest gainers among top 50 market caps: LTC (Litecoin), BTC (Bitcoin), ETH (Ethereum) and BCH (Bitcoin Cash). See chart below.
Bitcoin’s momentum still looks bullish (MACD crossover) but RSI is quite overbought (>80), suggesting we may see some consolidation and profit taking here. There’s no resistance in sight, however, and we could see a fast run up to $20K (all time high) from these levels.
Bitcoin’s bullish trends (TA and fundamentals) set up a positive backdrop for alcoins.
You can monitor performance stats on altFINS’ Crypto Screener > Performance tab – see here.
Among the biggest altcoin gainers last week (see table below) for coins > $50M market cap were Uquid Coin (UQC), up 106%, VITAE (VITAE) and Quant (QNT).
More assets (4:1) remain in a downtrend than uptrend.
You can monitor these trends on the Signals Summary page, which also contains shortcuts to strategy screeners.
If you’d like to receive future blog updates in your inbox, please subscribe to our newsletter.
Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as investment, financial, or other advice. There are risks associated with investing in cryptocurrencies. Loss of principal is possible.
0 Comments
Leave a comment