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Coinbase Pro Lists EOS, Augur’s REP and MakerDAO’s MKR Tokens

Coinbase is adding EOS, Augur’s REP and MakerDAO’s MKR to its professional trading platform Monday.

The company announced that customers would be able to begin depositing the tokens as of 19:00 UTC, with EOS and Augur’s REP now available in every jurisdiction that Coinbase Pro serves, except New York state. MKR can be bought in all jurisdictions outside the U.S.

While EOS and REP both have dollar, euro and bitcoin trading pairs, MKR can only be bought using bitcoin or USDC, a stablecoin issued by Coinbase and Circle through a joint venture, the post said.

Users won’t be able to trade right away: the addition of the tokens will go through four stages.

For at least 12 hours after the initial announcement, customers can only transfer EOS, REP and MKR to their accounts. Then for a short period it will be only possible to post limit orders, which will not be matched for one minute.

After that, limit orders will start matching but customers will not be able to submit market orders for 10 minutes. Ultimately, full trading activity will open for the new tokens, including limit, market, and stop orders.

More tokens

Augur’s Reputation token (REP) is an ERC-20 token for rewarding reporters on the online prediction markets, i.e. participants who report the outcome of the events other participants bet on. The Maker token (MKR) is used for voting on issues related to MakerDAO’s stablecoin, DAI, which is designed to keep its value at $1 via algorithmic supply adjustments.

“One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time,” Coinbase said in its blog.

Coinbase first announced it was considering these three tokens amid a broader list published last December.

The exchange recently has broadened its altcoin reach, adding Ripple-associated XRP in February and Stellar Lumens (XLM) in March. The same month, Coinbase announced a new staking service for the large holders of Tezos’ XTZ tokens: they can lend their tokens to the Tezos network validators (“bakers”) and earn interest on the asset while keeping it in the safety of Coinbase’s cold storage.

Coinbase’s CEO Brian Armstrong image via YouTube

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Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Binance Coin, Stellar, Tron, Bitcoin SV: Price Analysis, March 4

Prices slumped on Monday, and there are no specific fundamental reasons that may have led to the selloff.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The market tends to cycle between periods of low and high volatility. After a week of small-price-range action, the range expanded on Monday and the crypto markets decided to move southwards. What has caused this sudden fall? There are no specific fundamental reasons that might have led to this selloff.

One of the possibilities might be the strengthening dollar, which has risen in the past four days. Gold also fell sharply on Friday, as a consequence.

This shows that traders are keen to take on risk. Traders like to keep the assets that are showing a strong uptrend. The United States markets have been on a roll for the past ten weeks. Positive news on the trade deal between the U.S. and China might have encouraged some short-term traders to book profits in cryptocurrencies and shift over to the stock markets.

Although the current fall will dampen sentiment, it does not change the overall structure of most major cryptocurrencies. They remain in a bottoming formation and will continue to be volatile during the period.

BTC/USD

After six days of small-range trading, the range has expanded to the downside, which is a negative sign. Bitcoin (BTC) has broken below the 20-day EMA and is currently close to the 50-day SMA. The downtrend line is also located at this level. This line had previously acted as a strong resistance, so it will now act as a strong support.

A breakdown of this critical support can plummet the BTC/USD pair to the next support at $3,355, and if it also fails to hold, the final support on the downside is $3,236.09. A new yearly low will resume the downtrend.

Conversely, if the price finds support at the current levels, it will again try to rally above $3,900 and reach $4,255. A break out of this critical resistance will suggest that a bottom has been put in place. The next few days are critical. Traders can maintain the stop loss on their long positions below $3,236.09.

ETH/USD

Ethereum (ETH) has broken down of the 20-day EMA and has declined to the 50-day SMA. The failure to bounce off the 20-day EMA is a negative sign. If the 50-day SMA also fails to stem the fall, the next support on the downside is $116.3. Therefore, traders should keep a stop loss of $125 on the remaining long positions.

On the other hand, if the ETH/USD pair rebounds from the current levels, it will try to rise above $145 and reach the critical overhead resistance of $167.32. The pair will pick up momentum above this level. Currently, both of the moving averages are flat, and the RSI is just below the 50 levels. This points to range bound trading in the short-term.

XRP/USD

Ripple (XRP) has turned down below the moving averages. It has again slipped to the support at $0.2950. This is the fourth time the price has fallen to this level.

Repeated retests of a support level increase the probability of a breakdown. If this support cracks, the next level to watch on the downside is $0.27795. The bulls have held this support twice: once in mid-December of last year and again in end-January of 2019.

Hence, this is a critical level. A breakdown of this could plummet the digital currency to the yearly low of $0.24508.

If the buyers step in at the current levels, the XRP/USD pair can move up to $0.33108. A breakout and close above this level is likely to propel the pair to the resistance line of the descending channel, close to $0.40. The traders should protect their long positions with a stop loss below $0.27795.

EOS/USD

EOS has broken below the 20-day EMA and plummeted to the next support of $3.2081. If the bulls fail to defend this level, the drop can extend to the 50-day SMA. The traders can keep their stops at $2.90 on the remaining long positions.

A bounce from the current levels will again try to push the EOS/USD pair above the overhead resistance of $3.8723. The 20-day EMA is flattening out, and the RSI has also dipped close to the neutral zone. This shows a balance between demand and supply.

LTC/USD

Litecoin (LTC) had risen above $47.2460 on March 2, but the bulls could not sustain the higher levels. The price has again corrected to the 20-day EMA, forming a head and shoulders pattern, which will complete on a breakdown and close below the neckline.

The potential breakdown has a pattern target of $32.00. However, $40.4240, the 50-day SMA and the uptrend line can act as important supports.

The 20-day EMA is flattening out, and the RSI has also declined to the midpoint. This shows that the bulls are losing their edge in the short term. But if the LTC/USD pair rebounds either from the 20-day EMA, or from the neckline, it will again try to scale above $50 and prolong its recovery. The traders can keep a stop loss of $40 on the remaining long position.

BCH/USD

Bitcoin Cash (BCH) could not break out of the 20-day EMA for the past five days, which attracted selling. The price has broken down of the 50-day SMA, which is a bearish sign. It can now drop to $116.79, and below it to $105. Traders who are holding long positions can keep their stop loss at $116.

The BCH/USD pair will prove us wrong if it reverses direction from the current levels and breaks out of $140. Until then, every rise will be likely to attract selling. The RSI is in the negative zone, but the moving averages are still flat, which points to a likely consolidation.

BNB/USD

Binance Coin (BNB) closed above $12 on March 2, thereby triggering our buy suggested in the previous analysis. However, the close above $12 attracted profit booking by the bulls that have dragged the price back into the critical support zone of $10–$12.

Both of the moving averages are sloping up, and the RSI is in the positive zone, which shows that the trend is up. The first support on the downside is the 20-day EMA, and below it $9.2450296. If these support levels fail to hold, the slide can extend to the 50-day SMA.

Conversely, if the BNB/USD pair bounces off the 20-day EMA and breaks out of $12, it could move up to $15, and above it to $18. Therefore, traders who have entered long positions can keep their stop loss at $9.

XLM/USD

Stellar (XLM) tried to break out of the overhead resistance at $0.09285498 on March 3, but failed. Currently, the price has turned around and broken below the moving averages. A break below $0.08184371 can result in a retest of the yearly low.

The 20-day EMA is flat, and the 50-day SMA is sloping down. The RSI has also slipped below the 50 levels, which shows that the sellers are at an advantage.

Our bearish view will be invalidated if the XLM/USD pair turns around from the current levels and breaks out of $0.10. The pair has been a huge underperformer, as it did not participate in the recent pullback. This shows a lack of interest among the market participants to own this coin. We shall wait for a trend reversal before recommending a trade in it.

TRX/USD

Tron (TRX) has broken down of the support at $0.02306493, and is close to the next support at $0.02113440. If this level breaks, the next support to watch on the downside is  $0.01830000. The moving averages have completed a bearish crossover, which is a negative sign.

If the TRX/USD pair holds above $0.01830, it will be likely to extend its stay in the range and might offer us an opportune trade. Nonetheless, if the bulls fail to defend the support at $0.01830, a deeper fall towards the yearly low will become probable.

Our bearish view will be invalidated if the price turns around from the current levels and rallies above both of the moving averages, as well as $0.02815521.

BSV/USD

Bitcoin SV (BSV) has failed to hold the moving averages. It is now threatening to break below the support at $65.031. This shows a lack of buying interest at higher levels.

The immediate support zone on the downside is between $58 and $60. If the BSV/USD pair plunges below this zone, a fall to the lifetime low at $38.528 is probable. With both of the moving averages sloping down and the RSI in the negative territory, the path of least resistance is to the downside.

Conversely, if the cryptocurrency holds above the supports, it will again attempt to rise above $77.035. If successful, it can move up to $102.580, and above it to $123.980. Therefore, we might suggest long positions if the price sustains above $78. Until then, we cannot find any reliable buy setups.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Bitcoin, Ethereum, Ripple, EOS, Litecoin, Bitcoin Cash, Stellar, Tron, Binance Coin, Cardano: Price Analysis, Feb. 25

Endorsement of blockchain from heads of state shows that the time of the technology has come.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

A bottom formation after a long bear market is not a linear process. At various intervals, we are likely to witness spurts of buying and selling as the bulls and the bears attempt to establish their supremacy. After a smart recovery from the lows, when it looked like the bears had surrendered, came the plunge on Feb. 24, that wiped off about $15 billion from the total market capitalization within a few minutes.

Such selling is not always based on fundamental news or events. Technical factors like profit booking near a stiff resistance and initiation of short positions by aggressive bears can bring about such a sharp fall. While we expect volatility in the bottoming process, we are keeping our focus on the positive fundamental developments. The longer the markets disregard the fundamentals, the stronger the eventual breakout will be.

After Venezuela, now Russia plans to launch an oil-backed cryptocurrency. OPEC along with Russia are exploring options for settling their energy dealings in crypto instead of Petrodollars. If this happens, it will give a big boost to crypto markets. When a head of state endorses blockchain technology and recommends it to the leaders of other nations, it shows that the time of this technology has come.

BTC/USD

The recovery in Bitcoin (BTC) that started from $3,355 could not scale above the critical resistance of $4,255. The bears swung into action on Feb. 25 and pushed the price back down to the 20-day EMA. The downtrend line, which had previously acted as a stiff resistance, should act as a strong support now.

If the price bounces from current levels, the bulls will again try to break out of $4,255. If successful, it will indicate a double bottom formation that has a pattern target of $5,273.91. The traders can protect their long positions with a stop loss just below $3,236.09.

Contrary to our assumption, if the bears sink the BTC/USD pair below the downtrend line, it can again correct to $3,355. If the support fails to hold up, the next support on the downside is at $3236.09, below which the downtrend will resume.

Both the moving averages are flat and the RSI is close to the center, which points to a consolidation in the near term. The price action of the next couple of days will give us better insight on whether lower levels are in the offering or is this just a shakeout of the weaker hands.

ETH/USD

Ethereum (ETH) took a nosedive on Feb. 24 after rising above the overhead resistance of $167.32. We hope traders booked profits on half of their long positions as we had suggested.

The decline on Feb. 24 wiped off gains of the past six days. This shows the extent of the carnage. The ETH/USD pair is trying to bounce off the critical support at $134.5. The 20-day EMA is also nearby, hence, this level assumes significance.

A failure to hold this level will indicate weakness and will attract further selling. Below $134.50, a drop to $116.30 is probable. Therefore, traders can keep a stop loss of $125 on the remaining half position.

We do not want to close the position at current levels, because if the bulls succeed in defending the support, they will make another attempt to break out of $167.32.

XRP/USD

Ripple (XRP) closed above the overhead resistance of $0.33108 on Feb. 23, thus triggering our buy recommendation. However, the very next day, the digital currency turned around and plunged below both the moving averages. It is currently attempting to hold the immediate support at $0.29282.

Currently, both the moving averages are flat and the RSI is just above the 50 level. This shows a balance between the buyers and the sellers. Traders can keep their stop loss just below $0.27795.

If the XRP/USD pair finds support at current levels, it will again try to break out of $0.33108. However, if it breaks down of $0.29282, it can slide to the next support at $0.27795, which should hold. If we do not find signs of buying within the next couple of days, we might suggest to close the position.

EOS/USD

EOS reached our target objective of $4.4930 on Feb. 23. However, it did not stay at that level and quickly turned around. The fall was sharp, as it easily broke below the support of $3.8723. We hope traders would have locked in profits on half of their long positions as we had recommended in the previous analysis.

Currently, the EOS/USD pair is trying to hold the support at the 20-day EMA, which is sloping up. If successful, it will again try to break out of $3.8723.

However, if the bears breakdown of the 20-day EMA, the fall can extend to the 50-day SMA. If this support also breaks, the slide can reach the critical support at $2.1733. Therefore, traders can keep a stop loss of $2.90 on the remaining open position.

LTC/USD

Litecoin (LTC) turned around from just above $53 on Feb. 24. The fall was sharp, and the support at $47.2460 was taken out instantly. We hope the traders had trailed the stops on half of their long position closely and locked in profits as suggested by us.

Currently, the bulls are trying to hold the 20-day EMA. If successful, the LTC/USD pair will again attempt to rise above $47.2460. However, if the support gives way, the pair can dive to the 50-day SMA. If this support also breaks, the trend will turn in favor of the bears. Hence, traders can keep their stop loss on the remaining position at $40.

Both the moving averages are flattening out and the RSI has dipped close to 50. This increases the probability of a range formation in the short-term.

BCH/USD

Bitcoin Cash (BCH) attempted to extend its recovery on Feb. 23 but the sharp fall on Feb. 24 took it back to the moving averages.

Currently, the bulls are attempting to hold the moving averages, which are flat. The RSI is also close to 50. If the support at the moving averages holds, the pair can consolidate between $125 and $160 for a few days.

Our view will be negated if the bears sink the BCH/USD pair below the moving averages. Such a move will result in a fall to $105. Traders who are long can hold their positions with the stop at $116.

XLM/USD

After rising above the 50-day SMA on Feb. 23, Stellar (XLM) reversed direction and plunged below the 20-day EMA on the next day. If the price sustains below the 20-day EMA, it can decline to $0.0750 and below it to the low of $0.07256747.  

Previous strong resistances act as supports after they are crossed. Thus, the downtrend line is likely to act as a strong support. If the XLM/USD pair bounces off this support, it will again attempt to scale the 50-day SMA.

Both the moving averages are flattening out and the RSI is close to the neutral zone. Hence, we anticipate a consolidation in the next few days. As the pair is still close to its yearly lows, we shall wait for a trend reversal before proposing a trade in it.

TRX/USD

Tron (TRX) reached the overhead resistance at $0.02815521 on Feb. 24 but turned down sharply from it. The fall triggered our suggested stop loss on long positions at $0.0230.

Currently, the bulls are again attempting to scale above the moving averages and the downtrend line. If successful, the TRX/USD pair will make another attempt to rise above the overhead resistance.

On the other hand, if the price breaks down and sustains below $0.02260516, it can slump to $0.02113440 and below it to $0.01830000. The moving averages have completed a bearish crossover and the 20-day EMA has started to turn down. This shows that the bears have the upper hand in the near term.

BNB/USD

Binance Coin (BNB) is facing resistance in the zone of $10 to $12 as we have been mentioning. The price dipped back from close to $12 to just below $10 on Feb. 24. Nevertheless, we like the way the price bounced off the 20-day EMA, which shows that the bulls are buying on dips.

With both the moving averages sloping up and the RSI in the positive territory, the trend remains up. If the price sustains above $10, we anticipate the digital currency to consolidate between $10 and $12 for a few more days.

Our view will be invalidated if the BNB/USD pair plummets below the 20-day EMA. That can lead to a fall to the next support at the 50-day SMA. A breakdown of the 50-day SMA will tilt the advantage in favor of the bears. We shall wait for a breakout above $12 before recommending a trade in it.

ADA/USD

Cardano (ADA) came close to the overhead resistance of $0.051468 but could not cross it. Strong selling at this resistance dragged the price back to the moving averages. The moving averages are fat and the RSI is also at the midpoint. This suggests that the consolidation is likely to continue for a few more days.

We shall turn positive on a breakout of the overhead resistance. Another probable trade is to buy closer to the bottom of the range, after a strong bounce from it. Such an entry will help the traders buy closer to a strong support. However, we shall suggest this trade only after the ADA/USD pair rebounds sharply from the key support of $0.036815. We do not find any buy setups at current levels.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Top 5 Crypto Performers Overview: EOS, Ethereum, Bitcoin Cash, Binance Coin, Stellar

Major cryptocurrencies have begun to display gains on a weekly basis, confirming that the recovery is picking up steam.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

After a prolonged downward trend, most of the major cryptocurrencies are showing gains on a weekly basis. This shows that the recovery is picking up steam.

However, even after the recent rise, most tokens are still way below their lifetime highs. Cryptocurrencies will have to spend a long time forming large bases, upon which the next bull phase will be built. It is too early to call a bottom.

A bear market is a great time for the investors to pick up the best coins at a bargain. Alexis Ohanian, the co-founder of Reddit, has said that the current bear market has driven away all the speculators, leaving behind only the true crypto believers.

That is a bullish sign because the die-hard crypto enthusiasts buy for the long term and will not panic sell on the next 30 percent fall.

After a new uptrend begins, new traders will start jumping in. The entry of institutional investors and the approval of a crypto exchange-traded fund (ETF) can provide a big boost to the crypto prices. Once an ETF is approved in the United States, other nations might follow suit.

EOS/USD

EOS has been on a roll and has emerged as the best performer among the major cryptocurrencies, rising by about 35 percent in the past seven days. The EOS community seems to have been satisfied with the assurance of block.one CEO Brendan Blumer, who has posted in the cryptocurrency’s official Telegram channel that “great things take time.”

In his message, Blumer also said that he does not want to take what he called the short-sighted approach and push half-finished products out. Is this attitude good enough to carry the cryptocurrency higher, or is the rally about to hit a roadblock? Let’s find out.  

EOS/USD

The EOS/USD pair is attempting to rise above the overhead resistance of $3.8723. If successful, it will indicate that the markets have rejected the lower levels. Therefore, the medium-term investors can buy on a weekly close (UTC time frame) above $3.8723, and keep a stop loss below the strong support of $2.1733.

If the price sustains above $3.8723, it could move up to $6.8299. Although there is a minor resistance at $4.4930, we expect it to be crossed. If the momentum remains strong, the pullback could even reach $9.30.

Both of the moving averages are flat, and the RSI has moved up towards the midpoint. This shows that bottom formation is in progress.

Our bullish view will be invalidated if the price turns down from the current levels, or from $4.4930, and breaks below $1.55.

ETH/USD

The week saw some heated discussions among the Ethereum (ETH) community which led to Afri Schoeden, release manager at blockchain infrastructure firm Parity Technologies, quitting all Ethereum projects.

The United States Commodity Futures Trading Commission (CFTC) has largely received positive comments regarding the Ethereum mechanism. Will this open the door to a regulated futures contract on Ethereum? Let’s keep our fingers crossed.    

ETH/USD

The ETH/USD pair has been moving up for the past two weeks. It has risen from $103.2 to the current levels during this period. The 20-week EMA is flattening out, and the RSI is gradually climbing towards the midpoint. This shows that the bears are losing their grip.

A breakout above $167.32 will indicate strength and confirm a bottom at $83. Therefore, traders can buy on a weekly close (UTC time frame) above $167.32 and keep a stop loss of $100. If the price fails to sustain the higher levels after the breakout and dips below the breakout level again, it will denote weakness and the positions can be closed.

If the cryptocurrency sustains above $167.32, it can move up to $225, and above it to $255. Traders can trail the stop loss higher as the price moves northwards.

BCH/USD

Coinbase will release a new wallet update over the next few weeks that will support Bitcoin Cash (BCH). Major Malta-based cryptocurrency exchange OKEx has added Bitcoin Cash support to its customer-to-customer (C2C) trading platform. Traders can now buy Bitcoin Cash with one of the five fiat currencies supported by the platform.

What do the charts forecast for the next few weeks?

BCH/USD

In the medium term, we don’t see any major bullish signals yet. Although the bulls are attempting to form a higher low at $105, it will take some time before we can confirm the start of a new uptrend.

A breakout above $239 will be the first step that will confirm that the bottom has been formed at $73.5. The 20-week EMA is also located just above $239. Hence, this is likely to act as a major hurdle. Once crossed, the BCH/USD pair will pick up momentum. The next overhead resistance is way higher, closer to $600.

Although short-term traders can try to stay on the long side for some quick profits, the medium-term traders should wait for a confirmation of a bottom before buying.

BNB/USD

Binance launched the testnet of its new decentralized exchange, Binance DEX, on Feb. 20. With this, the company aims to offer its customers the best features of the Binance exchange in a decentralized setting.

Binance academy has risen to the third spot on the exposure platform Product Hunt. Binance Charity Foundation (BCF) has launched a lunch-based program in Uganda, where about 200 students and school staff will be given two meals in 2019.

Binance Coin (BNB) has regularly been featured on our list of top crypto performers. Can this continue?

BNB/USD

The BNB/USD pair is showing strength. It easily broke above the resistance at $10 and is currently facing resistance at $12. This zone had proven to be a major hurdle previously, so we anticipate a minor dip or a consolidation in the next few days.

Both of the moving averages are flat, and the RSI has risen into the positive territory, which shows that the bulls are back in the game.

A break out of $12 could push the price to $15, and above it to $18, while a turn around from the current levels will find support close to $8.

Although we have been bullish on the pair for the past few weeks, we were unable to spot a reliable pattern or a good stop loss point. Because of that, we are not suggesting a trade in the coin.

XLM/USD

Head of Blockchain Development & Digital Currencies at IBM, Jesse Lund, has hinted at a new partnership with Stellar (XLM), which has boosted the cryptocurrency’s prices.

Can this news change the fortunes of the coin? Let’s find out.

XLM/USD

While most other cryptocurrencies are well above their recent lows, the XLM/USD pair continues to languish near its own. If the bulls push the price above $0.09285498, the recovery could extend to $0.13427050. The 20-week EMA is also located just above this level, so it might act as a major roadblock.

Both of the moving averages are sloping down, and the RSI is still in the negative zone. Also, the cryptocurrency has been a major underperformer in the current pullback. If the bulls fail to break out of $0.09285498, the bears will again attempt to resume the downtrend by breaking down to a new yearly low. Hence, we are not suggesting a trade in the pair.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Crypto Market Cap at Critical Resistance, Is Altcoin Season Around The Corner?

The current crypto winter and bear market has been brutal for Bitcoin investors who are now underwater, but it’s been even worse for many altcoin holders.

Most of the thousands of altcoins on the market have fallen as much as 99% from their all-time high prices, have reached extremely oversold conditions, and are at the absolute bottom of the barrel sentiment-wise. However, according to one crypto analyst, altcoins are on the verge of breaking out of long-term downtrend resistance and an “altseason” may be around the corner.

Analyst: Altcoin Crypto Market Cap at Pivotal Resistance Point

Altcoins such as Ethereum and XRP have had a much further fall from their all-time high prices than their eldest sibling, Bitcoin. Bitcoin has fallen roughly 85% from its previous peak back in December 2017, while number 2 and number 3 cryptocurrencies Ethereum and XRP respectively have each fallen 90% from their high points.

Related Reading | XRP Beware? Industry Reacts to JP Morgan ‘JPM Coin’ Crypto Announcement

The added sell pressure has caused sentiment around altcoins to be at extreme lows, but the tides may be turning soon, if critical resistance can be broken.

According to a chart shared by prominent crypto analyst GalaxyBTC, the altcoin market cap – an aggregate of the total crypto market cap minus BTC – is at pivotal overhead resistance that has served as such all the way since January of 2018.

The early signs of an “altseason” are already showing, with Ethereum, EOS, and BCH all posting 15-25% gains on the day, while Bitcoin rose just 8.5% by comparison. The rest of the altcoin market is a sea of green today, as a clear sentiment change is occurring in the crypto space.

Bitcoin Has Long to Go Before Downtrend is Broken, BTC Dominance to Suffer

GalaxyBTC also shared some thoughts around a pattern commonly found in cryptocurrency trading. The analyst discovered that oftentimes following a build-up of BTC dominance – a metric that weighs Bitcoin’s market cap against the rest of the crypto market – it breaks down, causing a spike in altcoin dominance also referred to as an “altseason.”

The reason for this could be normal ebb and flow of capital to and from Bitcoin into altcoins, faith being restored by crypto market participants, or quite possibly due to the fact that most altcoins have broken through downtrend resistance, while Bitcoin hasn’t.

A chart shared by Senior Market Analyst for eToro Mati Greenspan shows that Bitcoin still has a long way to go before it brushes up against the downtrend resistance. The resistance dates back to January of 2018, after the first ever crypto’s parabolic advance was broken, kicking off the bear market that continues even today.

Related Reading | Bottom Doesn’t Matter, Last Time General Population Can Afford Entire BTC

Altcoins and Bitcoin are closely correlated, so a strong rally in the altcoin market could help restore confidence in Bitcoin again, and drag Bitcoin up through resistance along with the rest of the cryptosphere.

Featured image from Shutterstock