After days of stagnation, the crypto market finally broke higher on Wednesday. In the past 24 hours, Bitcoin has gained 4%. Most altcoins have registered similar gains over that same time frame.
Signs are growing that this bull trend will continue, with BTC bouncing off key supports during the recent retracement. But as cryptocurrencies scale higher, there are signs indicating that Bitcoin will be the asset outperforming the rest of the pack.
Bitcoin Dominance Flashes Bearish Technical Signs
A crypto trader recently shared the chart below. The chart shows that Bitcoin dominance is reaching two key resistances: 1) a moving average and 2) a horizontal resistance.
Chart from Dentoshi
The analyst that shared this chart indicated that Bitcoin dominance is ready to revert lower due to these resistances. He wrote: “Ok, one kiss goodbye then continue dying please.”
Though there are expectations that it will be Bitcoin that comes out on top this time around.
Brave New Coin crypto trader and analyst Josh Olszewicz noted that Bitcoin’s dominance printed a textbook bearish sign. He observed on May 15th that the chart formed a golden cross.
A golden cross forms on a chart when a “relatively short-term moving average crosses above a long-term moving average,” and is often followed by a “bullish breakout,” according to Investopedia.
Chart from Josh Olszewicz (@CarpeNoctum on Twitter), a crypto analyst at Brave New Coin. The chart is of Bitcoin’s dominance printing a “golden cross” formation.
Previous golden crosses forming on this chart have preceded large Bitcoin rallies against altcoins.
The bearish outlook on altcoins relative to Bitcoin has been echoed by the lead technical analyst at crypto research firm Blockfyre.
“ETH heading for levels not seen since 2016. LTC trading below 2014-2016 prices. XRP heading for levels from 2014, 2016, and 2017. The alt market looks like it could capitulate soon. Seems like the worst is yet to come but afterwards should provide huge opportunities,” he said.
Crypto Loses Fundamental Shine Over BTC
Adding to the fears of a collapse of altcoins, analysts are coming to the conclusion that most crypto assets have lost their fundamental edge over Bitcoin.
In a report titled “Bloomberg Crypto Outlook: Bitcoin Demand Exceeding Supply,” Mike McGlone of Bloomberg indicated that BTC is poised to outperform its “brethren.”
The senior commodities analyst at Bloomberg cited the macroeconomic environment. That’s to say, due to the vast amount of money printing by central banks and governments, the extreme scarcity of Bitcoin is allowing it to be fundamentally more viable than altcoins.
Billionaire macro hedge fund investor Paul Tudor Jones touched on this narrative in his report called the “Great Monetary Inflation.”
The hedge fund manager said that Bitcoin has won the “crypto war,” referencing its hardcapped supply and it being the only investable cryptocurrency:
“I also made the case for owning Bitcoin, the quintessence of scarcity premium. It is literally the only large tradeable asset in the world that has a known fixed maximum supply.”
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The crypto firms and individual investors will play a key role in representing the issues of the million or so potentially owed money by Sam Bankman-Fried’s company
Following an extended bout of sideways trading within the $9,000 region, Bitcoin has now firmly broke below this range as it trades around $8,800 Although the crypto has ardently defended its near-term support, its technical outlook does appear to be rapidly degrading Some analysts are even noting that its latest breakdown has opened the gates for it to see a movement that leads it as low as $5,900 in the weeks and months ahead Bitcoin […]
Ethereum, XRP, and Litecoin are holding above key support levels, suggesting that a bullish advance is not off the table yet. Support Levels for Etheruem, XRP, and Litecoin Crypto Briefing...
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Bitcoin has faced some mounting downwards pressure today that has led it to its key support within the lower-$9,000 region This downtrend comes after a series of strong rejections at $10,000, and was triggered by news of a 2009 BTC wallet moving crypto around This decline has led the crypto to invalidate a previously bullish technical formation, and analysts are now expecting it to see further downside in the days ahead Bitcoin is rapidly approaching […]
Bitcoin has seen some immense selling pressure today that has led it down to its key support at $9,000. The crypto is now flashing some signs of growing weakness as it continues struggling to post any decisive bounce at this level.
New data based on the delta between Chinese buyers and derivatives markets in Bitcoin markets suggests that much of the recent rally has been driven by crypto investors in China. But why are Chinese buyers dominating Bitcoin interest, and what is sparking the unusual phenomenon? Indicator Shows Chinese Buyers Are Dominating Derivatives Bitcoin price may...
Chainlink has seen some immense bullishness throughout the past two years, but its strong market structure dates back even further In spite of the crypto’s ongoing upswing that has led it past $4.00, analysts are still cautious about where it may go next One trader is even noting that he believes it will soon invalidate a key growth curve that has been pivotal to its multi-year uptrend Chainlink’s immense bullishness seen throughout 2019 and 2020 […]
• Cardano- upward pressure still dominates both the medium-term and short-term time frames. • The crypto is well on its way to the resistance level. ADA/USD Medium-term Trend: Bullish Key levels • Resistance levels : $0.
Большая часть пользователей криптобиржи Coinbase, покупающих биткоин, диверсифицирует свой портфель альткоинами. Об этом свидетельствует проведенное компанией исследование. Key insights into Bitcoin’s dominance alongside Coinbase customer behavior, the coming DEX revolution, and other recent crypto news in this edition of Around the Blockhttps://t.
Tezos has been one of the most bullish cryptos throughout late-2019 and 2020, only seeing momentum rivaled by that seen by Chainlink The cryptocurrency is now at risk of invalidating the technical strength brought about as a result of this uptrend Analysts are noting that it could soon see some serious “pain” as it struggles to hold above a key support level Tezos has seen some serious momentum throughout the past several months that has […]
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• Litecoin makes a comeback but faces rejection at $47 resistance.• The crypto slips beneath 50-EMA as bears took to gain market momentum within the range. LTC/USD Medium-term Trend: Ranging Key levels• Resistance levels : $70, $80, $90• Support levels: $20, $10, $9Litecoin remains in a range-bound market in its medium-term outlook. The bulls manage […]
Since the block reward halving on Monday, the Bitcoin market has entered somewhat of a lull, with the asset trading in the high-$8,000s with little volatility ever since the event. This price action — or lack thereof — has brought the cryptocurrency into “no man’s land,” according to one popular crypto trader pointing to the chart below.
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• Tron is facing an increase in buying pressure and may continue in the same direction if it breaks $0. 025. • Overall market sentiment regarding the crypto remains bullish. TRX/USD Medium-term Trend: Bullish Key levels • Resistance levels : $0.
XRP has continued to severely underperform Bitcoin, forcing it to also see some downside against its USD trading pair despite the bullish market conditions This weakness has caused the third-largest crypto to decline beneath a key last-ditch support level that was bolstering its price action Analysts are now noting that it could soon see a freefall that leads it significantly lower due to the weakness resulting from this dire technical breakdown Yesterday the aggregated crypto […]
Bitcoin price once again made an attempt to break above $10,000, but as of this writing, it failed to make it through the key level once again. But the latest push has brought Bitcoin back to profitability for most investors in the crypto asset.
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• The crypto seems to be facing more pressure from the bears. • Price trades below $205 and might slide further below $80. ETH/USD Medium-term Trend: Bullish Key levels• Resistance levels : $260, $270, $280• Support levels: $85, $75, $65 The momentum on the medium-term outlook is an uptrend as can be seen undeniably from […]
Ethereum has been able to capture some notable upwards momentum today, surging towards its key near-term resistance at $210 as the aggregated crypto market pushes higher. This has allowed the crypto to narrowly avoid seeing massive losses stemming from a previously bearish market structure that it had formed. ETH isn’t completely out of the woods...
Ethereum’s recent decline has led it down to $200 as it continues underperforming both Bitcoin and many of its other peers Analysts are now noting that the crypto is trading at a “structure defining” level Its technical weakness may be enough to define its market structure as being bearish, thus catalyzing further near-term losses Ethereum has continued underperforming the aggregated cryptocurrency market as it drifts down to its key support at $200, leading analysts and […]
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Bitcoin has fallen back into the upper-$8,000 region after facing yet another firm rejection at $9,200 This latest rejection marks the third one that the cryptocurrency has seen in recent times, signaling that the resistance here could ultimately prove to be insurmountable Analysts are now noting that Bitcoin is flashing signs of forming a local top, signaling that the crypto is now poised to see further downside in the days and weeks ahead Bitcoin has […]
Chainlink has seen a notable recovery from its daily lows today, as the crypto’s bulls have stepped up and defended against it seeing further underperformance of Bitcoin and other altcoins. This comes as the cryptocurrency sees some notable fundamental developments, including an imminent listing on Gemini as well as the integration of multiple Chainlink oracles...
Ethereum has seen some tempered overnight gains in tandem with Bitcoin and many other cryptocurrencies It still remains trapped beneath a key resistance level, however, and analysts are cautious about being too bullish on ETH until this level is firmly surmounted This comes as the crypto’s open interest dives, signaling that traders are fleeing the market as its price movements become driven by retail investors and spot traders Ethereum has seen some relatively boring price […]
Key Highlights XRP/USD market still sees a continual process of price retracements. The US dollar is now a bit pressing harder against the crypto under a high value of $0. 24. Traders should be cautious of keeping too long on shorting positions of this trade.
Although Chainlink has been one of the most bullish cryptocurrencies throughout 2019 and 2020, its short-term price action has lagged against that of Bitcoin and many of its other peers. The crypto is flashing some signs of immense short-term weakness after its bullish divergence was “destroyed,” leading some analysts to now watch for a significant...
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• ETHUSD leading the market as usual. • Price may head towards $275 as crypto traders turn bullish. ETH/USD Medium-term Trend: Bullish Key levels • Resistance levels : $260, $270, $280 • Support levels: $85, $75, $65 Ethereum medium-term outlook continues in a bullish trend market.
The aggregated crypto market has incurred some intense upwards momentum today, allowing major altcoins like XRP to post notable gains This latest upswing comes shortly after the cryptocurrency incurred a rally independent of the market yesterday It is important to note that XRP has faced a notable rejection against its Bitcoin trading pair, forcing it to remain beneath a key trendline Although XRP has been fully exposed to the downside seen by the aggregated crypto […]
• Litecoin is in consolidation in the medium-term and bullish in the short-term. • Bulls remain in control of the crypto. LTC/USD Medium-term Trend: Ranging Key levels • Resistance levels : $70, $80, $90 • Support levels: $20, $10, $9 The crypto continues to trade in consolidation in its medium-term outlook. $46.22 in the resistance […]
Although the past few weeks have been marked by crypto assets jumping 5% then crashing 5% again and again, Bitcoin and the rest of the cryptocurrency market is actually consolidating. The chart below shared by a crypto trader proves this point: it shows that Bitcoin has been trading tightly between the key 50-day and 200-day simple moving averages for the past two weeks.
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While the aggregated crypto market consolidates following the recent upswing, Tezos has continued climbing higher as it expresses further signs of strength against many of its peers. This strength has now led the crypto to push above a key horizontal resistance region that was significantly hampering its price action in the past, with a confirmed break above this level potentially opening the gates for significant upside in the days and weeks ahead. The move past […]
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Bitcoin’s price action seen throughout the past few days has quite boring for traders, with the benchmark digital asset forming a relatively tight trading range between $6,600 and $6,800. This period of range-bound trading comes shortly after the crypto’s intense rebound from its recent lows within the $3,000 region, with the momentum incurred here being...
Ethereum has been closely tracking Bitcoin’s price action over the past day, which has led it to once again enter a consolidatory phase within the mid-$130 region. This bout of sideways trading closely follows the crypto’s recent rally that sent it surging towards its key resistance at $140.
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