Bitcoin (BTC) Likely To Remain Sluggish As Altcoins Rally


Bitcoin (BTC) has given us some signs of hope the last few days but we have seen comparatively more energy in altcoins. This is because as historical cycles indicate, we are at the brink of an altcoin rally. The daily chart above for BTC/USD shows that Bitcoin (BTC) is all set for a break out but temporarily faces a 21 Day EMA resistance. It is unlikely to be broken over the weekend as volume will be low and market makers might want to have one last go at accumulation before letting Bitcoin (BTC) loose to begin a new trend. Since January 2018, Bitcoin (BTC) has been trading in large triangle which is eventually supposed to be broken either to the upside or to the downside.

Technical indicators at this point, including the MACD diagram for the above chart point to a trend reversal for Bitcoin (BTC). However, that does not mean that Bitcoin (BTC) is expected to skyrocket from here. It will take its time to break out of the triangle and will then follow a pattern of slow but steady growth till the altcoin rally concludes. Most cryptocurrencies have now reached their historical lows against Bitcoin (BTC). Some are at the brink of a trend reversal while others have already begun new trends against Bitcoin (BTC). If those altcoins are to reach new all time highs, Bitcoin (BTC) will have to rise from current levels and proceed towards its previous ATH of $20,000.

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