BTC Outperforms Alts: Will it Continue?
Updated
BTCUSD outperforming most alts July 2018, alts cant break above daily 50MA.
Important to watch the price over the next 5-10 days as the daily 200 & 350 MAs (approx. the weekly 30 & 50 MAs) approach an inevitable crossing.
BTC survives cross: tests 10k & 11.7k recent highs
BTC falls on cross: test the upwards angled trendline (orange) and then 50MA
ETH & alts: could up with btc when the prices can break above the daily 50MA and the 0.236 fib.
Sideways movement in the current range before testing lower trendline also very possible.
A major downmove on BTC could drive ETH to test the 0.0 gib level.
Market is filled with indecision. Rushing in anywhere can be risky.
Important to watch the price over the next 5-10 days as the daily 200 & 350 MAs (approx. the weekly 30 & 50 MAs) approach an inevitable crossing.
BTC survives cross: tests 10k & 11.7k recent highs
BTC falls on cross: test the upwards angled trendline (orange) and then 50MA
ETH & alts: could up with btc when the prices can break above the daily 50MA and the 0.236 fib.
Sideways movement in the current range before testing lower trendline also very possible.
A major downmove on BTC could drive ETH to test the 0.0 gib level.
Market is filled with indecision. Rushing in anywhere can be risky.
Note
This post is continuing to be correct. BTC dominance at time of posting was 46.92%, it is now 52.07%I expect dominance to increase as the total market declines further.
coinmarketcap.com/charts/
July 27 - Aug 17
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