Altcoins Struggle, But Technical Analysis Says A Major Opportunity Is Forming
The latest market conditions have pushed hopes of an altcoin season even further out of reach. Bitcoin continues to dominate the market with a 59.6% share, and its recent struggle to hold bullish momentum has not translated into any meaningful boost for altcoins. Related Reading: Italy’s Market Watchdog Gives Crypto Firms A Clear Order: Act Or Exit Broader sentiment has weakened as well, with the CMC Altcoin Season Index registering just 20, which still places the entire market in a Bitcoin-favored phase. Meanwhile, a critical indication has been detected from on-chain data that suggests....
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Key Highlights. The Dogecoin price-after failing to break the 35-36 satoshi resistance area-started to consolidate in a range. There is a contracting triangle pattern forming on the hourly chart (price feed from HitBTC) that may act as a catalyst for the next move. As mentioned earlier, the price remains at a risk of more losses as long as it is below the stated resistance area. Dogecoin price started to consolidate intraday, and is currently looking for a reason to move higher. Let's analyze whether buyers can step in or not. Contracting Triangle Formation. We recently highlighted in a....
Rubycoin Price Key Highlights. Rubycoin price continues to struggle to clear a major resistance and swing area of 0.000309BTC. There is a chance of a double top pattern forming around the mentioned area in the short term. The only hope for buyers is a bullish trend line and support area formed on the hourly chart. Rubycoin price is at a risk of a downside move if the trend line breaks, as there is a chance of a double top pattern forming. Trend Line Break? The Rubycoin price failed twice to break a major swing level of 0.000309BTC, which increases the risk of a double top pattern on the....
Key Highlights. Litecoin price settled above a major resistance area that may now act as a support moving ahead (price feed from Bitfinex). There is a chance that the price is forming an inverse head and shoulders pattern on the hourly chart (price feed from HitBTC), suggesting a move higher. A break above a critical area at $3.40 is needed for buyers to take the price higher. Litecoin price is likely forming an inverse head and shoulders pattern, which may encourage buyers to take it higher moving ahead. Inverse Head and Shoulders Pattern. Litecoin price struggle continues to break the....
Bitcoin has risen more than 1% since yesterday to $295.76 as bulls made another attempt at crossing the supply hurdle. As technical factors come into play, we may eventually see a decisive breach of the resistance. In the last analysis Bulls Struggle At Resistance, I had concluded that Bitcoin is a buy on dips opportunity, and as can be seen, the price did dip to $286.43 before bulls rushed in to add Bitcoin to their portfolio and took the price to an intraday high of $297.44. Looking technically at the daily BTC-USD price chart conveys that even though the price rise is still capped by....
Bitcoin's struggle to head higher continues for yet another day as the cryptocurrency extends its boring consolidation phase. From yesterday's observation at $237.60, Bitcoin has dropped to $236.90 but the higher-top, higher-bottom structure is being maintained. In my opinion, that is the only big positive that buyers could take heart from. Technical analysis of the daily BTC-USD price chart suggests that the bulls are still running the show. Bitcoin Chart Structure - As has been marked in the chart above, Bitcoin has been maintaining a higher top, higher bottom pattern even during the....