Quick look at Major Altcoins index
Hello all,
Let's look at how major altcoins are progressing these days. Here we have a consolidated chart for Top 10 coins excluding BTC and USDT. These are ETH, XRP, BCH, BSV,EOS, LTC,BNB andXTZ.
The current market cap for all altcoins (except bitcoin) moved up to $98.5 billion, so very close to the psychological level of $100 billion. It moved up by 2.7 percent for the last seven days. Additionally, BTC dominance slightly decreased during the last 30 days and lost2 percent, now at 64.7%, so some space for altcoins growth.
Going back to the chart, we can clearly see the $765 horizontal resistance where the index is struggling since the beginning of May. This is not just a random line but already provided resistance a few times in the past, most notably in September 2019. Then you can see how in January it was where price bottomed, so acting as a support. Once again, on March 9 - do you see the sole green candle there in the middle of the great crash during the COVID outbreak? it is where bulls attempted a comeback. Recently, we saw the stability of this level at the beginning of May.
So, a significant obstacle in bulls' way. The good news is we have an incoming price squeeze event and I will be looking for a break out of the triangle pattern in the next 10 days. If we surpass this major line, it will open the door for $785 and $810. Potentially we can see a re-test of the zone around $740-$750 hitting the uptrend before going up.
Cheers,
Let's look at how major altcoins are progressing these days. Here we have a consolidated chart for Top 10 coins excluding BTC and USDT. These are ETH, XRP, BCH, BSV,EOS, LTC,BNB andXTZ.
The current market cap for all altcoins (except bitcoin) moved up to $98.5 billion, so very close to the psychological level of $100 billion. It moved up by 2.7 percent for the last seven days. Additionally, BTC dominance slightly decreased during the last 30 days and lost2 percent, now at 64.7%, so some space for altcoins growth.
Going back to the chart, we can clearly see the $765 horizontal resistance where the index is struggling since the beginning of May. This is not just a random line but already provided resistance a few times in the past, most notably in September 2019. Then you can see how in January it was where price bottomed, so acting as a support. Once again, on March 9 - do you see the sole green candle there in the middle of the great crash during the COVID outbreak? it is where bulls attempted a comeback. Recently, we saw the stability of this level at the beginning of May.
So, a significant obstacle in bulls' way. The good news is we have an incoming price squeeze event and I will be looking for a break out of the triangle pattern in the next 10 days. If we surpass this major line, it will open the door for $785 and $810. Potentially we can see a re-test of the zone around $740-$750 hitting the uptrend before going up.
Cheers,
הערה:
Nothing to be scared about, just BTC and co reacting to traditional market moves. We are close to getting back into the uptrend, so this is our next target.
