Bitcoin pauses but altcoins breakout looks encouraging
As the dust settles after Thursday’s crypto surge following the Federal Reserve FOMC meeting, it still remains to be seen whether bitcoin and altcoins will continue their upwards trend since January 1.
Bitcoin slowing down?
Bitcoin has seemed fairly rudderless over the last few days. The king of the cryptocurrencies has been knocking on the door of the mid-$23,000 level, but with the exception of Thursday’s spike up to almost tag the massively important $24,300 resistance, the price has remained relatively quiet.
With Stochastic RSIs on the weekly and 2-weekly just about topping out some might be wondering if the BTC price could be starting to roll over. However, on the daily and lower time frame charts the RSIs are resetting back and once they reach the bottom there can still be some room to manoeuvre upwards again.
The main thing is that Bitcoin is still in its upwards slanting channel. If it breaks down out of this, then it would give a much clearer sign of a more significant pull back.
Altcoins on the brink
Thursday was a big day for the altcoins as they continued to rampage up over the main part of the day. The Total 3 market cap (total value of all altcoins not including BTC or ETH) downsloping channel was finally broken to the upside.
To get to the next major resistance for Total 3 is another 20% move, which would be an excellent return for those holding some of the best-moving altcoins.
This morning, the altcoins are attempting to consolidate the break-out and it remains to be seen if they will be successful, although strong price action so far this morning looks to be encouraging.
Currently, one of the biggest movers among the altcoins is gaming altcoin Iluvium (ILV). Since it broke out of a rising channel yesterday ILV made a 45% gain, and has put on 182% since bottoming on January 6.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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