Now that Monday and the weekend are over, we look back on what the race has done since Friday. Of course we place this in a historical perspective. Although bitcoin covers seventy percent of the market, we also look at whether altseason is about to start.
Ohh and do you want to win a Ledger Nano S? You can find the rules at the bottom of this course analysis and of course Axel is happy to explain it to you.
The weekend caught in a triangle
The price of bitcoin has been moving in a symmetrical triangle for a few months. and within that triangle you see a zone of 300 euros in width. This zone provides support one time within the triangle and then resistance again.
It looks like this symmetrical triangle is almost finished. It can be played completely until the beginning of September. And then the question, do we break below or above?
Now we are making a leap to fundamental news, Bakkt is going live on September 23 and that is hopeful. If the launch of Bakkt goes according to plan, then there is a good chance that the course will break out at the top.
Follow the trend with a hammer
Last Friday we were already talking about the support line of the moving average of 100 days (100 MA) on the daily chart. The 100 MA look at the average rate of the past hundred days. The orange line in the graph is 100 MA.
In a bullrun the rate normally remains above that 100 MA. If it goes below it, it may mean that the positive sentiment is over.
In that respect there was a little panic moment. The rate fell below the 100MA for a millisecond, but this turned out to be a false alarm. The candle formed into a hammer and that means that the rate will pick up afterwards.
And what about altseason?
Bitcoin is currently very dominant on the cryptomarket. The dominance is about seventy percent. That means that the value of the total cryptomarket consists of seventy percent of bitcoin.
What you see above is the total market value of all altcoins combined. And that is set here against the bitcoin value (often expressed in sats). With a green candle, the altcoin market increases in value relative to bitcoin, and with a red candle the value of all altcoins decreases relative to bitcoin.
The orange line is the moving average of the past 365 days (365 MA). This is a simple but also effective indicator to show the start and end shot of alt season. Almost everyone means that the value of alts for a longer period of time rises faster than the value of bitcoin.
Halfway through 2018 you can see that alt season was really over. The value of alternative cryptocurrencies in dollars fell much faster than the rate of bitcoin.
And this year only binance coin (BNB) performs better than bitcoin. Every other altcoin performs less than bitcoin. This is the top 10:
- Binance Coin: + 375%
- Bitcoin: + 176%
- Litecoin + 164%
- Bitcoin Cash + 111%
- Monero + 74%
- Bitcoin SV: + 59%
- EOS: + 53%
- Ethereum: + 47%
- Cardano: + 24%
- Tron: + 4%
Win a Ledger Nano S
And do you want to win a Ledger Nano S hardware wallet? Then predict the race, and who knows you might be the lucky winner! These are the rules:
- Guess the bitcoin (BTC) course from Tuesday 27 August at 12:00 a.m.
- It is about the bitcoin rate in euros on the homepage of BTC Direct.
- Respond in the comments of the YouTube video or below this article to participate.
- Edited responses are not included.
Respond before Friday, August 23, at 5:00 PM.