Dramatic price surges of Bitcoin have a very significant impact on the rest of the cryptocurrencies. Moreover, the direction of movement of BTC is not too important — if the main digital asset changes its value too quickly, most altcoins are almost always doomed to fall. Over the past few months this theory was confirmed one hundred percent.
However, the holders violas still have hope. The price of their assets may grow rapidly in the near future. However, only under one condition — the price of Bitcoin needs to stay in the flat. At the moment BTC is trading at 11 262 dollars. For the past day the price of the cryptocurrency fell by 3.07 percent.
Here, not only for Bitcoin
In a more global scale, the recent fall of Bitcoin cannot yet be considered a prerequisite to reversal. Asset for quite a long time maintained above 11 thousand dollars, and the bulls quickly pay off cryptocurrency in any significant drain. Recommend that you closely monitor this level on the chart when opening new trading positions.
According to the trader Josh Rager, a breakthrough 12 BTC above $ 500 will trigger a new wave of growth of the cryptocurrency.
Scale 15-minute chart of the BTC still can’t break above 11 760 dollars. The fall in trading volumes is a sign of the imminent increase of the volatility of the asset. Any drop below 11 138 dollars can be considered a prerequisite to the opening of the short. For full confirmation of a new wave of growth I want to wait for breakout of $ 12,500.
$BTC — 15Min Chart
Struggling to break above $11,760 with the decreasing volume setting up for more volatility (BBands squeezing on lower time frame)
Any move and close below $11,138 would be bearish on LTF and for me to get absolutely bullish, I want price above $12,500 pic.twitter.com/gTmBXRbGOW
— Josh Rager ? (@Josh_Rager) July 12, 2019
Another cryptanalyst Luke Martin believes in the imminent season altcoins. He has recently published on Twitter a few graphics violas and noted that coins may soon rise if the price of Bitcoin will stay in one place.
This week, the majority of altcoins is in free fall. Many of them draw several red daily candles in a row. If the graph of Bitcoin remains relatively calm, soon, cryptocurrency will be able to grow up significantly.
Alts have had a steady decline this week with the majority of them stringing together 4 red days in a row.
Today almost all of them are crossing above daily open or up about 5%.
If $BTC stays still increases chances that short term relief for alts can have the follow through. pic.twitter.com/yUelBetJaT
— Luke Martin (@VentureCoinist) July 12, 2019
We will remind, on weekends the situation in the stock market is mainly bullish. Unfortunately, this weekend was the exception to the trend.
Hopefully, by next Sunday we can talk about the beginning of the season altcoins. And yet buying them is not necessary, as signs of a trend reversal on the charts of the coins is still not enough.
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