Bitcoin [BTC] price traded around the $10,300 range as we came to an end of 9th consecutive week of indecision. The fear of the break of the descending triangle is making traders apprehensive. However, as the price extends inside the triangle, the probability of bulls and bears is getting even as well.
The price of Bitcoin as 3: 00 hours UTC on 16th September 2019 is $10,358. It is trading at par on a daily scale.
Ethereum [ETH] gained about 8.33% over the weekend as it recorded a high at $195. The price of Ethereum at 3: 15 hours UTC on 16th September 2019 is $194.8. It is trading 2.9% higher on a daily scale.
According to leading analysts, there could be indications of reversal in Ethereum. While the entire crypto-market seem inclined towards Bitcoin at the moment, traders like Josh Rager are turning their attention back to Ether. Rager tweeted,
…good news is that ETH/BTC price has finally moved and closed above the daily 20MA This has been a major indicator that has confirmed the downtrend for months We could be up for a nice reversal confirmation after price breaks the resistance cluster overhead
Moreover, the altcoins have had subsequent bearish days over the past three months. Another trader, Zoran Kole, had predicted such a reversal on the daily timescale on USD in May. Kole’s buying range is between $188-$194. According to him, the target is $220. He recently updated,
$ Update: Moving along nicely through H6 kumo. Seems to have s/r flipped 187 for now. ETH/BTC chart supports the USD growth narrative. Sitting comfy long
Nevertheless, the volume and sentiments around altcoins trading continue to trade lower. The traders will be looking forward to the current week for decisive price action in ETH.
Some of the other altcoins which have performed well over last week are EOS and Cosmos [ATOM]. EOS is gained 8% on a weekly scale, while ATOM closed about 30% higher.
Currently, EOS shares a similar chart pattern to that of Ethereum over the last quarter. Moreover, the price has also moved above the 50-Day Moving.
Furthermore, a decisive reversal in the top altcoins like Ether could pan well for the entire crypto markets.
Do you think that altcoins will continue to find a correlation in their movements or there will be isolated gains? Please share your views with us.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com