Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.”
Bitcoins outlook looks all green technically and fundamentally while altcoins too show signs of positivity
- Bitcoin breaks the technical triangle on the charts with all eyes now on 200-day moving average
- Not just technically, fundamentally too a lot seems in favor of the bitcoin
- After BCH and XRP runs, Ethereum seems to be on verge of a massive breakout
Bitcoin slowly gaining strengthen technically as well as fundamentally
Everything is falling in place for bitcoin to end the year with some sharp rally. As per technical analysts, Bitcoin has finally broken the triangle that it was forming since the start of the year. Although the breakout is not strong enough, all eyes are now on there prices to give a stronger break to the triangle as well breach the 200 daily moving average to confirm that the bear market is over. Another technical parameter that is falling in favor of the Bitcoin’s massive year-end rally is the famous MACD indicator which when applied to a crypto index highlights the positive divergence in the market. According to the article the MACD, or moving average convergence divergence, the gauge for the Bloomberg Galaxy Crypto Index entered its first positive divergence in a month. The move corresponds with an upward trend in Bitcoin, which makes up around 30 percent of the fund. Bitcoin is up for the seventh straight day and is at its highest level in two weeks, hovering around $6,500.
It’s not just technicals, fundamentally too there is a lot of things falling in favor of the Bitcoin to ride the rally. Bitcoin’s TPS rate continues to grow, mining power has surged in the last few months, and scaling solutions like SegWit and Lightening are seeing increased effectiveness
Game on for Altcoins as well to ride the rally
Bitcoin is the leader of the crypto pack and all other altcoins mostly follow the sentiment that Bitcoin prices portray. Although this is majorly true but not always as sometimes alt-coins to take the lead something that we are witnessing from past one week. It was BCH first and then XRP. Now, what’s next. Well if the news has to be believed it could be Ethereum’s turn now. According to the article which was published in Forbes, speaks about services like Oracle which will allow programmers to incorporate real-world data into their smart contracts. Also, there are some positive words from Vitalik coming in on the new scaling solution for Ethereum known as Plasma which may end the misery. All this news is making Ethereum look pretty hot at the moment. It’s been one of the most beaten down cryptos over the last few months and lies way below it’s 200 daily moving average making the coin available at a good bargain
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