“Bitcoin (BTC) Price Is Heading $9K Zone In A Few Days”. Bears Are Back?

“Bitcoin (BTC) Price Is Heading $9K Zone In A Few Days”. Bears Are Back?

It’s been a great period for Bitcoin – while all altcoins kept losing their price day by day, BTC price managed to keep above $10K and even reach $10,700. However, traders warn: the uptrend might take a pause. Here are a few BTC price predictions from tradingview users.

Bulls still control the situation

Bitcoin (BTC) price chart by Faibik

Pay attention to the technical indicators observed by Faibik:

  1. In 4 hrs time frame, BTC/USD following the falling wedge pattern but again failed to breakout.
  2. it could test the support ($9.9k) before another breakout attempt.
  3. Volume is decreasing & major indicators are turning bullish.
  4. Bears have been struggling to keep the price under $10k but for now, bulls looking strong.

In the nearest days, BTC might need the support, and $9.9K level won’t be surprising then.

Our target is $9.6-9.7

Bitcoin (BTC) price chart by BillCharison

Bitcoin is going to correct the downward movement because of the local reversal pattern and convergence on RSI. However, when we look at the 1H chart, we see that the price broke down the downward channel and now the global vector is directed down.

The local upward correction can end now but can go a little bit higher, to the zone of $10270 – $10470, where the ascending resistance is located. In case the price will re-test this resistance, the probability of falling lower than $10,000 will increase up to 87%. Targets of the downward movement are $9760 – $9640.

We could see the consolidation

Bitcoin (BTC) price chart by HeisenbergBTC

We seem to keep bouncing off the .236 fib (orange lime) after having sunk below the fib but never the less it is still providing support. It is also at the magic $10k mark where some support is to be expected. If you look at this chart we have wicked below 10k numerous times and rose back more often than not. It also proves there is a lot of buyers under $10,000. As we approach the end of the giant descending triangle, we will see a bit of consolidation as the price will be coiled up between the top and bottom trend lines. As we approach the end of the triangle we are seeing declining daily volume as well which truthfully is to be expected. RSI is not going to tell us much as it is about as close to the center as possible. We are still trading below the daily cloud right now which is another bearish sign.

Daily volume as of right now is at $15,168,002,723 (Just so you get an understanding of volume when we were trading at 14k daily volume was at 45 billion, now we are at $10,150 and the daily volume is significantly less at 15.16 billion). Bitcoin dominance is holding out at 72.17 according to Trading View: 7 times we wicked below $10k but managed to climb back above. Even after falling under $10k recently, BTC found support again. We will have to wait and see if it holds and how long that may be. Even if it touches $9K again, it’s likely to recover quickly.

BTC goes symmetrical

Bitcoin (BTC) price chart by TradingShot

Look at this 4H frame. Bitcoin approached today the lower 4H Support ($9,790 – 9,850). Last time the price rebounded off that level, we had a 7-day consolidation within roughly $9,800 – 10,450. So if $9,790 holds, there’s no reason why we shouldn’t repeat this symmetrical pattern for good scalping returns, especially since we also had symmetrical (near) rejection on the $11,000 1D Resistance last week.

Bottom Line

If we look at the 1-month BTC chart, we can notice a clear inverted Head & Shoulders pattern that has formed near the support line of our large triangle along with the rising Stoch RSI. This pattern can be considered active by the breakdown of our key resistance level. There is a clear trading range of $9,870-10,870, and if BTC touches the $9 zone, you should buy – it’s a perfect trading opportunity.

Bitcoin At $10,000, Volatility Is At 4-Months Low, Calm Before The Storm?

Bitcoin marks a slight decrease of less than 2% in the past 24 hours but its price remains above $10,000 for now. Things are looking relatively as the 30-day volatility has reportedly dropped to a low seen back in May 2019. Yet, if history is any indicator, it’s usually times like this that predicate a violent move. 

Bitcoin Trading Between $10,000 and $11,000

For the past 8 days, Bitcoin has been trading in the range between $10,000 and $11,000, while its dominance index hovers around 70%. 

Reportedly, however, the past 30 days have seen relatively low levels of volatility, last observed four months ago, back in May. 

As CryptoPotato reported back in June, Bitcoin’s volatility, especially when raging, is a double-edged knife. It can be a good thing according to some, because it shakes out the weak hands of the market and it guarantees that BTC goes to the strongest holders. At the same time, it’s also a function of the cryptocurrency’s scarcity because as the supply is static, the price can be volatile. 

On the other hand, it also brings quite a bit of downside. It’s commonly associated with price and market manipulation. This is among the reasons for which the US Securities and Exchange Commission (SEC) hasn’t yet approved a Bitcoin ETF. 

Bitcoin’s volatility also makes trading a lot riskier. Expert traders, typically, see this as an advantage because they capitalize on the sudden price moves, but those who are less advanced can experience serious losses because of the frequent swings. 

Image result for Bitcoin

Calm Before The Storm?

It’s worth noting that Bitcoin’s fundamentals are looking stronger than ever. The hash rate is increasing rapidly which could be tied to increased network security. At the same time, we are anticipating the launch of Bakkt on September 23rd, which is one of the most awaited events within the crypto community. Bitcoin’s halving is less than 250 days away. It will decrease the supply of bitcoins on the market in half which should, in theory, drive its price higher as it has always done historically. 

In other words, it’s also possible for the current range-bound trading pattern to be failing in reflecting these underlying factors, among many others. 

Back in May, when volatility levels were as low as they are now, the price marched forward and it almost doubled up in June. Of course, it’s also possible that should any violent price swing be in the wait, it could be in the opposite direction. 

Bitcoin Price Faces Drop to Support Levels Below $10K


  • Bitcoin risks falling below $10,000 this week, having confirmed a high-volume bearish reversal on the daily chart on Friday.
  • A break below $10,000 would expose key support levels lined up at $9,755 and $9,320.
  • The bearish case would weaken if the cryptocurrency rises above $10,350 today, confirming a wedge breakout on the hourly chart.
  • A UTC close above $10,956 (Aug. 20 high as per Bitstamp data) is needed to revive the bullish outlook.

Bitcoin (BTC) is losing altitude and may slide further toward $9,750 this week unless prices invalidate a bearish technical setup with a move above $10,350 in the next few hours.

The top cryptocurrency fell to $10,060 at 08:10 UTC, the lowest level since Sept. 2, according to Bitstamp data.

BTC hit the one-week low two days after facing strong rejection near key resistance. On Friday, the cryptocurrency fell sharply to $10,200 with strong volumes shortly after facing rejection near $10,956 – a bearish lower high created on Aug. 20.

Friday’s drop marked a victory for the bears in an ongoing tug of war with the bulls represented by Wednesday’s “spinning top” candle.

Essentially, the market turned bearish with Friday’s drop and the negative follow through seen today has further strengthened the case for retest of key support levels lined up below $10,000.

Even so, sellers need to observe caution, as the pullback from highs near $10,956 has taken the shape of a bullish reversal on the intraday charts.

As of writing, BTC is changing hands at $10,240 on Bitstamp, representing a 3 percent drop on a 24-hour basis.

Daily and hourly charts

BTC fell 4 percent on Friday (above left), engulfing the price action seen in the preceding three days.

More importantly, prices closed (UTC) well below $10,378 on Friday, validating the seller exhaustion signaled by Wednesday’s spinning top candle and Thursday’s doji candle.

In the following two days, prices traded in the range of $10,200–$10,400 before falling to lows below $10,100 earlier today, marking a continuation of Friday’s sell-off.

Now, the path of least resistance is to the downside, according to the daily chart. Prices could soon challenge support at $9,755 – the low of the Aug. 22 doji candle. A violation there would expose the recent low of $9,320 (Aug. 29 low).

The bearish case, however, would weaken if prices break higher from the falling wedge pattern seen on the hourly chart (above right). As of writing, the upper edge of the falling wedge is located at $10,350.

A falling wedge comprises converging trendlines connecting lower highs and lower lows. The converging nature of the trendlines indicates the bearish momentum is running out of steam. Hence, a breakout is widely taken as a sign of bullish reversal.

However, in this case, the wedge breakout, if confirmed, would only weaken the prospects of a slide below $10,000. The outlook would turn bullish only if prices print a UTC close above $10,956 (Aug. 20 high).

That would invalidate the bearish lower-highs setup on the daily chart. Note that longer time frame charts take precedence over the hourly and other intraday charts, as per technical analysis theory.

Bitcoin, ETH, XRP, And LTC Had A Great Week — What’s Next?

Last week was a great week for major cryptocurrencies, especially for Bitcoin and Litecoin. Bitcoin was up 9.48%, ETH was up 5.52%, XRP was up 1.49%, and LTC was up 8.60%–see Table 1. Bitcoin rose above the key $10,000-mark.

Table 1

Seven-Day Price Change For Major Cryptocurrencies


Source:Coinmarketcap.com 9/7/19 at 2:30 p.m.

That’s a big turnaround from the previous week, which was a brutal week, as discussed in a previous piece here.

The trouble is that the rally was narrow, with only 42 cryptocurrencies advancing out of the top 100— see table 2.

Table 2

Number of Cryptocurrencies That Advanced/Declined In The Top 100 Ranks

Cryptocurrencies Advance/DeclineNumber

Source:Coinmarketcap.com 9/7/19 at 2:30 p.m.

That means that money pouring into major cryptocurrencies wasn’t new money, but money coming out of other cryptocurrencies.

And that isn’t a good technical sign for the near future.

Still, Dave Hodgson, Director and Co-Founder of NEM Ventures, is bullish for major cryptocurrencies, and Bitcoin in particular. “I remain bullish on Bitcoin in general,” he says. “BTC has been trading within a defined range since mid-July, lightly testing support levels which have held and gradually increased. The range over the past 2-3 weeks has tightened and been largely sideways over the mid-term.”

Why is that bullish? “Traditionally, BTC doesn’t remain in a tight range for long periods of time, so I expect to see that change in the short-mid-term,” he explains. “Current conditions feel like a consolidation phase, and I anticipate changes in mid-late September, closing the year at a higher value than present.”

Christel Quek, the Chief Commercial Officer and Co-Founder of BOLT, is bullish on Bitcoin, too.  “With crypto markets gaining strength over the last few months, Bitcoin has been the biggest benefactor, outperforming alt coins over the last three months and further consolidating market dominance,” he says. “The currency currently holds a 71% share of the crypto market cap, with the price stabilizing at the $10,000 levels.”

And things will get better“Now viewing Bitcoin from a new vantage point of continued technical strength, there are blue skies ahead – it seems the conditions were right for such gains while overall market consensus assumes we have entered the early phase of the next bull cycle,” he says.

Quek has a mixed outlook in other major currencies. He sees Ethereum to continue to be subdued under a bearish market, and Ripple struggling to maintain its price levels and consolidate at $0.25 levels.

Christophe De Courson, CEO of Olymp Capital, has no clue on what’s going on with Bitcoin in the short-run. When it comes to bitcoin or cryptocurrency price variations, I remain agnostic,” he says. “Reflecting on the last six months, we have witnessed a reversal of the bearish trend and seen Bitcoin skyrocket from $3,125 in mid-December to $13,880 towards the end of June. Since July, we are witnessing the consolidation of this long-term bull trend, with volatility stepping back and bitcoin price ranging between $9,000 and $12,000.”

But he remains bullish for the digital currency over the long-term. “Considering economic uncertainties for 2020 (including Brexit, QE from Central Bank, and the upcoming American elections), as well as the growth of crypto-based derivatives product offering for institutional investors (VanEck, Bakkt, and Seed CX) we are bullish on Bitcoin price in the mid- and long-term.”

John Powers, Chief Strategy Officer of Findora and former CEO of Stanford’s $25b endowment, is bullish for the long-term, too. “Thanks to the growing range of institutional-grade cryptocurrency (bitcoin, etc.) and blockchain investment products, investors are able to participate in cryptocurrency markets in a variety of ways,” he says. “As trade and economic tensions continue, we expect institutional investors to include a cryptocurrency component as part of their asset allocation, providing price support for crypto assets.”

Tough times for altcoins as Bitcoin’s dominance surges

In its first years, Bitcoin represented 100 percent of the cryptocurrency market. After falling to a low of 33 percent in January 2018 at the height of the altcoin boom, Bitcoin’s dominance of the crypto market cap is now back up to 70 percent. Where next for altcoins?

As the price of BTC has pushed up in Q2 and Q3 2019, Bitcoin has reclaimed its market dominance, and now commands a 70 percent share of the entire market, a 28-month high.

In 2019, Bitcoin’s price performance has outpaced its smaller rivals by climbing 175 percent, significantly more than Ethereum which has climbed 30 percent, or XRP which is down 35 percent after a series of sell-offs by Ripple Labs.

Percentage gains on Bitcoin, Ethereum, and XRP in 2019

Bitcoin dominance is a controversial market metric. Critics claim that it is warped by dead altcoins that nobody trades anymore. Nevertheless, the measure is useful as a gauge of market sentiment, and the majority of market data providers — including TradingView, Brave New Coin and CoinMarketCap — agree that Bitcoin dominance levels are now sitting at over 70 percent. A key reason is a perceived flight to safety – crypto investors have been happy to sell out of underperforming altcoins and return to the benchmark asset of the wider crypto ecosystem, Bitcoin.

One study by analysts at Arcane Research points to an even higher Bitcoin dominance figure. Using volume-weighted market capitalization, the report finds that Bitcoin actually accounts for 90 percent of the crypto market, with Ethereum, Litecoin and thousands of other smaller cap coins only accounting for less than 10 percent.

How much higher Bitcoin’s dominance can climb is not clear. Some speculate that the dominance signals the end for most altcoins. If Bitcoin is about to embark on a bull run, it will eventually bring the price to new highs, leaving altcoins far behind and forcing long suffering altcoin holders to capitulate or miss out on Bitcoin profits.

Others see Bitcoin’s current high dominance level as short-lived — the peak of a natural cycle which will soon give way to an altcoin resurgence.

Alts never coming back?

Bitcoin maximalists — who believe that Bitcoin is the superior crypto asset — are feeling vindicated by the renewed Bitcoin dominance. Indeed, many seemed to relish the opportunity to point this out.

Veteran trader Peter Brandt seized the opportunity to dismiss ‘altcoin junkies’, claiming that “altcoins are to Bitcoin what lead is to gold.”

Crypto pundit Max Keiser had a similar view, tweeting that altcoins will never recover from the downturn. “Alts never coming back… Sorry,” tweeted Keiser, with an image of the altcoin and bitcoin charts.

These views are backed by research from investment firm CoinShares, which suggests that the reason for Bitcoin’s fresh dominance and the lack of an ‘alt season’, is because the character of investors leading the market has changed.

The absence of spikes in Bitcoin Google searches during the recent price run suggests a change in the character of cryptocurrency investors. Investors now seem less interested in investing in risky altcoins, when Bitcoin is outperforming the wider crypto market.

“The market has mercilessly denied calls for a customary ‘alt season’ while Bitcoin’s price rally has stolen all of the attention, at least so far this year,” state the CoinShares analysts.

The research concludes that a key reason for Bitcoin’s burgeoning dominance is due to institutional investors pouring funds into Bitcoin for the long term, instead of using the cryptocurrency as a portal to altcoins.

Wall Street’s presence is evidenced by increased volume on institutional platforms. CME has reported several record-breaking highs for Bitcoin futures trading volumes in the past few months, and Grayscale’s Bitcoin Futures Product (GBTC), is reported to be buying up to 21 percent of the newly mined Bitcoin supply for Wall Street investors.

It’s clear that institutional investors have opted for the strong brand name of Bitcoin, which offers sufficient liquidity for large purchases, a lively derivatives market, trusted fiat on-ramps, and clearer regulatory status.

According to Binance’s latest report, however, even institutional buyers will eventually turn to altcoins.

The exchange’s research suggests high levels of Bitcoin dominance will likely remain in the short term, but in the longer term, the balance will shift. An alt season may yet come, but it sure seems a long way off.

Bitcoin rushes to $11K while the market ‘buries’ altcoins

Bitcoin once again jumped off after the correction and hit the ceiling at around $10,700, but on Friday morning it shows signs of an attempt to test a new resistance level. Bitcoins are being redeemed over and over again after the declines, but this won’t last forever. In case the BTC faces serious difficulties above the resistance level $10,800, we can expect the strengthening of bearish sentiment – with lower lows and growth of trading volumes.

Nevertheless, if we consider the historical perspective, September is more inclined to show a side trend with a strengthening of bullish mood closer to October. Taking into account the fact that we are not in the bear market, and at the end of September is scheduled to launch the delivery futures from Bakkt, it is possible to assume that the market will get an impulse from institutional money.

Other positive statistics from CoinMetrics indicates that the number of Bitcoin addresses stored from 10 BTC (about $105K) has reached 1% of all wallets or 157K addresses. A very small number of Bitcoin holders use it for making payments. Many current investors bought Bitcoin on minimums or near them that is confirmed by the absence of large-scale sales within the limits of numerous corrections as owners of Bitcoins anyway are in a huge plus even if the market falls. 

The mining difficulty of Bitcoin continues to grow. It means that new ASIC-devices are launched, supporting the bullish mood in the market. It is believed that the indicator of the hash rate in the Bitcoin network has a background impact on the price dynamics. And now we see a clear “north” direction.

The dominance index chose the same direction, as it grew to almost 71% this week. Thus, the index grew by more than 3% over the month. The trend of selling alternative cryptocurrencies in favor of Bitcoin remains, but market participants understand that Bitcoin itself has been “buried” many times, and now the same is happening with altcoins. Perhaps they have lost their charm of innovativeness but they still have the same speculative properties that large investors will pay attention to at some point.

VanEck, which is still waiting to consider its application for the launch of Bitcoin-ETF, said this week that it will launch a “limited Bitcoin-ETF”. According to market participants, it is very similar to the Grayscale product, which has been on the market for many years. In case of the popularity of the Bakkt product and emergence of an impulse for growth of Bitcoin, we will see the activation of other market participants in the near future, which in total should create a very significant impulse for growth of Bitcoin by the end of this year.

Altcoins in Trouble? 5 Reasons Traders Stay Away

After initial enthusiasm, investors and traders are becoming more skeptical of altcoins, as prices sink to new yearly lows.

Altcoins have always been more volatile. For a short time period, newly created assets created immense gains, with appreciations of 1,000 or even 10,000 times happening within weeks or even days.

But in 2019, altcoins have lost their luster – and may even be considered a no-go asset, in most cases. Volumes have continued to decrease, and with a few exceptions, the altcoin market is on the decline. Altcoin price dominance has returned to levels from before the big rally in 2017, while the Bitcoin (BTC) market cap dominance is now above 70%, once again establishing a more traditional ratio between BTC and altcoins.

Here are the five reasons to be careful about altcoins:

It has happened before: In the past, new altcoin projects were all the rage. But now, PandaCoin and Namecoin are largely forgotten.

The entire family of anonymous coins is now mostly defunct, with only Monero (XMR) and Bytecoin (BCN) the remnants of a mass movement of asset creation. Anonymous coins like XMR could be created through a simple tool, much like Ethereum (ETH) tokens. Since new altcoins and tokens come in cycles, it is possible that the last batch of coins has simply run its course.

Lowered volumes: For most altcoins, a mix of delistings, as well as lowered interest has led to almost negligible trading volumes. Only a handful of coins receive inflows from Tether (USDT) markets, and those coins manage to keep some of the gains for 2019.

Other coins and tokens have lost another 90% of their value since the summer of 2018 when altcoins were still going strong with a mid-year rally. But in 2019, the much-awaited altcoin season never really arrived, leaving most assets reeling.

Stricter regulations: For years, the crypto market was a free-for-all. This allowed the creation of coins and tokens with extremely creative economic models. But regulators started to take notice, and go after assets that could be considered unregistered securities. Exchanges quickly took notice of the worsening climate and started pruning their selection of altcoins. The loss of interest from Korean investors also hurt some of the coins that previously enjoyed rather active trading at a premium.

BTC needs to rally more: All eyes are on the price of BTC, which is still at a crossroads and yet to go through a dramatic rally. If this happens, some altcoins may also spark optimism and appreciate on the back of BTC. But as the leading coin struggles with the $10,000 tier, there is enough uncertainty that makes buyers even more reluctant to touch altcoins.

Trader profiles changed: In the past, there have been periods of hype that attracted new enthusiasts into the crypto space. But as search engine statistics show, the wider public is not so interested. Now, crypto space is made mostly of insiders, and they are more skeptical of big-scale promises. Only the best projects manage to survive, and investment is much more cautious.

After a very turbulent period, thousands of projects showed that they took longer to build a product, or never intended to. Big-profile scams also pointed to dangers inherent to new, untested networks and assets, so the image of altcoins and tokens was even more tarnished. In the meantime, BTC is gaining wider acceptance in mainstream finance, further making the case that it is a relatively more reliable asset with the longest-running track record in crypto space.

Bitcoin (BTC) All Set To Decline Below $10,500 As Breakout Attempt Fails

Bitcoin (BTC) bulls to fail the do or die level of $10,800 and now it is all set to decline below $10,500. If the price ends up falling below $10,000 this time, all bets are off. A lot of traders would realize that the price is going to go much lower from there. However, those that are super bullish would consider it a minor pullback to buy the dip and they will get trapped in before the next downtrend. The symmetrical triangle on the chart shows how the price got stopped out close to the line of bisection of the triangle. This is incredibly similar to what happened in 2014 and if history is any indication, we are going at least 80% lower from here. 

The daily chart for BTC/USD shows that there could be confusing or misleading moves short term to scare off the bears and trap in the bulls. For instance, if we take a look at the price action around July 15, 2019 we can see that the price first attempted to break past the 21 day EMA and it kept on showing signs of fake strength but as we can see it declined aggressively after that. As the actual downtrend nears, we are likely to see more and more of such shows of fake strength because the market makers want to trap in as much of these retail bulls as possible. It is easy money because 70% of retail traders are long on Bitcoin (BTC) and if they help the price crash from here, they would be liquidating a lot of these retail bulls to line their own pockets.

Normally, there would be nothing wrong with someone making money off traders making bad decisions. This is the world we live in and people keep making the same mistakes over and over again for a lot of reasons. That being said, there has to be fair play. In other markets, the role of a market maker is to provide liquidity and if there is an attempt to influence the price, that is kept in check by regulatory bodies like the Securities and Exchange Commission. However, in the case of Bitcoin (BTC), market makers not only provide liquidity, they strongly influence the direction of the price. 

Ask yourself this, “Do you really think the founders of these large exchanges that keep on tweeting and asking you to buy more are naïve enough to not know what is going to happen next?” It is all staged and I can’t wait to see how all of this is going to go down as the SEC and other regulatory bodies begin to crack down on this. Bitcoin (BTC) and other cryptocurrencies might have a future long term but not in this state. The daily chart for Bitcoin Dominance (BTC.D)shows that we have reached a new yearly high for Bitcoin dominance. This would not be happening if we were in a bull market or on the verge of one.

Bitcoin Above 10K again!!!

Bitcoin and the majority of the altcoins had a great buying day Monday. Bitcoin’s price surged over 6.5%  in the last 24hours on a spring of buying volume, while the top ten cryptocurrencies followed with Binance Coin BNB (+6.19%) being the top altcoin performer. 

The crypto-sector market capitalization moved from $248.7 billion to $265 billion (6.5%), and the dominance of the Bitcoin is now over 70%, its highest figure since Q1 of 2017.

Technical Analysis

Chart 1 –  Bitcoin Daily Chart 

In previous articles, we have stated that two scenarios were possible for Bitcoin. One scenario was for the price to break below $9320 and continue its path toward the lower side of ta descending channel. The second one was the chosen one. 

With yesterday’s bullish candlestick, BTCUSD completes a kind of rounded bottom. Also, its close above the levels previous to its sharp breakdown is an excellent bullish signal, indeed. We should mention as well that after this triple bottom at about 9,320, it is hard to imagine a breakdown below it. So this is right now a key support area.

we also observe that the descending wedge has been broken to the upside, as we commented it could happen in our previous article.

Looking at the MACD indicator, we see that the bearish leg that this indicator signaled on August 13 has finished and a bullish crossover happened just after Monday’s close. 

Taking all this into consideration we can confidently call for a new bullish period on the Bitcoin.

Chart 2 – Bitcoin 4H Chart

On the 4H chart, I’ve included two Bollinger bands, at 1 and 3 standard deviations.  Bollinger bands are a very nice way to assess or map the price action. I choose this setup because it is very handy. The inner  1-sigma band is very good to shoe market direction. When the price moves close to the +1 band, we usually see a bullish trend, and if it moves below or close to the -1 band, it is a sign of descending prices.

The 3-sigma band helps us see when the price is overextended. If the candle touches the +3-line is overbought and if it reaches the -3-line is oversold.

Looking at the 4H chart of the Bitcoin we see that the price started moving near the +1 line on Sunday, September 1 and continued heading up on Monday touching the +3 Bollinger line and closing near it. That was a fair indication of an overbought condition. Today the price is reaching resistance  (10,440). Therefore, based on its overbought state, there won’t be any surprise if we experience some sideways action, or, even, a visit close to a projection of the mid- Bollinger line (dotted line).

Supports and resistances are labelled in the chart.

Of course, bullishness and the fear of missing out may drive the price further up with no substantial consolidation.

Altcoins, Especially Litecoin (LTC), May Rebound; Here’s Why

Litecoin Tanks, Yet May Soon See Bounce

Mere weeks ago, Litecoin (LTC) underwent its latest block reward reduction — also known as a “halving” or “halvening”. While many expected for this to kick off the cryptocurrency’s next surge, it didn’t. In fact. the popular altcoin plunged after the halving, falling from three digits to $64, where LTC sits today.

This corroborates a report from Strix Leviathan, a Seattle-based crypto startup, which found earlier this year that crypto assets that see their emission halve “outperform the broader market in the months leading up to and following a reduction in miner rewards.”

Litecoin may soon see a bounce, however. Analyst CL recently pointed out that Litecoin recently dropped to its 50-week moving average, which has acted as both a level of support and resistance. As he/she points out, the “last time LTC stopped dumping after the halving was at the weekly 50 moving average; it was also a local Bitcoin bottom.”

Should history repeat, Litecoin should bounce in the coming weeks, potentially to flatline or to surge higher.

The fundamentals support this. The recent sell-off in the cryptocurrency has been accentuated by FUD being mounted against Litecoin, which its critics say is a dead project without a technological future. But, Litecoin creator Charlie Lee and members of the Litecoin Foundation have assured the community by pointing towards some of the project’s other accomplishments: crypto payments startup Flexa supporting LTC for payments in Whole Foods, Nordstrom, etc.; and the NFL’s Miami Dolphins adopting the project as their team’s official cryptocurrency.

Altcoins Ready to Run?

Not only is Litecoin’s prospects looking up, but that of altcoins as a class too.

At the start of the last altseason, Bitcoin dominance was around 70%; now, Bitcoin dominance is sitting pretty at 69.1%. According to a recent tweet from Bitcoin Birch, a founder at crypto startup Lunar, the last time this key metric flirted with this round level, the biggest altseason in history was kicked off shortly after, when BTC fell off a cliff relative to altcoins.

Indeed, in March began a sharp downtrend in Bitcoin dominance, which ended when the figure hit some 32% in early-2018. Youch.

There’s no saying that the same will happen again. But, there are other signs pointing towards an impending resurgence for altcoins — or at least a lull in the bloodbath.

Adaptive Capital partner and analyst Willy Woo believes that altcoins may soon find some support against Bitcoin. He posted the below image on Twitter, which shows that the altcoin capitalization-to-Bitcoin capitalization ratio and the altcoin market volume-to-Bitcoin market volume indicators are currently “heading into a region of support.”