Today’s technical analysis of Bitcoin is showing that BTC is retracing and there’s a clear sign of staying within the triangle pattern. The bull market still has to wait for some more time to break outside the triangle pattern. However, traders should not be gloomy as the altcoins are outperforming the expectations and bringing smart gains to the market.
A Snapshot of Today’s Market – Movers and Shakers
Bitcoin, the cryptocurrency market leader, is witnessing a retracement trend in the Bitcoin price. However, over the weekend, the altcoins outperformed the cryptocurrency leader. Altcoins are keeping their momentum going even today and showing good returns.
One such top-10 altcoin that has been showing two-digit growth is Ripple (XRP). It has increased by 15% today. At the time of going to press, XRP/USD pair was trading at $0.535905, a 15.5% increase in the last 24 hours.
Some of the other top 100 altcoins that are seeing significant price increase over the last 24 hours include Stellar (5.48%), TRON (4.09%), MaidSafeCoin (6.14%), WAX (8.85%), and MonaCoin (3.27%).
Bitcoin Price Retracing
Bitcoin retracement is reportedly taking place on low volume. This shows that there may still be some strength left behind the crypto market leader. The triangle pattern within which the Bitcoin price is moving has been there since March 2018. Though there are strong signals that BTC price has bottomed out at US$6,000, still the well-expected triangle breakout hasn’t taken place.
Altcoins have clearly outperformed Bitcoin. However, it has not been able to move the overall market significantly. This is mainly because the total market capitalization of Bitcoin is over 52%. That’s why the price movement of BTC has a tremendous effect on the price movement of most altcoins and ultimately on the overall market.
In the BTC/USD hourly chart, bearish divergence was clearly visible just before the retracement took place. During the bearish divergence, BTC/USD price formed a higher high but RSI formed a lower low. This clearly shows that the buying pressure is falling off. Since then lower high series are formed by the BTC/USD pair. However, some consolidation of the BTC price is visible as the recent low is higher.
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