Fractal Predicts An Explosive Altcoin Breakout… Soon
A fractal in technical analysis terms is when the price action of an asset repeats over different time frames and/or for different assets. As Investopedia explains:
A cryptocurrency trader recently noted that structurally speaking, the altcoin market looks almost identical to Bitcoin during 2015’s bear market breakout. That same trader also noted that the altcoin market also looks identical to silver over the past two years.
Should the altcoin market follow the path that silver took and Bitcoin took historically, there will soon be an explosive breakout in digital assets across the board.
Three charts of the "Total2" crypto market cap, an ounce of silver, and Bitcoin from 2014-2017 by trader "JJCycles" (@JJcycles on Twitter). Chart from TradingView.com
The fractal also predicts the start of a larger altcoin rally that will see this segment of the industry surpass its 2018 all-time high.
Bitcoin Volatility Could Ruin Altcoins
Analysts say that Bitcoin volatility could ruin the potential altcoins have to rally. Nik Patel, the author of “An Altcoin Trader’s Handbook,” said that he sees a likely scenario where BTC will continue to rally against altcoins until the $20,000 all-time high:
This was echoed by the head of technical analysis of Blockfyre, a crypto research firm. As reported by Bitcoinist, he said on the matter previously:
If Bitcoin’s volatility can suppress altcoins in the long run, though, remains to be seen.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com An Eerie Fractal Predicts a Huge Altcoin Surge—But Bitcoin Could Stop It
Originally from Bitcoinist.com https://ift.tt/2D9CbTV
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