ICOCalendar.Today

  • ICO Directory ๐Ÿ“–
  • ICT Token ๐Ÿ”ฅ
  • Blockchain News ๐Ÿ—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project ๐Ÿ’ฃ
  • Submit Press Release ๐Ÿ‘
  • ICO Directory ๐Ÿ“–
  • ICT Token ๐Ÿ”ฅ
  • Blockchain News ๐Ÿ—ž
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project ๐Ÿ’ฃ
  • Submit Press Release ๐Ÿ‘

Why This Bitcoin Analyst Thinks Altcoin Owners Should Trade With Care

8/25/2020

Comments

 
  • Bitcoin has begun to drop after attempting to recover back above $12,000.
  • The asset is down 4% in the past 24 hours, now trading at $11,150 as of this articleโ€™s writing.
  • Altcoins have plunged even further, with Ethereum sliding down 8% to the $375 region.
  • Analysts think that altcoins have further to fall against Bitcoin.
  • One such analyst touting this sentiment is Willy Woo, a prominent on-chain analyst.

Bitcoin Dominance Could Soon Reverse Against Altcoins

Unlike previous Bitcoin pullbacks, altcoins are strongly underperforming the market leader during this latest leg lower. Ethereum has slid 8% lower while BTC has dropped a mere 4%.

According to Willy Woo, an on-chain and technical Bitcoin analyst, this trend of altcoins underperforming BTC is set to continue in the weeks ahead. He shared the chart below on August 24th, which shows that the Bitcoin dominance metric is primed to bounce:

โ€œI tweeted 2 weeks ago that dominance may reverse in coming weeks and Iโ€™m seeing this may be taking place around now. In other words. BTC pulls back. Alts pull back more. BTC dominance increases. Trade with care if youโ€™re in alts for the next few weeks.โ€

Image

Chart of Bitcoin's market dominance as calculated by TradingView with analysis by analyst Willy Woo (@Woonomic on Twitter). 
Chart from TradingView.com

Core to his bullish sentiment about altcoins is a bullish divergence that has formed between the price action and the RSI of the Bitcoin dominance. Woo also shared a volume-focused indicator, which suggests that the altcoin rally seen over the past few months is on its last legs.

More Volatility Is Coming

Further suppressing the bullish altcoin narrative is the impending volatility in the Bitcoin market.

Josh Olszewicz, analyst at Brave New Coin, noted earlier this month that Bitcoinโ€™s Bollinger Bands are reaching levels not seen in many weeks.  =This indicates that the crypto market will soon see an influx of volatility.

The Bollinger Bands are a textbook technical tool used to denote volatility and important price levels for an asset. When the bands are skinny, volatility is expected; when the bands are wide, there may be consolidation as price returns to the middle band.

As seen today alone, altcoins do underperform when Bitcoin undergoes volatility.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Why This Bitcoin Analyst Thinks Altcoin Owners Should "Trade With Care"


Originally from Bitcoinist.com https://ift.tt/3jfrgHY
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.