Cryptohopper Analyses
Bitcoin and the whole crypto market has had a bull run during the last month and a half that is very likely to continue. The next key resistance will be $10,000, which is a very important level that will lay the foundations to reach the all-time highs at $20,000.
These three charts represent something that is essential to understand when it comes to crypto trade.
- In the 1st chart we have the BTC/USD, the main market that leads the rest of the cryptocurrencies, which since 1st of May increased 125%.
- The 2nd chart shows the market ETH/BTC. A market that despite the increases in the whole crypto market, it has sunk more than 16%, even having its lowest at almost -30%.
- The 3rd chart depicts a similar picture than the previous one. It is XRP/BTC and reflects how Ripple, traded from Bitcoin has fallen around 40%.
We can obtain very clear conclusions out of these 3 charts for the current situation of the cryptocurrency market. Heads up crypto traders, especially those who trade from Bitcoin as base coin. There are two main things that we should notice:
1. Bitcoin and crypto rallies are reflected as rallies when their counterpart is a stable coin, so it can clearly be seen how these coins are going up. However, once they are analysed against another unstable part, like ETH/BTC or XRP/BTC, it actually has heavy losses due to Bitcoin is more volatile than these 2 other cryptos. Therefore, being markets that are hard to trade with profit.
2. As we have said in point 1, it is difficult to make money in markets like ETH/BTC or XRP/BTC while the crypto market is increasing. But, every bull run needs a retracement to consolidate pasts increases. If you put your mouse in the retracements of the chart BTC/USD, you will see that those are the few moments when the chart 2 and 3 have gains. What does this mean? Retracements can also be profitable if they are traded from an unstable coin.
Having analysed these 2 points, we can conclude that bull runs are potentially more profitable when they are traded from a stable part, but when the retracement takes place, it might be a good idea to switch your base coin to an unstable coin, which very likely will lead to positive trades.
Bitcoin and the whole crypto market has had a bull run during the last month and a half that is very likely to continue. The next key resistance will be $10,000, which is a very important level that will lay the foundations to reach the all-time highs at $20,000.
These three charts represent something that is essential to understand when it comes to crypto trade.
- In the 1st chart we have the BTC/USD, the main market that leads the rest of the cryptocurrencies, which since 1st of May increased 125%.
- The 2nd chart shows the market ETH/BTC. A market that despite the increases in the whole crypto market, it has sunk more than 16%, even having its lowest at almost -30%.
- The 3rd chart depicts a similar picture than the previous one. It is XRP/BTC and reflects how Ripple, traded from Bitcoin has fallen around 40%.
We can obtain very clear conclusions out of these 3 charts for the current situation of the cryptocurrency market. Heads up crypto traders, especially those who trade from Bitcoin as base coin. There are two main things that we should notice:
1. Bitcoin and crypto rallies are reflected as rallies when their counterpart is a stable coin, so it can clearly be seen how these coins are going up. However, once they are analysed against another unstable part, like ETH/BTC or XRP/BTC, it actually has heavy losses due to Bitcoin is more volatile than these 2 other cryptos. Therefore, being markets that are hard to trade with profit.
2. As we have said in point 1, it is difficult to make money in markets like ETH/BTC or XRP/BTC while the crypto market is increasing. But, every bull run needs a retracement to consolidate pasts increases. If you put your mouse in the retracements of the chart BTC/USD, you will see that those are the few moments when the chart 2 and 3 have gains. What does this mean? Retracements can also be profitable if they are traded from an unstable coin.
Having analysed these 2 points, we can conclude that bull runs are potentially more profitable when they are traded from a stable part, but when the retracement takes place, it might be a good idea to switch your base coin to an unstable coin, which very likely will lead to positive trades.