Major altcoins index update
Hi all,
The altcoins market added $5 billion to its value since Monday, April 27, and now stands at $85.7 billion. As you can see from the provided chart, yesterday we finally managed to break back into the uptrend channel and surpass the solid horizontal resistance at $735. We saw a continuation of the uptrend today morning, but unfortunately, the price was rejected near the $100-day EMA, which triggered the reversal to the downside.
Basically, nothing changes in the mid-term goals: Consolidate above $735, then move up to $860 via $810 - a level that already proved to be stable support twice this year, in January and February, and will now most probably turn into a nasty resistance.
Additionally, BTC is in the leading role these days and even though alts are moving ok and post good gains, they will be overshadowed by the leading cryptocurrencies and it stealing dominance at least until halving is over.
I will skip lower timeframes analysis for now given the high market volatility.
Cheers,
The altcoins market added $5 billion to its value since Monday, April 27, and now stands at $85.7 billion. As you can see from the provided chart, yesterday we finally managed to break back into the uptrend channel and surpass the solid horizontal resistance at $735. We saw a continuation of the uptrend today morning, but unfortunately, the price was rejected near the $100-day EMA, which triggered the reversal to the downside.
Basically, nothing changes in the mid-term goals: Consolidate above $735, then move up to $860 via $810 - a level that already proved to be stable support twice this year, in January and February, and will now most probably turn into a nasty resistance.
Additionally, BTC is in the leading role these days and even though alts are moving ok and post good gains, they will be overshadowed by the leading cryptocurrencies and it stealing dominance at least until halving is over.
I will skip lower timeframes analysis for now given the high market volatility.
Cheers,
