When Bitcoin grows, altcoins drop.
When Bitcoin drops, altcoins drop...
That is something we see and hear quite often and it tends to be true, on bear cycles.
But it isn't true in this case... Now, here is the signal.
- BTCUSD had this huge drop the past few days yet WANBTC (and other altcoins) remained strong, look at the chart above, basically zero retraces for Wanchain the past three days.
I've been looking at the charts for the altcoins (all altcoins minus the top 10) and they have similar setups.
We see the huge drop for Bitcoin , which always means a huge drop for the entire cryptocurrency market but instead, these alts (ALT/ BTC pairs) remained the same.
Wanchain (WANBTC) is now consolidating after printing on the and . After it breaks and closes above 218 satoshis (0.0000218), it can easily move higher to test EMA50 (0.0000284) and higher.
Here you can see QuarkChain ( QKCBTC ) in a similar situation:
Thanks a lot for reading and your continued support.
WANBTC continues going up.
This can be used as an example as to what will happen to many of the Binance altcoin pairs.