Are Small and Mid-Cap Altcoins Gearing Up For A Bullish CycleSeptember 21, 2019
The Friday close for Bitcoin has been Pivotal due to the $780 price recovery. A bullish hammer candle was created, and this trend will likely trigger an intense buying pressure leading to the rise of the Bitcoin price to $11,000.
If there is a high volume, the price would move towards $10,822 and would confirm a breakout of the triangle on the daily chart. If the Bitcoin would fail to hold about the $10,000 over 24 hours, the price might likely drift back to $9,600.
The launch of Binance America is nearing. Altcoins are suddenly beginning to move in the upward direction. The sell the rumor and buy the news situation is taking over the market.
To sustain the upward momentum, the Altcoins should break the resistance area near $125 billion.
Ether is beginning to show signs of higher lows and higher highs. The next bullish target is at $360. Some analysts even predict that the price might touch as high as $800 to $850.
Dogecoin is showing bullish divergences, thereby signalling a trend reversal. There are a few things required for the continuation of the Altcoins rally.
Considering the bullish scenario, Ether is holding support at $200. This is a vast area as the support has been tested many times in July and in August.
The ranging, which shows re-accumulation and consolidation signal the creation of a new floor before the price can move in the upward direction.
Considering the ETH/BTC pair, a bullish scenario is most likely on the cards in the current market. In the past week, the market movement was triggered by the ETH/BTC pair eventually resulting in an upward push of 35%
Considering the bearish trends in the market from the point of view with ETH trends, the token has not been able to make any progress beyond $230. Therefore, the first level to test is the $200 support area.
If the rally is lost in the $200 support area, then the drop-down will be towards the $150 to $160 support area.
It appears that the Altcoins are gearing up for a new bull cycle. The sooner there will be an evident surge in the price of significant Altcoins, the small and mid-cap ones will follow. However, for this to happen, the Bitcoin should hold on to the 21-Week EMA in support. If it does not, then Altcoins will have to flag up a bearish trend.