Today, May 10, the first cryptocurrency has updated a six-month high at around $ 6,336. This may indicate that the next level is $ 6506 (100-week MA), however, before climbing to new heights, consolidation can be expected by the market, says CoinDesk Markets analyst Omkar Godboul.
So, Bitcoin successfully overcame the zone of resistance of $ 6055- $ 6100, and Thursday's daily candle was closed above $ 6156 UTC.
On the daily chart, Bitcoin continues to show rising highs, and key moving averages speak in favor of continued growth. Nevertheless, the first cryptocurrency is already in the overbought state, since the RSI overcame the mark of 70; however, buyers still do not show signs of exhaustion.
Daily chart BTC / USD – on the left; The weekly BTC / USD chart is on the right; data CoinDesk Markets
At the same time, on the weekly chart, the RSI clearly signals in favor of an upward movement. This has not been for 15 months, Godboul notes.
On the hourly chart, the RSI began to decline, which may indicate the possibility of a slight pullback to the level of $ 6,140 before the resumption of the pulse.
Hourly BTC / USD, data CoinDesk Markets
However, many investors are worried about the situation that has developed with Altcoins, because in the past six months they have been depreciating strongly against Bitcoin. TOP-10 coins (with the exception of USDT) within 30 days lost more than 10% of the value paired with BTC. As an outsider, Stellar (40%), Cardano and TRON. Binance Coin suffered the least (14%).
CoinDesk Markets Information
One gets the impression that other coins are of less interest to investors than Bitcoin, however, on the graph of the aggregate capitalization of the Altcoins, at the moment, a bullish flag has formed, which, according to the laws of technical analysis, precedes growth. The indicator needs to overcome resistance at $ 73.65 billion to confirm the figure.
Cumulative altcoin capitalization, CoinDesk Markets data
Godbowl believes that the best situation for Litecoin, which is favored by fundamental factors in the face of the approaching halving. So, the asset has already made a breakthrough of the downward channel, and on the eve of the event can overcome the mark of $ 100.
Daily LTC / USD chart, CoinDesk Markets data
Read more about Litecoin's halving and the possible implications for the asset price and the market as a whole in the BlockchainJournal material.
As halving Litecoin affect miners income Bitcoin price and the market in general #Litecoin # halving # Mining # tsenabitkoina $ the LTC $ The BTC https://t.co/E83c3RlALv pic.twitter.com/Wh19bNavbP
– BlockchainJournal (@BlockchainJournal) May 6, 2019
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