After about two weeks of low-volume trading in a range, the cryptocurrency markets have started showing bullish movements. Although Bitcoin has outperformed for almost all of 2018, the last few days have had altcoins outperforming. One of the best performers was the hard fork of Bitcoin, Bitcoin Cash, which appreciated 20% yesterday amid exchanges announcing it will be supporting the hard fork of Bitcoin Cash.
Despite altcoins outperforming, Bitcoin still holds the majority share of the cryptocurrency market capitalization. Bitcoin represents over 52% of the market capitalization which is currently valued at $211 Billion.
Bitcoin still trades within the triangle it has been forming for the majority of this year. The pattern is approaching its end and Bitcoin will have to depreciate from here to stay within the pattern. With Bitcoin trading near the upward trend line of the pattern along with the appreciation occurring in the altcoins market, the outlook is slightly more bullish than bearish for Bitcoin currently. The last few weeks have been an entirely neutral outlook with it seeming to have equal chances for either upward or downward movement.
The hourly chart shows that the majority of the bullish movements occurred during yesterdays price action. This is unusual of recent price action with little activity been seen over the past few weekends. Price has since begun to retrace after a bearish divergence formed between price and RSI. Price went on to form higher highs despite RSI forming a lower high.
- Altcoins outperformed over the weekend, but Bitcoin still represents over 52% of the cryptocurrency market cap.
- Bitcoin has a slightly more bullish outlook as price action trades near the upward trend line of the triangle pattern it has been forming since March.
- Price action had bullish activity yesterday but has since retraced since forming a bearish divergence.
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