Earlier today BTC price hit a fresh six-month high level, further escalating the case for a rally to $6,500 (100 – week moving average). BTC may witness a pullback to levels near $6,100 before rising toward that point of the level, though, according to the hourly chart. A bull flag eruption on the total trades funding chart for all other cryptos, if confirmed, could be considered a sign the much- anticipated altcoin rally has begun. Litecoin could shine bright as both fundamentals and technical have aligned in favor of the bulls.
BTC is continuing its high prices hitting the new multi-month earlier today, and on the top of cryptocurrencies may soon join the party. Bitcoin breached the resistance zone of $6,055-$6,100 with a UTC close at $6,156 on Thursday and reached a six-month higher of $6,336 on Bitstamp at 07:40 UTC today. Prices now hit the multi-month highs on three back to back on days, which is a sign of powerful bullish sentiment, every move gets higher, both the short and long term bull cases given by several technical indicators over the last few weeks which have gained strength. Bitcoin appears on track to test the 100 week price average, which is currently at $6,506 on its level that last came into play las November 2018, Additional on that the cryptocurrency is changing hands at $6,260 on Bitstamp, presenting a 3.45% gain on a 24 – hours basis, BTC continuing establishing the bullish higher highs and lower lows on the daily report.
From the hourly chart, it has breached the ascending trendline from the downside and it is rolling over from overbought levels. Hence, we see a minor fallback upwards the trendline support, presently at $6,140, before rising towards $6,500. Altcoins tease breakout, while bitcoin has doubled its value over the last past six weeks, altcoins have underperformed big time, as indicated by the huge depreciation of their BTC-denominated exchange rates. The top 10 altcoins by market capitalization (excluding stable coin tether/USDT) are reporting double-digit losses on a 30-day basis.
Stellar (XLM), down 40 percent, is the biggest loser, came behind by cardano (ADA) next is tron (TRX). With a 14 % dropping down, Binance coin (BNB) is the best performing major altcoin. The figures indicate a lack of interest in altcoins despite that BTC’s confirmation of the long-term bullish reversal on last April 2. The battered altcoins, however which could soon find some love, as their combined trades funding that seems to have charted a bullish technical instruction. A conclusive break above the upper edge of the flag, currently at $73.65 billion, would confirm a flag breakout and signal a continuation of the rise from lows near $45 billion seen in February.
A flag breakout, if established, could be throughout the sign and much-anticipated altcoin rally has begun. As of writing, the total altcoin market cap is seen at $72 billion. Among those major altcoins, litecoin (LTC) could bright, enough as its mining reward splitting due in less than 90 days. The flow aimed at curbing inflation by reducing mining rewards by half every four years tends to put a strong bid under the crypt for months in advance, according to historical data. Litecoin’s channel breakout indicates the path of least resistance is to the higher side. Prices, therefore, could rise above $100 ahead of the reward halving event.