Altcoins beat Bitcoin that targets $8,100 zone

  • ETH/BTC rises 10% in three days and puts the market in bullish mode.
  • BTC/USD can reach $8,000 without compromising the medium term bullish trend.
  • XRP is in a dirty area and lacks visibility.

 

Bitcoin is falling for the fourth consecutive day against the vast majority of assets – both inside and outside the crypto universe. 

It is the first serious consolidation in more than seven months and a 300% surge. BTC/USD can fall to $8,000 without changing the bullish scenario.

Today’s market presents a great contradiction at a technical level, with falls in the short term that coincide with a strong bullish signal.

We are in an early stage of what can be the bull market with the most impressive multiples in history. Today, with the crypto market in red in front of all fiat currencies, the conditions that I have set out to be able to declare that the crypto market is in bullish mode have finally been fulfilled. 

Readers who follow me will know that I am referring to the relationship between Ethereum and Bitcoin. As I explain in the analysis of this pair in the next section, the MACD has crossed up, a change confirmed by the 10% rise against Bitcoin of a basket of the leading Altcoins in the market.

This situation fulfills the second condition to be able to declare the Crypto market in bullish mode, with the first condition the break of the long term bearish channel in the BTC/USD pair.

ETH/BTC Daily Chart

 

The ETH/BTC pair trades at 0.028, rising for the fourth consecutive day and forms a double bottom in the 0.025 area 10% lower. It finds itself right in the face of price congestion resistance that separates the bearish terminal zone from a bullish transition zone full of technical obstacles.

Above the current price, the first resistance level is at 0.0282 (price congestion resistance), then the second resistance level is at 0.0293 (price congestion resistance and EMA50) and the third one at 0.03001 (price congestion…

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