The current Altcoin rally could only be the beginning
The Altcoin Index Perpetual Futures broke out of an important resistance level last week, which could indicate that the key altcoins are in a prime position to continue their upward move due to the strong momentum in the crypto market.
$ ALT perp:
Continuation ✅ pic.twitter.com/V3Q3Kv9fwy
– The Crypto Monk ⛩ (@thecryptomonk) 14. January 2020
After the first break out of the resistance level, he corrected to test the level again, consolidated and broke cleanly out of the resistance level. These factors could act as a catalyst for the Altcoin market.
Large crypto assets with big profits
Within a few hours, the prices of major crypto assets like Ethereum, XRP, Bitcoin Cash, Bitcoin SV, Litecoin and EOS rose extremely and there seems to be no end in sight. Bitcoin Cash and Bitcoin SV added on this day 25 Percent or 97 Percent the strongest.
Compared to Bitcoin, most crypto assets have been around in the past six months alone 50 percent fell, some assets like Ethereum and XRP ended 2019 with a net loss , According to crypto trader Josh Rager, the Bitcoin price will likely be the next upcoming resistance level of $ 8. 750 testing.
“[Bitcoin] looks good. The $ 7. 900 acted as support for the previous trading range in September-October 2019 and now act as support as POC (Point of Control since May). A test at $ 8750 should follow next, the test and closure above should be up to $ 9050 tear. If the price collapses, there will be $ 7900 s support, ”he said.
Crypto Altcoin Rally
Still, it is best to be careful. Most altcoins rose by around 40 percent last month , even with large crypto assets like Ethereum. While sentiment around the crypto market remains optimistic, altcoins could decline sharply in the short term if the market responds to higher levels with lack of buying demand. As a well-known trader said, the outbreak of Bitcoin was in the middle of the 8th 000 – Dollar area significantly weaker than the rise to 12. 000 dollars last year.
If there is not enough demand to change BTC to 9. 000 $ to push what many investors at the first breakout from the 8th 000 $ area expected on January 8th, the dominant cryptocurrency could be prone to withdrawal.
Proof of text: newsbtc