The trader and analyst Crypto Tony predicted a significant altcoin market breakout in a tweet yesterday. In the post, he shared a snapshot of the daily chart for ETH/BTC, which showed that the ratio was on the verge of breaking out bullishly above a long-term wedge chart pattern.
The daily chart for ETH/BTC shows that the ratio had broken out of the aforementioned chart pattern in the past 48 hours. In addition to this, the 20-day EMA line crossed bullishly above the 50-day EMA line in the past 2 weeks.
These bullish technical flags suggested that the ratio would climb to the next resistance level at 0.07361 BTC in the next few weeks. Should it drop back into the wedge chart pattern at around 0.068 BTC in the next few days, then the bullish thesis will be invalidated and the ratio could fall down to 0.066 BTC.
At press time, Bitcoin (BTC) was trading at $27,207.84 according to CoinMarketCap. This was after its price was able to print a 0.23% gain in the past 24 hours. This positive daily performance added to the market leader’s already-positive weekly performance, which stood at +1.79% as a result.
Meanwhile, the leading altcoin Ethereum (ETH) was trading at $1,904.82 at press time after it had printed a daily gain of 0.68%. This 24-hour gain elevated the crypto’s weekly performance to +4.02%.
Overall, the global crypto market cap had risen 0.35% over the past day – taking the total to around $1.15 trillion at press time. During this time, altcoins were able to outperform BTC, as BTC’s market dominance was down 0.04%.
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