Bitcoin (BTC) trading indicator announces a big upcoming rally
- Recent technical indicators are showing that a rally might be incoming for Bitcoin, and likely many altcoins, as well.
- A number of altcoins have already experienced some notable gains due to a slight drop in BTC dominance.
- Experts predict that BTC might hit a new ATH of $28k around the time the halving arrives.
Bitcoin trading indicator has just signaled long for the first time after 10 months and considering that the coin’s price remained in the mid $9,000 range, it is easy to understand why. The bullish sentiment is becoming stronger with every day that the price spends at the current heights, and many expect that a major rally is on its way.
While the coin managed to hold above $9,000
for an entire weekend, it only attempted to hit $9,600 a few hours ago. The
attempt was unsuccessful, but the move still allowed the coin to reach its
highest price in months.
More importantly, a golden cross has been
observed on the daily time frame, which means that a long term trend reversal
is likely on its way. At the same time, the 50-day MA has recently crossed
above the 200-day MA, which has also not occurred since April of last year.
Some analysts have predicted that a similar
rally could lead BTC price to around $28,000 in about three months’ time, just
in time for halving to take place. Another analyst, Josh Rager, recently
reported that the Blackroots Alpha Trend is once again green, for the first
time in almost a year, which serves as another indicator of an upcoming rally.
He also noted that the last two times when
‘long’ signaled, BTC made some extreme price movements. The first one was in
September 2016, which announced a rally that would ultimately take BTC to its
current ATH at $20,000. The second time was in on March 26th, 2019, just before
BTC surged past $13k.
He expects pullbacks as well, but he claims
that smart trading can still allow traders to earn quite well.
Altcoins exploit the drop in BTC
dominance
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At this time, the total crypto market cap sits
at around $260 billion, which is the highest in more than four months. As for
BTC, its dominance has dropped a bit, currently sitting at 66,5%, although this
is good news for altcoin investors.
Ethereum, for example, managed to surge to
$190 this weekend, and it saw a 5% gain in the last 24 hours. With its price
still being extremely below its ATH, many expect the coin to surge by quite a
bit in the near future. The same is expected of XRP, EOS, and Ethereum Classic,
all of which are seeing 5% gains.
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