With Bitcoin going sideways for weeks, the altcoin market had room to breathe which has led to a small rally for some of the major altcoins. However, the little volatility of Bitcoin could come to an end very soon which would drag down the altcoin market.
BTC/USD DAILY CHART
Bitcoin is currently in a bearish descending triangle pattern, which probably leads to an immense drop in price if the lower trendline is broken. Slightly above this level, the 0.382 fib level at $9.467 acts as additional support. As long as the 0.382 fib level at $9.820 holds we can expect further sideways movement, however, since the MACD and RSI are losing strength while Bitcoin was harshly rejected by the 50-day-EMA, it seems likely Bitcoin is going for a major correction very soon. In case of a bearish breakout, Bitcoin finds its next major support at around $7.000-$7.400 where Bitcoin will probably bounce off very strongly. Thus, these levels could be an interesting long entry.
LTC/USD DAILY CHART
Litecoin recently reached down to the golden pocket, where it bounced off heavily towards the upside. However, it was rejected by the 50-day-EMA just recently and the MACD’s histogram is ticking lower. Thus, LTC will most likely follow the trend of Bitcoin. Though, if Bitcoin goes for further sideways or upward movement, LTC will most likely go for a re-test of the $100 mark at the 0.382 fib level.
ETH/USD DAILY CHART
Ethereum was in a decent uptrend the last days, surging all the way up from the support zone’s bottom at $165 to $220, where ETH faced harsh resistance at the 200-day-EMA as well as at the 0.236 fib level. For now, it seems likely that Ethereum will either hold at the 50-day-EMA or at the $190 support level if Bitcoin does not go for a major correction. Then, the gates were open for a price hike towards the 0.382 fib level at $240.
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