Altcoins Back Under Pressure

Alternative crypto-currencies are back under pressure after a resurgence in bitcoin prices. Earlier today BTC/USD took out the all-time high again and peaked at $8,025 dollars per coin. This put alts back under pressure.

ETH/BTC Back in Range

Ether is back in a range versus bitcoin. This week’s push above 0.05 BTC ended the downtrend. But the gains stopped not far from here without breaking the important 0.05545 swing high. Thus no rally was triggered.

ethbtch4-nov17-copy

As you can see on the chart above the segwit2x relief rally was being sold into. But the bears need a break below last week’s low at 0.03712 for a new downtrend. The other trend-starting level is 0.05545 BTC on the upside. A breakout above here could start a rally. Slightly below here we have two weaker resistance levels at the 0.05 round figure followed by this week’s top at 0.0541 BTC per coin. On the longer-term charts, the picture is mixed, downtrend on the weekly but bullish on the monthlies.

Strong Rally in Dash

Bucking the trend of most altcoins, DSH/BTC is in rally mode. Prices broke above the important 0.055 level on Monday, thereby triggering a new bull market on the dailies. The coin then proceeded to peak out at 0.08572 BTC before being sold as BTC/USD rallied.

dshbtcdaily-nov17-copy

We are currently quoted at 0.05231, slightly below the 0.055 breakout level. Support can be found at the 0.05 round level, followed by a support area in the 0.04 to 0.044 range. But to end the current uptrend the bears will have to push us below 0.03757 BTC. A new downtrend requires a break below the multi-month lows at 0.03452 BTC. No change on the long-term charts. Here the trend is up on the monthly but down on the weekly.

New All-time High for Bitcoin

Earlier today BTC/USD broke its previous high at $7,887 and made a new all-time high at $8,025 dollars per coin. Bitcoin is now back in an uptrend and a move below the $5,426 swing low is needed to end it.

Note that volatility for BTC/USD is very high right now. We fell $2,461 dollars in five days, only to rally $2,599 dollars in the next five. Because of this, it would be prudent to keep your trading sizes much smaller than usual. Bitcoin is bullish on both the weekly and the monthly charts.

If you would like to start crypto trading but afraid of risks, try cryptocurrency demo trading.

Petar Kotevski

Petar is a forex trader and writer with 9 years of experience in financial markets. He has been following bitcoin since 2010. A year ago, as the BTC market matured, he started getting more involved by writing articles on bitcoin and other alternative currencies.

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