- Major altcoins breaking away from Bitcoin hint the beginning of the long-awaited altcoin season.
- Ethereum steps above $190 resistance; all eyes set on $200 psychological level.
- Ripple breaks the downtrend but leaves $0.27 resistance untested and broken.
Over the last 24 hours, altcoins have shown their prowess against the granddaddy of cryptocurrencies, Bitcoin. All the major cryptos are in the green accept Bitcoin which is posting a 0.3% loss on Sunday. Ethereum is up 0.31%, Ripple 0.63% while Bitcoin Cash is flying the bullish flag 0.29% high.
The recovery witnessed among the altcoins has culminated in a drop in Bitcoin dominance to 69.8% from a high of 71.3% achieved last week. Several analysts believe that this is the beginning of the altcoin season. Bitcoin Jack, an analyst at Bravado says that Ethereum is in the initial phases of trending higher. He urges investor to brace themselves for an incoming rally.
Bitcoin recovery grinds to a halt under the key hurdle
Bitcoin upside is strongly limited according to the confluence detector. The first resistance at $10,370 highlighted by the 38.2% Fibonacci 1-day, SMA 5 15-mins, previous high 15-mins, SMA 200 15-mins, SMA 10 1-hour, SMA 50 1-hour, previous high 1-hour, previous high 4-hour, SMA 10 4-hour, Bollinger Band 15-mins and SMA 4-hour. Glancing higher, $10,477 is the next hurdle. Converging here is the previous high 1-day, pivot point 1-day R1, SMA 50 1-day, Bollinger band 4-hour, and the Fibo 38.2% 1-min.
Ethereum is one step away from hitting $200
Ethereum is trading at following a correction from the intraday high of $191. The weekend session has shown favor to the leading altcoin. The trend is breaking away from the losses staged since the highs in June around $362.
Looking at the confluence tool, major resistances have turned into strong support levels. However, Ethereum still needs to deal with the high concentration of sellers at $193 for the next leg up to $200. The three indicators limiting movement here are the pivot point 1-day R1, pivot point 1-week, and the Fibo 38.2% 1-mins. The mentioned support areas range from $184, $182 and $176.
Ripple’s major hurdles in the rearview
Ripple reacted in tandem with Ethereum posting impressive gains. The recovery managed to break the downtrend resistance. The resistance at $0.27 was tested but not broken. Further movement north will encounter more buying pressure at $0.2758. This zone is host to the pivot point 1-week R2 and the Fibo 38.2% 1-min. A couple more resistance zones at $0.2841 and $0.2978 will have to be cleared for Ripple to ascend above $0.30.
On the flip side, strong support levels exist for Ripple with the first one holding ground at $0.2594. The confluence in this zone has been created by the SMA 50 4-hour, Fibo 51.8% 1-day, SMA 50 1-hour and the BB 1-day middle. Other levels traders must keep in mind are $0.2539 and $0.2484.