Bitcoin shows strength and altseason comes knocking as Dogecoin and Digibyte lead the charge
Another day, another field of green. Alts have surged significantly in the last 24 hours as Bitcoin bulls keep dominating the market. BTC price has grown slowly but surely, indicating a run that has much more potency behind it than the previous two did. Most traders agree that the bear market is probably coming to an end (if it didn’t do so already) and all the movements we saw lately were just ranging. Bulls remain strong and some are even showing off, either out of boredom or to tease what’s coming next.
Someone just threw up multiple 1000+ $BTC bids staggered alll the way down to 6200. First time ive seen something like this in a while. pic.twitter.com/VXBnr5P72S
— XC (@XCBitcoin) September 1, 2018
We looked across the market to see what analysts and traders had to say:
Bitcoin (BTC)
CryptoCueOfficial had an interesting overview, mentioning the Tenka cross, one indicator we rarely see:
“XBTUSD 2.63% has been stalled in the last few days and we suddenly broke the cloud today, with a bullish Tenka/Kijun Cross that happened a few days ago and after Tenka was being used as support we believe we have turned bullish at least for a while. Our targets for taking profits would be MA150 (orange line) and MA200 (purple line). Overall this will be healthy for the cryptocurrency market and we are already seeing random “pumps” like DOGEBTC 33.82% which is sitting at 93 satoshis. MA200 has been a resistance for a while, if we finally break out, maybe we can re-test it as support and reach 8500 or higher.”
Check out their complete analysis for the traders entries/targets/stop-losses. Xzhi thinks BTC is going past $7200 but the top is approaching soon:
“Bulls are strong and have managed to push price past 7100 convincingly and are currently looking to break 7200. If that happens we can expect another rally upwards. Therefore, if you bought near 6800 during my last call, you may take profit above 7200. Once we break the level there will be massive buying from retail. I believe another rally up will occur. Therefore, Hold your 6800 longs and wait.”
The complete analysis will give you more details on what he thinks will happen next and how to set up your entries. @CryptoDonAlt gave his monthly analysis of the currency:
BREAKING: Ethereum block reward to be reduced to 2 $ETH per block in Constantinople hard fork
— Spencer Noon ? (@spencernoon) August 31, 2018
Ethereum (ETH)
Ethereum had a major bullish piece of news drop yesterday, as the network decided to drop the mining reward from 3 ETH to 2 ETH per block.
BREAKING: Ethereum block reward to be reduced to 2 $ETH per block in Constantinople hard fork
— Spencer Noon ? (@spencernoon) August 31, 2018
This will increase scarcity in the supply side over time and cause the price to go up “naturally”. Crypto_Terminal_Chris thinks that should have a major impact on the price:
“We can see that Ethereum 1.49% has bounced nicely within the wedge (purple) and could be making its way back up to test the top of the triangle (yellow). RSI bounced off the trend line and is continuing its move higher showing strength. News about the reduction of reward from 3ETH to 2ETH per block is causing some increased bullish flow. If we do see a breakout of the triangle (yellow), we could see Ether test our supply zone around 320, which coincides closes with our 38.2%FIB level around $334.”
Trader cryptodiggy thinks we have a positive RSI divergence on our hands:
“Seems like ETH is in a big descending triangle as well as a multi-month positive RSI divergence on the daily chart . May still get some downward price-action short term but medium to long term I think we’re in for some really big gains. “
Ripple (XRP)
Trader rludvik did an unusual XRP/EUR analysis on his TradingView page:
“XRP broke on upside of descending triangle few days ago and is coming to retest this 0.270 to 0.275 level. Since there is bullish sentiment in general, I’ll go with simple trade a:
- entry at 0.275
- stop loss at 0.251 (bellow previous lows and 0.681 Fib level – hope it will be enough for trade to breath)”
The full analysis will give you details about the trader’s targets.
Bitcoin Cash (BCH)
@CryptoGains1 was short and concise with his views on BCH:
sorry fam it's happening pic.twitter.com/FcW90iZvuc
— CryptoGainz (@CryptoGainz1) September 1, 2018
Sherem confirms this sentiment:
“Folks, we already broke a large trendline a couple weeks ago. Once we bust through this 630 area we are testing right now we will head to the 900 area. I imagine we’ll get some consolidation and if we bust that area there is a lot of room for it to run up.“
EOS (EOS)
Jack777 thinks EOS is going places:
“EOS has been running high since the break of the 4H lower Highs at 5 Dollars, since then we have basically been moving upwards. The latest 4H higher Lows were established at 5.8 -which gives us much room for a consolidation.“
His 7 minute video provided on this link will give you a better overall idea on why he is bullish on this currency.
Other thoughts
The market is swinging and it’s swinging hard. TaTaTu is the biggest loser, dropping only 4%, while Mixin, Bitcoin Gold and MonaCoin are only red currencies on the board. Meanwhile, the green side of the market was dominated by none other than Dogecoin, the supercharged altcoin that simply cannot stop growing.
all hail $DOGE, the uncrowned king of shitcoins pic.twitter.com/ozJOlexu0u
— CryptoYoda (@CryptoYoda1338) August 31, 2018
The coin is currently 58% up from its yesterday’s levels, followed by another strong breakout performer ReddCoin which grew 31%. Verge is seeing some positive action as well, going 26% in the green, while Siacoin remains the only other currency with more than 20% daily gains. The list of double-digit performers is closed off by DigiByte (11%), another constant grower throughout this cycle.
update $DGB: triggered & active pic.twitter.com/CfGHeFSZqQ
— CryptoYoda (@CryptoYoda1338) September 1, 2018
Overall, we are unclear if the altseason is officially in our houses but it sure as hell looks like it’s kicking the doors down.
