Bitcoin looks to strengthen relatively speaking after nearly a month of lagging
Key Takeaways
- Bitcoin ($BTC) broke out of its triangle pattern today, Monday 11/8, and could set a new all-time high close above 65,990.31.
- Relatively speaking, BTCUSD should begin to gain in relative strength based on a minor breakout in its Dominance chart which should help its market capitalization start to pick up speed
- $LTCUSD, $ALGOUSD, and $LINKUSD all should be favored for gains in the weeks ahead as these are making favorable technical breakouts that should lead to near-term strength
Monday’s (11/8/21) breakout of 63,300 effectively breaks the triangle pattern that has been ongoing since 10/20 nearly a month ago. This is constructive technically and should carry prices up to 72k initially and then 77.6k which are measured Extension targets based on the initial rally up from July. Momentum is not yet overbought on daily nor weekly timeframes.
Bitcoin now showing evidence that it might show better relative strength than Altcoins in the weeks to come based on a breakout in its Market-cap Dominance chart (Below)
Bitcoin now following suit to what Ethereum accomplished last month when it broke out of its Dominance chart. (See below) This represents a likely shift to higher market capitalization into Bitcoin than altcoin...Reports you may have missed
BITCOIN (BTC) “CRYPTO-WINTER” LOOKS TO BE OVER. A BULLISH 2024 LOOKS LIKELY TECHNICALLY FOLLOWING A 1Q CONSOLIDATION. Bitcoin looks to be giving off strong signals that the crypto-winter that has kept most coins in bear markets over the last couple years has finally run its course. The act of having taken the lead ahead of many cryptocurrencies in finally surpassing the 50% retracement area of its entire decline from 2021...
Cryptocurrency rally looks to have temporarily stalled out after a sharp three-week rally. Ethereum has stalled out in its relative performance vs Bitcoin, and for now, Bitcoin is an outperformer over Ethereum and should be favored. Weekly momentum remains negative and Cycle composites start to turn lower in early March into April/May, so given low retail interest and not many inflows, this could limit the larger rally continuing to all-time highs...
