The rise in Bitcoin [BTC] dominance is now beginning to show signs of reversal with strong rise in a few mid-cap altcoins. The top gainers in the top 50 altcoins with double digit gains have been NEO, IOTA, BAT, Zcash, Ox, and Augur. Moreover, popular crypto trader, Benjamin Blunts (alias) is beginning to see bullish swing trade in these altcoins. He tweeted,
I don’t mean to induce FOMO but ALOT of alts are breaking out of multi week channels. The last time I saw this happen was on BNB in 2018 before it did a mind boggling run.
Some off the top of my head looking primed like this are ZRX NEO and BAT.
The increase in Ox and BAT have been particularly impressive with a 26% and 22% rise on a daily scale. Currently, they are establishing a break-out from prior ranges.
The rise among the top market cap altcoins, however, has been limited. Nevertheless, the resistance levels are close to a break-out in Ethereum. The golden cross between the 50 and 100-Day EMA (Exponential Moving Average) is bullish.
As the price is also looking to break-out from the ascending wedge pattern. While the pattern is bearish, the uptrend could continue to target $228 and $240. However, a break-out to the downside would be bearish. Read More