As a seasoned crypto investor with a knack for spotting trends and reading charts, I find myself at a crossroads as Bitcoin teeters on the brink of its bull flag. While it’s true that Bitcoin has been the undisputed king of the cryptocurrency world, its current performance is making me wonder if this could be the moment when altcoins like Ethereum and Solana take center stage.
As Bitcoin approaches the peak of its bullish pattern, or potentially faces another rejection, both Ethereum and Solana are showing signs of taking over the lead from Bitcoin. Will Bitcoin maintain its strength, could this be the moment when other significant cryptocurrencies take center stage?
$BTC having a bit of a moment
currently experiencing some significant movement, with a potential rejection and drop beyond the current resistance level of around $65,500. However, if the existing support at approximately $64,300 remains strong and Bitcoin manages to attract buying interest from here, its price could potentially rise again.
In simpler terms, the value of other cryptocurrencies, known as altcoins, continues to closely follow Bitcoin’s price movements. However, if Bitcoin’s price trends upward or even remains steady, some more robust and financially secure altcoins could potentially surpass it in performance.
$ETH beaten down against $BTC, but could the comeback start here?
It’s quite clear with ETH – heavily devalued compared to its pairing with Bitcoin, one could speculate that the second-largest cryptocurrency by market cap is due for a change in fortune and potential recovery.
Today so far, Ethereum (ETH) has increased by 1.5% relative to Bitcoin (BTC). Having recently rebounded from an established trend line, Ethereum’s price is currently approaching a descending trend line and needs to climb higher before reaching a potential new peak that could indicate a shift in the overall trend. Fibonacci levels on the chart provide some short-term objectives for observation.
Very negative higher timeframe chart for $ETH against $BTC
Examining the weekly graph for the ETH/BTC combination, it’s hard to ignore the gloomy outlook for Ethereum ($ETH). Although it appears to have rebounded from the bottom of the downward channel, it’s currently beneath both the 50 and 100 simple moving averages and has also fallen below the bullish trendline that started in September 2019.
SOL/BTC short-term channel breakout
Conversely, the Solana (SOL)/Bitcoin (BTC) pair appears significantly favorable at this moment. Over a brief period, the SOL/BTC price has managed to break free from the downward trend line, suggesting it may be preparing to stabilize above this level.
SOL/BTC arriving at major decision point
Looking at the weekly perspective of SOL/BTC, it appears we’re approaching a significant turning point. The trend suggests $SOL may have the upper hand, as it has surged by approximately 393% compared to BTC since the onset of the bull market.
In simpler terms, the Stochastic RSI (Relative Strength Index) suggests a robust upward trend for SOL, as it appears the indicators are pointing upwards once more, signaling potential strength in Solana’s favor.
In brief, it’s challenging to predict when ETH will hit its bottom relative to BTC, considering the significant drops that have already taken place. However, Solana (SOL) continues to perform well in comparison with BTC, and if the breakout of the large triangle trend occurs upwardly, Solana’s dominance over Bitcoin could potentially increase at a faster pace.
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2024-09-30 13:09