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Bitcoin is gathering itself for the next leg higher, ethereum is on the move, and the altcoins are potentially coiling up for an explosion.
Bitcoin bull flag breakout
A feast of upward price action could be on the cards for holders and traders of cryptocurrencies. The Kingpin Bitcoin is nicely traversing inside its bull flag, and a breakout looks as though it can happen at any time. The target for this potential upside break looks to be in the region of $46,000.
Source: Trading View
Ethereum moving to centre stage
Ethereum is starting to nudge bitcoin aside in order to take centre stage. A more than 20% surge over the last week or so has really brought the number two ranking cryptocurrency back into the reckoning. The top of ethereum’s rising channel is now within reach.
Source: Trading View
Should $ETH keep rising through the top of what is normally a bearish chart pattern, the resulting break could be seen as extremely bullish. A measured move would take $ETH to around $3,400.
Ethereum is key for the altcoins
Ethereum is the key to the rest of the altcoins. If $ETH can make this breakthrough, it is likely to take more dominance away from bitcoin, and this in turn can lead to more value seeping into the rest of the crypto market.
Whatever happens, a mood of optimism and excitement is returning to the crypto sector. Be that as it may, it is always good to remember that price will probably not just go straight up. There are bound to be dips on the way, and at some point, a major correction will happen. Trade carefully.
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