- September 20, 2019
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
Bitcoin has been consolidating since the June 26th annual High. This is not news. What is interesting though is how this price action on BTC can be related to the rest of the market.
During the previous Bull Market (2015 – 2017), Bitcoin and the Alts have had clear balance of power shifts. When Bitcoin initially attempted to reverse after the Bear Market bottom, Alts where still on the decline. When Bitcoin entered the no-look-back sequence within Higher Highs and Higher Lows, the Alt Market declined more heavily. The Transition Point where the Alt Market picked up and outperformed was when Bitcoin entered a nearly 200 day consolidation, similar to what we are experiencing now. During this time the Alts heavily outperformed Bitcoin in gains.
It is actually not that easy to distinguish but it appears that Bitcoin has entered this new consolidation phase and the Alt Market is pricing a bottom.
Will the same pattern emerge and alts start to heavily outperform BTC? Comment below with your own opinion, share your charts and let’s create a heated discussion!