Hey guys,
Well this is a weird thing to wake up to. After all this Bitcoin strength lately, today Bitcoin is the only red pair on my watch list:
There’s no need to get too excited for a long term shift into alt strength just yet, but the charts do provide the answers as to why we’re seeing what we do.
First up take a look at the Bitcoin daily:
BTC/USD Daily
Bitcoin doesn’t want to respect this retest of previous resistance as support and after Bitcoin broke out, but the alts didn’t follow, it is essentially nowhere near the bottom of it’s trading range.
On the other hand, now take a look at the EOS daily to represent the alts:
EOS/USD Daily
You can see that EOS is clearly at the bottom of its range. Of course there are going to be traders buying down here and providing some sort of a bounce.
Just something we haven’t seen for a while!
✌🏻.
@forexbrokr | Steemit Blog
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