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The month of May is excellent for Bitcoin, but as it begins to show signs of slowing and possibly correction, it may be time to hold a big run of altoin in June.
The Friday withdrawal in Bitcoin is still present in the minds
Friday saw a significant decline in the crypto markets, Bitcoin having dropped 10% in a few hours before recovering. Over the weekend, BTC rose slowly to a peak of just over $ 8,800 a few hours ago. Since then he has returned to $ 8,700, where he is currently trading.
The daily volume is about 20 billion dollars and the domination of the market by Bitcoin has returned to 56%, so that the situation remains quite optimistic. Crypto traders have re-examined the charts to find that areas of support and resistance are shrinking;
An uptrend for #bitcoin with increasingly clear support lines. Then the orange support line had more than 2 basis points with a falling volume – a weakness. On May 30, the trend was broken, the price fell below the orange line – alarming. Now, the red line is giving hope.
$ BTCUSD
An uptrend for #bitcoin with support lines becoming sharper.
Then the orange support line had more than 2 basis points with a falling volume – a weakness.
May 30, the trend has broken, the price has dropped below the orange line – alarming.
Now, the red line is giving hope. pic.twitter.com/Ya6Jy3WLSq– CryptoHamster (@CryptoHamsterIO) June 3, 2019
Other indicators also suggest that a larger drop could be imminent. Bleeding Crypto observed a "heat build-up" as part of the current action on Bitcoin prices:
I do not remember when I saw so much heat under the action of Price Action recently … Bloody Monday might well happen. Prevention is better than cure.
$ BTC HOLY SHIT !!! You'd better have these stop on … I do not remember when I saw so much heat under the action of Price Action recently … Bloody Monday could be right on our doorstep. Prevention is better than cure, nothing to say. #Risk management pic.twitter.com/54DMecteZY
– Crypto bleeding (@Bleeding_Crypto) June 3, 2019
Time for Altcoins?
Since the outbreak of Friday and the subsequent crash, the total market capitalization of cryptography has slowly recovered to $ 280 billion. The last time this level was reached, it was in July last year, when markets had dropped 66% from their peak reached six months ago.
There seems to be more action with the altcoins during this morning's Asian trading session. For example, XRP 00 he was finally awakened when the Ripple token broke his resistance and reached $ 0.464. The XRP is currently up 6% on the day and is one of the most performing parts right now.
XRP $ – We're going boys and girls! If we can break $ 0.48 and exceed $ 0.53, it's a firework! Until now, the support was there, as I said in my previous tweet, it gets stronger and it does not bother him #BTC d & # 39; here! #XRP #XRPCommunity #XRPArmy pic.twitter.com/lKmIASLdOm
– CryptHawk (@TheCryptHawk) June 3, 2019
Another pump handled seems to be driving the BSV again, with a peak of 17% and some of the others seem to have more natural gains today. Cosmos, Ethereum Clbadic, Ravencoin, ICON and Zilliqa are all up 8-10% at the time of writing.
The so-called "altseason" may soon be upon us if they can maintain their momentum and decouple from Bitcoin (BTC) when it finally corrects. The total market capitalization of the only altcoins has more than doubled since the beginning of the year. And with more solid foundations for many of them, this could only be the beginning.
Nevertheless, Bitcoin remains the biggest engine and shaker of space and, historically, most altcoins tend to follow the BTC.
Which altcoins have the best chance of decoupling and increasing if BTC corrects? Add your thoughts below!
Images via Shutterstock, Tradingview.com
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