The downtrend may continue to the 1.13 area. A break of the support in the 0.27 area will confirm the trend.
If we look at the reaction of altcoins during the last rise in bitcoin, we will see that they grew weakly and are ahead of bitcoin in the current decline:
tradingview.sweetlogin.com/proxy-s3/snapshots/u/UA4gD26Q.png
An additional signal in favor of weakening altcoins.
If we look at the reaction of altcoins during the last rise in bitcoin, we will see that they grew weakly and are ahead of bitcoin in the current decline:
tradingview.sweetlogin.com/proxy-s3/snapshots/u/UA4gD26Q.png
An additional signal in favor of weakening altcoins.
Note
Bitcoin has rolled back up, but altcoins are still far behind it. Hence, the downtrend for altcoins is relevant. Even if bitcoin stabilizes above 28,900, altcoins may continue to decline. If all altcoins start outperforming bitcoin, as it was before, then it can be considered that the downtrend of altcoins is over.
Trade closed manually
I think that altcoins will turn up following bitcoin. Bitcoin can be bought in the area of the support level:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.