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Altcoins Ready For Takeoff

altcoin blastoff wen altszn

Ethereum leading the way and showing Altcoin strength could pave the way for some serious pumpage


Technical Tuesdays

  • Bitcoin/USD – Bull Run Over or Buy the Dip?
  • Ethereum/USD – ETH Leading the Way
  • Ethereum/Bitcoin – ETH/BTC Showing Altcoin Strength


Free Beginner’s Guide to Learning Technical Analysis
Beginner’s Guide to Learning Technical Analysis


Bitcoin/USD

BTC Daily Chart

bitcoin btc daily chart december 7 2021

https://www.tradingview.com/x/b5Zgn3AJ/


BTC Weekly Chart

bitcoin btc weekly chart december 7 2021

https://www.tradingview.com/x/PiMJsp3M/


In last week’s article we talked about the Bitcoin monthly close and how important it was for Bitcoin to close over the $58.8k level. That resistance level was never reclaimed and because of the failed breakout, Bitcoin’s price decreased from about twenty percent from a high of $53.8K to $42.3k in a single day. BTC/USD price has since recovered to a price of about $51k at the time of writing. Since the Bitcoin nuke, there has been a lot of talk about if the bull market is still in full swing or if we are in the beginning stages of the next bear market. While nobody is 100% sure of what will happen, I recommend playing this market level by level.


Bitcoin Bull Scenario

Bitcoin maintains support over at least $50k must hold area where it currently is and then reclaims the $53k level next.

Bitcoin Bear Scenario

Bitcoin loses the daily support level of $50k, and then we look for the $46k level to hold. In my opinion, $50k is a very important must-hold area for bulls to remain in control.










Ethereum/USD

ETH Daily Chart

ethereum eth daily chart december 7 2021

https://www.tradingview.com/x/QWHiIDTS/


ETH Weekly Chart

ethereum eth weekly chart december 7 2021

https://www.tradingview.com/x/j6HWBKby/


While Bitcoin’s price nuke did affect Ethereum’s price, Ethereum was able to recover from the lows a lot faster than Bitcoin, and the king of altcoins has been leading the way. ETH/USD fell to the daily support level of $3.6k before recovering back to its weekly support at $4k. At the time of writing, Ethereum is priced at about $4.3k. The price action that ETH is showing and the way that it has recovered from the nuke is a hint that the market will be more altcoin focused in the coming weeks in my opinion.


Ethereum Bull Scenario

Ethereum reclaims the $4.3k level on the daily time frame and then pushes for new ATH’s.

Ethereum Bear Scenario

Ethereum loses the $4.3k level and the next level that I would anticipate as support would be the $4k level.










Ethereum/Bitcoin

ETH/BTC Daily Chart

ethereum bitcoin eth btc daily chart december 7 2021

https://www.tradingview.com/x/iyj1XBbv/


ETH/BTC Weekly Chart

ethereum bitcoin eth btc weekly chart december 7 2021

https://www.tradingview.com/x/hNRYxK2T/


As we discussed in some of our previous articles in the past, ETH/BTC tends to be a great indicator for altcoin strength. I thought it was particularly important to mention this chart this week because of the range that ETH/BTC is currently attempting to break out of. Since May of this year, the pair has been stuck in a range low of 0.06 – 0.08. If ETH/BTC can manage to break and hold over the level of 0.085 where it currently is, the next logical target is 0.10 BTC, and I would expect a huge increase in ETH price and the rest of the altcoin market.


ETH/BTC Bull Scenario

Ethereum maintains over the 0.079 BTC level on the daily time frame and then turns the 0.085 BTC resistance into support on a weekly closing basis.

ETH/BTC Bear Scenario

Ethereum loses the 0.079 level and the next level that I would anticipate as support would be the 0.068 level.



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