Hi Guys,
The market is slightly positive which is a good sign after the strong performance yesterday. BTC is more or less stable around $11,500 which is also a good signal. I will explain the reasoning. BTC is the gateway to altcoins. Altcoin investors need to buy BTC first and then exchange BTC for altcoins.
With all coins except BTC increasing strongly yesterday with good volumes and today an overall slightly increase with BTC being stable and not dropping gives me a strong indication that the market is ready for another strong climb.
Normally BTC goes down and altcoins goes up. The value of BTC is then transferred to altcoins giving downward pressure to the price of BTC. BTC and altcoins have a negative correlation. Today we see BTC stable and altcoins going slightly up which implies new inflow of capital supporting the price of BTC.
I am expecting EOS to make a steady ascent to coming 4 days.
Take care and have a nice day!
