Bitcoin killing it with 47% market dominance and climbing before our very eyes. Some OGs are going to say that's nothing, but some of us are used to seeing it at 35% and lower levels earlier this year. Coins like Ethereum are not keeping up. Ether as of right now is 0.05 BTC, down from 0.1 earlier in the year. But this might be one of those embarassing short lived moments ethereum would rather you not dwell on as it will no doubt pick up again after Bitcoin slows down for a sec.
Bitcoin Cash at first glance looks like it's keeping up with Bitcoins rally, checking the BTC price of alt coins is very useful though. It's not quite keeping up, but it's doing among the best, other than Bitcoin private of course. I'm sure I've got some of this token somewhere, I'm going to have go to looking for it now. Sell it for more Bitcoin, the ultimate goal of alt coins. I'm only half joking.
Bitcoin smashed through some psychological and real sell walls within a short period of time. This is the highest price of Bitcoin we've seen in 2 months now. Up 39% from the all time low of $5,755 this year. Noice. Wait this thing continues??
So where is the next sell wall pressure? The next psycholigical milestone? It's important to know because a Bitcoin if priced above the production cost, is just simply what we're willing to pay for it. If tomorrow everyone who held Bitcoin refused to sell 1 BTC for anything less than $100k, then the price is $100k. Where does game theory put what people think a Bitcoin should cost? $10k? You imagine this is going to be a real psychological one for many.
Let's turn to TA. Not to be taken as certainties but probabilities. I think the real value of TA is that other people are looking at TA for their next moves. Enough people do this that TA on a decent amount of occasions ends up being correct.
So looking at the relative strength index, or RSI as one of the most widely used momentum indicators, Bitcoin is at it's most "overbought" level in seven months. But even if true, even if there is a small correction other TA indictors such as 5 and 10 day moving averages are still quite bullish.
Taking a look at this wedge, anything above it is considered a bull break out:
But what is causing this upward movement? This volume is quite high for Bitcoin. Other than potential fomoers jumping back in after a week that saw almost 20% gains for the leading crypto, we all have heard the news of the established financial giants looking to get in on the action.
Alright cool. I'm not doing alt coin news right now because, who cares. I will get back to it when appropritate though.
