[2017-12-13] Bitcoin Bulls Face 'Alt' Competition in Push to $20k

[cybersofts]

Bitcoin Bulls Face 'Alt' Competition in Push to $20k




Bitcoin may still be in the hunt for $20,000, but the bulls need progress soon else a minor pullback could be in the offing.

As per CoinDesk's Bitcoin Price Index (BPI), the cryptocurrency is trading at $17,539, having appreciated 4.48 percent in the last 24 hours to a new all-time high.

But while that's a modest, even impressive gain, it's worth noting that alternative currencies like litecoin and ether have strengthened by even more impressive rallies.

On the day's trading, the cryptocurrencies, the second and fourth by market volume, have seen 71.8 percent and 30 percent gains, respectively. Coinbase's GDAX exchange and South Korea's Bithumb have emerged as the primary drivers.

All told, though the stellar performance of litecoin and ether could be indicative of their availability and appeal to new buyers. Hence, a minor correction in bitcoin (BTC) cannot be ruled out as other assets garner attention.


1-hour chart



The above chart shows:

   - Bull flag breakout followed by a nice rising lows pattern as represented by the ascending trend line.
   - The relative strength index is above 50.00 (in the bullish territory) and is trending.
   - The 1-hour 50-MA is curled up in favor of the bulls.

View

   - BTC could cut through the resistance at $17,500 and make a move towards the $18,300-$18,500 level over the next 12-24 hours.
   - Overall, the cryptocurrency looks set to test the major psychological level of $20,000. As noted earlier today, only two end-of-day closes below the $14,000 would abort the bullish view on the charts.

Source: https://www.coindesk.com/bitcoin-bulls-face-alt-competition-push-20k/

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[1Referee]

It seems that the market is somewhat consolidating right now, which I honestly prefer over a further increase. It might result in a pullback due to greedy people expecting a continuous increase, but that's all part of the game we're playing. That being said, Litecoin has done exceptionally well in the last days. I have always had the impression that Litecoin was severely undervalued compared to the level of growth other alts have gone through, so it's a well justified increase in this case. In the same way, there are other alts as well being somewhat left behind, which Monero is also part of. If we see Bitcoin take a step or two back in the coming days or weeks, it will spark altcoins even further.

[Theb]

Yup I can confirm that Bitcoin is on consolidation mode and it is because many buyers are now playing other Altcoins as the price of Bitcoin is now too high, any further push done to Bitcoin will create a bad effect to people as a rapid incline will result to the buyer's confidence to become weaker. It is really an intelligent move that this people are actually participating in other cryptocurrencies as it shows that other Altcoins are also profitable if traded. I think Bitcoin is still on a healthy position.

[iamTom123]

It seems that the market is somewhat consolidating right now, which I honestly prefer over a further increase. It might result in a pullback due to greedy people expecting a continuous increase, but that's all part of the game we're playing. That being said, Litecoin has done exceptionally well in the last days. I have always had the impression that Litecoin was severely undervalued compared to the level of growth other alts have gone through, so it's a well justified increase in this case. In the same way, there are other alts as well being somewhat left behind, which Monero is also part of. If we see Bitcoin take a step or two back in the coming days or weeks, it will spark altcoins even further.

Maybe it is also about time that some alts take the show for the meantime that Bitcoin is resting and gathering the energy it needs for another bull run if not within this month then early 2018. We have to give other cryptocurrencies like Litecoin, Ethereum, Monero and others their own limelight as it would not healthy if it is only Bitcoin doing the rampage. We are all looking for a healthy and balanced cryptocurrency market and I believe that even if there is really a competition all of these coins are complimenting each other. This and more is just part of the ups and downs dynamics in the cryptocurrency open market.

[richardsNY]

Money moves back and forth from time to time. If we look at how the altcoin market has been dumped down significantly, and Bitcoin broke through numerous record highs, it might be time for Bitcoin to take a break. It doesn't necessarily mean that it will go down a lot, but I think the price kept holding its position mainly because of the future market. People probably were thinking that it would push the price beyond the $20,000 level like it's peanuts, but that's not the case. Future markets are already calculated in current price, which is one of the reasons I secured some of my profits at $16,000 days ago.

[AllGoodNamesAreTaken]

Looks like a bigger version of Nov 28th - Dec 2nd on the chart.

[J. Cooper]

I think it's great because it takes some heat off of the bitcoin bull run. For now it seems like we're setting up support levels around the high 14,000s, 18,000 still seems the key resistance point for now. I really don't mind that bitcoin is setteling for a while around this price. Altcoins are finally doing a little better atleast in USD value due to the insane rise of bitcoin the last few months. However using the word competition is a little over the top because most of them are still quite berish if you look at their btc pair. The only alt that has really outpreformed is Litecoin.

[Argoo]

Not so happy is the rise of bitcoin to its record level, which it reached last time, as the increase in litecoin rate by 71 percent and ethereum by 30 percent. The Altcoins are now very undervalued and would like the market to level off towards the Altocoys. In bitcoin, there is potential for growth, and he will take his, but the altkoins in connection with the growth of bitcoins have been oppressed for quite some time.

[uslfd]

I think the alts are just rebouncing a little bit from the long term downward trend... after all they are just playing catch up with bitcoin's recent rise.