August 4, 2020

The trader told which cryptocurrency is showing growth amid bitcoin instability

06/04/2020

Guest materials

The trader told which cryptocurrency is showing growth amid bitcoin instability

The trader told which cryptocurrency is showing growth amid bitcoin instability

Disclaimer

Forecasts financial markets are private opinion theirauthors. Current analysis is not a guide to trade. ForkLog is not responsible for the results of work that may arise when using trading recommendations from the submitted reviews.

Dmitry Perepelkin, an analyst and author of an educational course on trading, talks about the current market situation.

</p>

Bitcoin proved once again this week that it is notunderestimate the importance of key resistance levels. The asset broke through the $ 10,000 level, but did not gain a foothold above it, after which it promptly dropped back to $ 9,500.

Opinion: the sale of an unknown miner pushed bitcoin to $ 10,000

Given the fact that Bitcoin has beentried in vain to break through the $ 10,000 level, fixing the price above this level for at least two days would serve as a signal for continued growth. This has been mentioned in past reports.

The trader told which cryptocurrency is showing growth amid bitcoin instability

</p>

The chart shows that 15 hours after the rise, the price went back under the $ 10,000 level. This is an alarming signal and calls into question further growth.

Now two patterns stand out on the chart: Triangle Symmetrical Top (falling formation) and Triangle Symmetrical Top (rising formation). But only one will work, when bitcoin passes either the upper or lower border of the triangle.

The key level remains $ 10,000, and as long as the price has not broken through it and consolidated for at least a few days, it is premature to talk about the continuation of the upward trend.

The trader told which cryptocurrency is showing growth amid bitcoin instability

</p>

If the price rushes down, then you need to followbehind the moving averages 50 and 200 (EMA). In the past, the price broke through the EMA 50 (purple moving average), then showed a slight pullback from the EMA 200 (orange moving), after which it rapidly broke through the EMA 200. The chart below shows the price development from the EMA 50 and 200:

The trader told which cryptocurrency is showing growth amid bitcoin instability

</p>

Diversify your portfolio with other crypto assetsfrom the TOP 10 is now difficult, as most of them have a high correlation with bitcoin. This can be seen in the chart showing cryptocurrencies such as BNB and ETH.

The trader told which cryptocurrency is showing growth amid bitcoin instability

</p>

Of the interesting cryptocurrencies, BAT can be distinguished(Basic Attention Token). The project has a working concept for a long time that has proven the value of the token. We are talking about the Brave browser, which provides the opportunity for passive earnings.

Of all ad revenue received byBrave, users get 70%, the project keeps 30%. On the BAT / USDT chart, we can see how the price is confidently moving along the ascending channel. An almost perfect example of working out a pattern. Despite the 600 pips drop in Bitcoin, BAT is confidently updating the tops.

The trader told which cryptocurrency is showing growth amid bitcoin instability

</p>

The correlation is only 0.55. This means that BAT can be considered as an asset for diversification.

The trader told which cryptocurrency is showing growth amid bitcoin instability

</p>