Quick look at the major altcoins index
Hi all,
It's been a long time since we last looked at the major altcoins index. You know very well that we have some new entrants there, however, you know the volatility of the cryptocurrency market, so I will keep XBT and EOS in and CRO and ADA out for the time being, mainly given the fact the total difference is approximately $2 billion. So, for now, the index consists of ETH, XRP, BCH, BSV, LTC, BNB, EOS, and XBT.
The total altcoins market now stands at $102 billion, up from $92 billion on July 1, which makes a stunning 10 percent increase over the last seven days. Bitcoin dominance drops down to 62.9 percent.
Looking at the chart, generally, the projected targets remain the same - capture $735 and consolidate around that level and then make a push towards $765, which you can see marked as critical horizontal S/R line. Also visible are the past interactions between the price and that line.
Again, what this custom index intends to give is an overview of the general direction the biggest altcoins are taking. You know better than me that usually most of the non-BTC projects are following similar trajectories, the only difference being the percentage change they make. We do have exceptions of course.
The 200-day EMA is now in synch with the $735 mark, so it makes that area even more important in the long-term.
It's been a long time since we last looked at the major altcoins index. You know very well that we have some new entrants there, however, you know the volatility of the cryptocurrency market, so I will keep XBT and EOS in and CRO and ADA out for the time being, mainly given the fact the total difference is approximately $2 billion. So, for now, the index consists of ETH, XRP, BCH, BSV, LTC, BNB, EOS, and XBT.
The total altcoins market now stands at $102 billion, up from $92 billion on July 1, which makes a stunning 10 percent increase over the last seven days. Bitcoin dominance drops down to 62.9 percent.
Looking at the chart, generally, the projected targets remain the same - capture $735 and consolidate around that level and then make a push towards $765, which you can see marked as critical horizontal S/R line. Also visible are the past interactions between the price and that line.
Again, what this custom index intends to give is an overview of the general direction the biggest altcoins are taking. You know better than me that usually most of the non-BTC projects are following similar trajectories, the only difference being the percentage change they make. We do have exceptions of course.
The 200-day EMA is now in synch with the $735 mark, so it makes that area even more important in the long-term.
Yorum:
Good reaction to the zone above 735, now let's see if the major altcoins will fuel the move towards the very critical 765 level
