Bitcoin reached $6700, altcoins are going up as well. Is it right time to invest?

Lebedev

Lebedev

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Jun 26, 2018
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On 10th of May the first crypto has reached a new level, this ain't a historical, but the very important for future development of crypto industry. This may also mean that the next price level will be facing is $6505 (100-weeks MA), but before industry has to consolidate.

This way Bitcoin has already been through psychological level between $6055-$6100, and on Thursday the sales end with price of $6156.

On the daily graphs Bitcoin continue to show good results beating new heights, while MAs make it clear that the trend will be going on for some time. On the other hand, at the moment Bitcoin is in stage of overbought because RSI parameter is higher than 70; investors however, doesn't seem to stop buying more and more coins.


Bitcoin reached $6700, altcoins are going up as well. Is it right time to invest?
Daily graph on the left, weekly graph on the right. Data by CoinDesk Markets


At the same time RSI on weekly graph shows very powerful bull trend that might be the most influential we have seen in last 15 months.

Bitcoin reached $6700, altcoins are going up as well. Is it right time to invest?

A lot of investors are scared of Altcoins and what will happen to these, because for six months they have been falling down quickly. Top 10 alternative coins (except for USDT) have lost 10% of price in average in pair with Bitcoin. In outsiders we can find Stellar (with losses in size of 40%), Cardano and TRON. The most stable used to be Binance Coin (14%).

Bitcoin reached $6700, altcoins are going up as well. Is it right time to invest?


It seems like if investors have lost their interest in Altcoins and started to pay more attention to Bitcoin. However, on the graph of combined altcoins capitalization we can see very clear Bull flag, which according to the basics of tech analysis, might be showing big leaps in price to come. Industry has to gone through psychological level of $73,65 billion to confirm such a powerful trend ahead.

Bitcoin reached $6700, altcoins are going up as well. Is it right time to invest?
Combined capitalizations of altcoins. By CoinDesk Markets.


Litecoin might be in best environment for future development. A number of fundamental parameters may help coin in this as well - for example halving. A few of these factors have already helped crypto to raise in price, but in the nearest time it will probably be up to $100.

Bitcoin reached $6700, altcoins are going up as well. Is it right time to invest?
 
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