Are we witnessing a trend change? Right now Bitcoin is up 5% while basically all Altcoins are having a bloodbath. If you remember 3-4 months ago, we had this exact same pattern going on with Bitcoin rising and altcoins declining and vice versa.
Could this pattern return? I honestly dont know. It is way early to tell. But lets look at Bitcoin first (hourly chart):
Comment: Bitcoin has recovered all of its losses and is now above the old breakout level at 2740 USD. That is a sign of strength. Now, lets also look at the daily chart:
Comment: As you can see, Bitcoin has broken the descending trendline and is now charging higher. I would say that right now, this is looking very bullish. However, we should wait until the day ends to draw any real conclusions.
Now, lets look at the altcoins:
Comment: As you can see many are falling more than 10% and some 15-20%. Among the worst performers we have Digibyte (-17%) and Stratis (-17%).
Ethereum is down -10% against Bitcoin, lets have a look at the daily chart:
Comment: I have marked the trading channel, the higher falling trendline vs the lower falling trendline and if Ethereum will continue to fall, the next target of this channel could be 0.05 BTC. A fairly, big drop. Im not saying this is going to happen but it is in the cards.
Conclusion: We need to follow this closely and it is quite uncertain now until we have the Segwit happening on Monday.
Well most alt coins are trading for BTC, therefore the trade price for the alt coins go down when BTC become more valuable. Although altcoins tend to follow the BTC, leading up to the first of august all eyes properly will be on the Bitcoin.
IMO People are trading to get some Bitcoin before the first of august to cash in on Bitcoin cash.
could be, is Bitcoin Cash being traded somewhere, I remember that Bitcoin Unlimited was being traded on Bitfinex a few months ago?
Yes this is indeed interesting
yup, not something I expected around the Segwit...
Simply people snatching their Bitcoin Cash before the fork. Altcoins have to suffer for some people to be liquid;)