Bitcoin (BTC) has seen some consolidation below $ 50,000 as a psychological barrier. Nonetheless, a number of massive altcoins rose in value during this retreat, suggesting that the alt season isn’t over yet.
In the meantime, the value of Bitcoin is going through a vital resistance that needs to be damaged, while Ether (ETH) has already cracked this resistance, has reached a three-month surplus unlike BTC and is heading for the following resistance over all – time exaggerated.
The main question now is whether this ether breakout is a sign that Bitcoin is watching the swimsuit and breaking through the resistance barriers in September. Traditionally, September has been a correction month, which means that such a breakout could shock many traders.
Major resistance zone at USD 51,000 to break for Bitcoin
The daily chart for Bitcoin shows a consolidation between USD 44,000 and USD 50,000. This consolidation resulted in a huge burst of altcoins in the markets as some have already broken their previous all-time highs.
The resistance could be very evident in Bitcoin. If BTC can break this resistance, a large impulse transfer is likely to take place, similar to the breakout above $ 6,000 at the beginning of this cycle.
The bearish divergence on the chart is being confirmed when the current elevated low is invalid and has collapsed. At this level, the upward pattern is formally reversed.
The market is currently consolidating after bouncing off BTC’s July lows. In other words, the bearish divergence will remain unconfirmed until Bitcoin loses the drop in aid found at $ 44,000.
The total market capitalization envisages new highs
The total market capitalization of the cryptocurrency shows a bullish continuation with sustained increased lows and better highs.
The main breakthrough for the market cap breakthrough is the resistance zone of around $ 2.12 trillion. After the breakout, it could be more likely that there is additional upside potential towards new all-time highs. This construction can additionally anticipate the value of Bitcoin as this chart is currently showing much more bullish habits than BTC / USD.
Ether cracks the important USD 3,400 mark
The daily chart for ether shows a breakout above the major thing-breaker at $ 3,400. This can be a sign of energy for your entire market. The difference between Bitcoin and Ether now is that ETH is making elevated highs while Bitcoin remains in a sideways movement.
On this chart, the major breaker for Ether is the former resistance zone at USD 3,400. As long as this aid is sustained, a continuation towards all-time highs becomes more and more likely.
However, if it breaks below $ 3,400, an undoubtedly bearish divergence comes into play, leading to a correction to $ 2,600. Such a correction would also have an impact on Bitcoin, which also considers some important areas as help.
Important values to look out for in Bitcoin
The chart for Bitcoin has been showing a slight downtrend since its current surplus at USD 50,300. Nonetheless, at $ 46,400, the chart also shows important help that could stop another downtrend to $ 44,000 and below.
Such a correction could damage the markets and cause your entire market to narrow the bandwidths, which could mean that Ether could drop below $ 3,400.
On the flip side, if bitcoin sticks with it hovering between $ 44,000 and $ 51,000 (within the timeframe, $ 46,400 can be an important stage) the situations in which altcoins can recover will only get higher.
Until Bitcoin didn’t go vertical or show strong momentum, Altcoins are in an excellent place to outperform BTC in the short amount of time and the market is now seeing this correctly.
The views and opinions expressed are solely those of the creator and do not essentially reflect the views of Cointelegraph.com. Every step of investing and buying and selling is fraught with threats, so do your individual analysis when you make a call.