Bitcoin is rallying like it's in a hurry to get to 20K before the new year.
It broke 10K just a little over a week ago, and it is now surging towards 17K on the Coinbase exchange (price is all over the place among exchanges, with some like Bitfinex around 16K).
- The current pace might not be sustainable, but Bitcoin is still going to be strong in 2018 because the flow is still inwards to this space.
- Price memory should make 10K a hard floor at this point, with another support around 12K.
- This rally has been accompanied by huge introduction of market cap, increasing the market cap of crypto market 2 fold in a month from about $200B to $425B and growing with Bitcoin dominance climbing back to 65.1% after dipping below 40% in July.
Bitcoin Regains Dominance:
- The focus on bitcoin has plundered many altcoins. Their value may be stronger against the USD, but have been bleeding against BTC. Some are now prime for the picking.
- The 4H chart shows EOS/BTC breaking below all kinds of support levels.
- But I think we should pay attention as it approaches the 21000 satoshi level.
- This is a support/resistance pivot area, and the 61.8% retracement area.
- It's still a falling knife now, but see if price will stabilize above 20,000 satoshi.
- EOS's finding support might have to wait until Bitcoin finishes it's surge and stabilizes.
- Stellar Lumen (XLM) has been rallying sharply along with bitcoin, until today's influx of flow into bitcoin.
- However, I think the market has shown its interest in XLM and we should anticipate flow back into XLM once the flow into Bitcoin calms down.
- This prevailing uptrend can be seen in EOS/BTC as well.