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Bitcoin Surges and Regains Dominance; Market Cap Doubles; Some Alts to Look at

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). 

BTC/USD

  • 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.

EOS/BTC

  • 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.

XLM/BTC

  • 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.

DASH/Bitcoin Approaching Key Support Area

Iota/Bitcoin (IOTA/BTC) in a Breakout Rally and a Subsequent Pullback