Bitcoin, Litecoin, Ethereum: When They Move, They All Move Together
After long weeks of mostly just going sideways, Bitcoin and its cryptocurrency friends finally made a move and it was upward. Definitely upward. Each one enjoyed a different gain percentage, but it’s clear that when the buying comes in, all of the big name cryptos participate in the fun.
Bitcoin’s daily price chart looks like this now:
After making the move up from the mid-March bottom and rallying significantly into May, the crypto stayed within in a narrowing price range for about 3 months. Lower highs and higher lows shows up as a classic flag pattern again.
Among technical analysts this used to be known as “building cause” although it’s been some time since I’ve heard that phrase. The idea is that as price compresses in that narrowing range, when it finally breaks out of it, the move can be substantial. That seems to be the case here.
Ethereum’s weekly looks like this:
If you look closely, there’s lots here. The first thing is: Ethereum is back above the 2019 high. So this is unlike Bitcoin which has yet to take out that level. From this standpoint, it could be said that this is the stronger crypto.
On the other hand, note that it has a long, long way to go before it can even approach the April/May 2018 high. One other item: Ethereum has moved back above its Ichimoku cloud which had been downtrending since the beginning of 2018.
Litecoin’s daily price chart looks like this: