At the moment, altcoins continue limping without any significant price movement. Meanwhile, Bitcoin is back above $10,000 and recently reached a 70 percent market dominance. Against the BTC, most of the cryptocurrencies in the space seem like they are doomed to continue depreciating in value.
Peter Brandt, a renowned technical analyst, recently emphasized that Bitcoin is the only cryptocurrency with “real and lasting value.” After taking a look at the trading pairs ETH/BTC, XRP/BTC and LTC/BTC the 40-years trading veteran came to the conclusion that “altcoins are to Bitcoin what lead is to gold.”
— Peter Brandt (@PeterLBrandt) September 2, 2019
Although Ethereum, XRP, and Litecoin look extremely bearish against BTC, their future looks brighter against the U.S. dollar.
The TD sequential indicator is doing an outstanding job forecasting Ethereum’s price movement since the beginning of the year, based on the 1-week chart.
During the week of Feb. 4, it gave a buy signal (in the form of an aggressive thirteen) that was succeeded by a 77 percent bullish impulse that took this cryptocurrency from $102.50 to all the way up to $181.30. After the major upswing, the TD sequential presented a sell signal (in the form of a green nine) causing ETH to retrace nearly 21 percent. Finally, this technical index gave another sell signal (in the form of a green nine) during the week of July 1 that was followed by a 48.40 percent correction.