In the last couple of days, bitcoin has been trying hard to put together a significant run. But its efforts have been futile. Every attempt to bounce back is being pushed back by a ceiling wall. The flagship cryptocurrency is drowning further beyond the $9,000 support level.
The good news however, is that the weakening bitcoin is giving an opportunity for the badly beaten altcoins to recoup losses and bounce back. As the leading crypto plunges, some up trending coins may end their consolidation.
Today we focus on three altcoins that are showing strength as bitcoin losses.
Binance Coin And Its Continuation Pattern
Ever since Binance coin breached the 50,000 satoshis resistance level in December 2017, the coin has been on a strong uptrend. The utility token in April 20 posted a 2019 high of over 481,000 satoshis. The market has been pulling back since then.
If you look at the latest three day BNB/BTC chart, you notice that the pair is creating a large bull flag. It is a continuation of a pattern that signals a higher move. Bitcoin’s loss of momentum might see Binance break out the pattern.
Buying on the breakout is the strategy here. Investors should consider waiting till the market breaches out the diagonal resistance levels of 300k satoshis. 460k satoshis is the next target after the breakout.
Lambda Coin Ready To Take On Bitcoin
You probably never heard of this coin. Now, you better start keeping your eye on lambda. Because it seems ready to take on bitcoin.
That’s right, the mid cap coin is in the midst of a massive rally against the flagship cryptocurrency. A glance at its charts and the fear of missing out might suddenly arise. But don’t be in a hurry, LAMB/BTC is flailing the oversold signals and the chance you have at buying it is on the dips.
Lambda’s charts shows it attempting to beat the 2,730 satoshis resistance levels. It however appears to be overvalued, that’s why we believe a pullback to the 2,000 satoshis support might be the only option for lambda before it can take on the resistance levels. The trend will allow lambda create a large cup and handle pattern to indicate a bullish continuation.
All we can advise is that you be patient. Buy as close as 2,000 satoshis as possible and anticipate 3,100 satoshis before selling.
Ravencoin To Reverse Its Trend Against Bitcoin
Bulls are beginning to take over the Ravencoin market. The currency may be struggling to make it out of the 498 satoshis resistance but a closer look at its chart will tell you that’s it’s only a matter of hours before a bull breach and blast off the resistance
Ravencoin appears to be in an inverse pattern. The reversal structure is only visible on a shorter time frame and is enough to initiate a bullish insurgence.
Take out 498 satoshis key level and target 595 satoshis.
Buy The Up Trending Coins
Bitcoin’s continued weakness is an opportunity for the three up trending coins to rally a bull run. The three are at the moment the best bet, rather than other badly beaten altcoins. As an investor, you should consider the levels we have mapped out for lesser risks and maximum profit potentials.