Crypto markets are beginning to pick up and more alts are starting to boom off the back of the Bitcoin bull run. Now is looking like the perfect opportunity to make a move into some of the top alts, as they are all starting to generate serious momentum. Bitcoin SV (BSV) is being heavily dumped and is looking like it’s about to crash back to the $60 mark. Ripple (XRP) is dropping back to a major resistance level and could be about to smash through it and head towards the $1 mark. Meanwhile, Litecoin has been suffering against BTC recently, but it looks like a reversal is coming – could June be the month for alts?
Time to Sell BSV
BSV had a rough start to life following the great hash war of 2018, and its price sank considerably after it emerged that its network is weaker than Bitcoin Cash. Since then it has largely become another run of the mill altcoin, following alt markets closely. Earlier this week, Craig Wright decided to apply for a copyright on the Bitcoin whitepaper. BSV hodlers thought this was unique and amazing news, and sent the token rocketing by more than 120%. Since then, it has failed to hold its value and is currently down 5% on the day. If you are in the green, it’s a good idea to sell your BSV as it’s on course to fall back down to the $60 level.
XRP Retesting Resistance
XRP is preparing to retest a major resistance level in its ETH paring, and if all goes well then we could see XRP move higher and set a new yearly high. People are starting to cash out their ETH profits and trade into other cryptos to maximize their profit potential. Currently, XRP is around the 0.00160000 level and the last time we saw it test this level XRP went flying and broke its previous yearly highs. However, if it fails to break the resistance level and it breaks down, it could slide significantly lower. The next few days will be critical for XRP/ETH, as one wrong move could end the party.
LTC Reversal on the Cards
LTC/BTC has been rather quiet lately, with LTC sinking further against BTC. However, it’s starting to look like we could see a reversal, meaning LTC is about to gain some ground on BTC. That being said, none of these patterns are developed enough to confirm, but there are a few potential patterns beginning to emerge. We have the beginnings of double bottoms setting in and an inverse head and shoulders (H&S). Either of these would be great for the pairing and could see LTC spike significantly. Over in the USD paring, it’s forming what looks to be an ascending triangle that is inside of a potential inverse H&S pattern. If this continues, we could see LTC rising in value.
It’s definitely alt season and a lot of alts are about to gain significantly. However, if Bitcoin tanks then we could see alts suffer slightly in the long-term. A number of alts are starting to decouple from the Bitcoin movements, and these tokens will be the long-term winners. It appears that the crypto markets are starting to burst back into life, which is exactly what we’ve been waiting for!
