Crypto Bears Cave: 3 Altcoins with Bullish Potential Like Parabolic Bitcoin
Ethereum, Litecoin, and EOS are following in the footsteps of bitcoin’s unbelievable run over the last few days. The crypto bear market is coming to an end.| Source: Shutterstock
By CCN: It has been almost a year and a half since bears took over crypto markets. Bitcoin took a massive beating as it shed 84% of its value. Other large-cap coins shared more brutal fates. Ethereum, Litecoin, and EOS were all devalued by more than 90%. Last year was full of trials and tribulations for retail investors. Thankfully, the ordeal is finally over.
With bitcoin’s unbelievable run over the last few days, altcoins such as Ethereum, Litecoin, and EOS have responded with massive technical breakouts. This prompted us to declare that the crypto winter of 2018 is now behind us.
Ethereum Breakout Accurately Mirrors Bitcoin’s Price Action Before the Parabolic Run
Before bitcoin ignited its current parabolic run, it first painted a large ascending triangle pattern on the daily chart. It took the market five months before it broke out of the pattern. When it did, the coin’s value skyrocketed by almost 95% in a month and a half. The breakout marked bitcoin’s technical reversal.
Surprisingly, Ethereum is closely following in bitcoin’s footsteps. It also spent around five months printing a large ascending triangle on the daily chart. Now that it broke out of the pattern, it appears to be launching its own parabolic run.
Only time will tell if Ethereum will also go parabolic,