Bitcoin price analysis: Can the King lead the charge in taking all the other cryptos higher?
|- Breakout just around the corner.
- "Death cross" still haunts.
The uncrowned king of cryptocurrencies - Bitcoin, has a tough task at its disposal, to lead the breakout charge that's lurking at its doors, as well as all the other cryptos, if it has to gain momentum and break the shackles from bears' control.
BTC/USD is up more than 3 percent at $6,865, shy of the $7,000 mark and the breakout point of $7200-300 mark, while taking support on the trendline that hasn't disappointed the bulls in the past, everytime bears tried to break its neck - $6,480 level currently.
Ethereum, Litecoin and Dash are other such cryptos that have either broken out or at the cusp of breaking out, all they need is the support tof heir larger peer - Bitcoin. (Read here about ETH, LTC and DASH)
What ails the bulls is the crossover of 50 days SMA and 200 days SMA on the lower side, "death cross" as is known in technical parlance. As long as Bitcoin remains firmly below its 200 DMA, its difficult for the bulls to take full charge of the prices and trend would continue to remain weaker.
BTC/USD daily chart:
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