The bearish outlook of altcoins persists following an increasing Bitcoin dominance across the crypto market. Wanchain, the blockchain interoperability platform caught our attention this week while scanning for top-performing altcoins against Bitcoin (BTC).
Without further ado, let’s dive in and analyze major chart patterns driving the price against Bitcoin, the number one cryptocurrency by market cap.
Starting from a weekly chart perspective, the WANBTC has been in a long bearish trend that transcends the crypto winter of 2018. After establishing an all-time high at 0.00107530, the WANBTC price has so far crashed by about 97.9% from the bearish accumulation pattern on May 07 ’18.
Hidden bearish divergence patterns signaled on November 05 ‘18 and March 18 ’19 fuel a continuous decline of the price forming lower highs.