Bitcoin Breaks Out, Fails to Capitalize
Frank on Market Insights | 
THOSE HOPING THAT LAST NIGHT’S BITCOIN BREAKOUT WOULD INCITE A FRESH ROUND OF BUYING WERE LEFT DISAPPOINTED TODAY. The last 24 hours have been characterized by two very sharp moves – both through 6,600 – in opposite directions.
So, why did the breakout fail? As we all know, Bitcoin has separated itself from the other popular cryptos lately. Here is a quick comparison:
3Q Performance through 8/22/18:
Bitcoin: +9%
Litecoin: -26%
Ripple: -26%
Ethereum: -24%
Ethereum is the most followed after Bitcoin, thus, its accelerated downturn recently has been alarming. Regarding the most recent price action, Ethereum also had been forming a small bullish technical pattern. But as Bitcoin broke out and failed, Ethereum never broke out at all. It failed right below 300, a very watched and psychologically important level. This, undoubtedly, had an ill effect on Bitcoin.
Thus, while Bitcoin can continue to lead, it seems unlikely that it will move in an opposite direction from the other popular cryptos for an extended period of time.
