Kaspa In Relation To Bitcoin
2024-09-24

In a recent update in one of my Bitcoin trade-ideas, I mentioned the relationship between Bitcoin and the big Altcoins projects, these tend to move together. When Bitcoin isn't clear, we can look at other Altcoins such as Solana and Ethereum to either confirm or negate what we see on the Bitcoin chart. Kaspa is also one of the giants and tends to move with Bitcoin. While there are some variations, the bigger trend is mostly the same.

Here we can see that Kaspa peaked 15-September. We can see that it has been closing red for the past three days. KASUSDT is bearish and moving lower.

The biggest volume bar is a bearish day, 5-August. The highest volume since November 2023.

Kaspa being bearish supports a bearish potential for Bitcoin on the other Crypto-giants, because they all move together and in the same way. If this one goes down, the others go down. If this one goes up, the others go up.

Of course, it can happen that Bitcoin, Solana, Ethereum, Binance Coin, Toncoin and Tron resume higher and thus we would see Kaspa doing the same; but we are looking at bearish consolidation below resistance with a bearish tendency based on the recent drop in early August.

Unless Kaspa moves above its ATH, this chart setup remains bearish.

Namaste.