Insights > Technical analysis > Bitcoin starts its bull market, without the altcoins

Bitcoin starts its bull market, without the altcoins

21 October 2020

Temps de lecture 4 minutes

Julien Moretto

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If there was only one thing to remember this week on the cryptocurrency market, it is that of a possible decorrelation between Bitcoin and altcoins. A phenomenon that is not so frequent and which may predict a strong increase in the price of Bitcoin, while the other digital assets will stagnate or even decline in their great majority over this period. On October 20, Bitcoin went back above $12,000 and currently stands at €10,280 (or $12,170), and is now up almost 7% over the week. The share of its capitalization in the overall market is flirting with its 2020 highs, at 60%. It should be added to this that there is not much technical resistance left to overcome on the price of Bitcoin, the €10,200 ($12,000) zone being the ultimate level on which sellers can hope to resume a downtrend movement. Beyond this price level, we will certainly move towards new highs for Bitcoin in 2020.

However, caution is still called for, depending on the risk profile of each investor. With two weeks to go before the US elections, and with fears surrounding actual or potential lock-up in Europe, the level of uncertainty is such that peaks in both upward and downward volatility are very likely!

  • According to CoinGecko, market capitalization rises to $377 billion, up from $369 billion last week.
  • Bitcoin’s dominance jumped to 59.9% from 57.6% last week.
  • The best performance in the top 50 is attributable to Stellar Lumens (XLM) with +9.2% over one week.

We invite you to discover our analysis in video (in french and dated from October 20th) :

Bitcoin (BTC)

Coinhouse’s recommendation :

  • A nice week for Bitcoin, which is back above €10,200 ($12,000). On the night of October 21, it almost returned to its October 17 high, around $12,400. The trend is clearly bullish for Bitcoin. The only thing that remains to be confirmed for the most cautious investors is a daily close above €10,280 (or $12,170). This is a level that sellers could still defend in order to keep the price in a wide range between $10,000 and $12,000. But this is not the most likely scenario.
  • If the uptrend is confirmed, all small price retracements can be bought. The first profit-taking targets are not before €11,700 ($13,500).

Ethereum (ETH)

Coinhouse’s recommendation : 
Buy on breakout

  • The trend is way less bullish for Ethereum (ETH), at -0.5% to be traded at €319 ($378) on October 21. Ethereum suffers from the decorrelation that seems to be taking place since mid-october in favor of Bitcoin. If this market phase is confirmed, the price of Ethereum is likely to stagnate, or at best to appreciate slightly but much less than Bitcoin. From a chartist point of view, the price is still trapped in a range formed by the €265 ($310)support and the €316 ($390) resistance which it stumbled on October 13. We’ll proceed to buy on Ethereum only if the consolidation under the upper bound of the $390 range is confirmed and then break it from the top. We will then target the next resistance at 370€ ($445). The risk of a drop in the $265 ($310) range is likely if the trend remains only in favor of a rise in Bitcoin.

Bitcoin Cash (BCH)

Coinhouse’s opinion :

  • Bitcoin Cash (BCH) fell by 1.5% this week to €210 ($250). It is one of those altcoins that suffered from the sharp drop last March related to Covid and never really recovered, unlike Bitcoin. As long as the price of Bitcoin Cash remains stuck between €172 and €227 ($200 and $270), it will not take a clear direction. We therefore advise investors wishing to invest in this asset to wait for the time being. Only a bullish breakout at the €227 ($270) level can be interpreted as a buy signal, to initially aim for a return to the $320 level.

Tops & flops of the week (top 50 marketcap)


1- Stellar Lumens (XLM) : +9,2%
2- Bitcoin (BTC): +6,9%
3- Dash: +3,5%


1- Aave : -34,2%
2- coin (CRO) : -28,6%
3- Synthetix Network (SNX) : -21,2%

In this article, all information is given for information purposes only, even if it has been established from serious and reputable sources. It does not constitute an offer by Coinhouse to buy or sell digital assets, or an offer to provide services on digital assets, nor does it constitute advice, encouragement or a recommendation to operate on the digital assets in question. It constitutes simple information over which the user retains absolute control. We inform you that if you choose to invest in digital assets, you must be aware of our general terms and conditions of sale ( and accept the various risks listed and defined on our legal warning page (

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