Bitcoin (BTC) has been seeing some consolidation below $50,000 as a psychological barrier. However, during this pullback, several large altcoins accept been surging in toll, suggesting that the alt flavor isn't over yet.

Meanwhile, Bitcoin's price faces a crucial resistance to break through, while Ether (ETH) is already swell that resistance, hit a three-calendar month loftier versus BTC and facing a run toward the next resistance around the all-fourth dimension loftier.

The primary question is now whether this Ether breakout is a bespeak for Bitcoin to follow suit and break through the resistance barriers in September. Historically, September has been a corrective month, meaning that such a breakout may catch many traders off baby-sit.

Critical resistance zone at $51,000 to break for Bitcoin

BTC/USDT 1-day chart. Source: TradingView

The daily nautical chart for Bitcoin shows a consolidation between $44,000 and $50,000. This consolidation resulted in a big breakout of altcoins across the markets as some already broke their previous all-fourth dimension highs.

The resistance is quite clear for Bitcoin. If BTC can break this resistance, a big impulse move is likely, comparable to the breakout above $vi,000 in the earlier phase of this wheel.

The bearish divergence in the nautical chart will only exist confirmed when the recent higher depression is invalidated and broken down. At that point, the uptrend is officially reversed.

Currently, the market is consolidating after the rally from BTC's July lows. In other words, the bearish divergence remains unconfirmed until Bitcoin loses the lower leap of the back up range, which can be found at $44,000.

Total market cap eyes new highs

Total crypto marketplace capitalization 1-solar day chart. Source: TradingView

The full cryptocurrency market capitalization shows a bullish continuation with constant higher lows and higher highs.

The crucial breaker for the market cap to pause through is the resistance zone around $two.12 trillion. Once that i breaks, more than upside is likely toward new all-time highs. This construction might too foreshadow Bitcoin's price trajectory, as this nautical chart is currently demonstrating fifty-fifty more bullish beliefs than BTC/USD.

Ether breaks above key $3,400 level

ETH/USD 1-24-hour interval chart. Source: TradingView

The daily nautical chart for Ether shows a breakout in a higher place the crucial breaker at $three,400. This is a betoken of strength for the unabridged market place. The difference between Bitcoin and Ether right now is that ETH is hitting higher highs, while Bitcoin remains in a sideways range.

In this nautical chart, the critical breaker for Ether is the previous resistance zone at $3,400. As long as that sustains support, continuation toward all-fourth dimension highs becomes increasingly likely.

However, if a breakup below $three,400 takes place, a potential bearish difference comes into play, resulting in a correction to $two,600. Such a correction would as well bear on Bitcoin, which also has a few critical levels to scout as support.

Crucial levels to scout for Bitcoin

BTC/USD four-hr chart. Source: TradingView

The chart for Bitcoin shows a slight downtrend since the recent loftier at $50,300. However, the nautical chart shows significant support at $46,400 as well, which may prevent whatever more downside to $44,000 and below.

Such a correction could damage the markets and bring the entire market down toward lower levels, which might hateful that Ether could drop below $3,400.

On the other hand, if Bitcoin remains within this range between $44,000 and $51,000 (on the lower timeframes, $46,400 is as well an essential level), the weather for altcoins to rally will just get better.

Until Bitcoin doesn't become vertical or has a significant impulse wave, altcoins are in a expert position to outperform BTC in the short term, and that's what the market place is currently seeing.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, y'all should carry your ain inquiry when making a decision.