BTC indecisiveness, Altseason this week?
Updated
The past couple of days we have seen BTC make several attempts at breaking the 20k resistance and every time it was rejected and followed up with a significant dump. Yesterday(Tuesday) we had another rejection but this time buyers stepped in to stem the dumping, despite their efforts BTC still bled down to 18.4k. This tells me that the uptrend is still intact but that there are many sellers waiting at 20k. After yesterday, I think that both sides are exhausted now and that BTC won't make a big move anytime soon.
This means bored money will flow into altcoins and cause them to pump. I think this week could be good for altcoins as long as BTC stays ranging. After the ranging BTC will most likely make a big move that will decide the trend for a couple of months. When the big move happens you don't want to be holding altcoins, they will die.
Range: 19800-18400. Trend confirmed upon an H4 candle body close outside the range.
This means bored money will flow into altcoins and cause them to pump. I think this week could be good for altcoins as long as BTC stays ranging. After the ranging BTC will most likely make a big move that will decide the trend for a couple of months. When the big move happens you don't want to be holding altcoins, they will die.
Range: 19800-18400. Trend confirmed upon an H4 candle body close outside the range.
Note
DeFi altcoins had a good pump today, some already went +20%.Note
Btc might just do a quick wick to 18800 today, if it does im buying.Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.