$BTC retraces heavily. Alts offer opportunities
Key levels
Short term
Supports—> S1: 11,130 & S2: 10,500
Resistances—> R1: 12,000 & R2: 12,900
Medium/Long term
Supports—> S3: 9,400 & S4: 8,900
Resistances—> R3: 13,800 & R4: 14,200
Potential scenario
Bitcoin has had its most volatile week since February 2018. In less than a week, the BTC price rose from $10,500 to $13,830, fell from $13,830 to $10,300 and at the time of writing, the price is at $11,880. As shown in the chart, this 25% retracement has offered many profitable opportunities for altcoins. While the Bitcoin has decreased by 25%, altcoins pairs like LTC/BTC have increased by more than 10%.
TA comment
The Bitcoin price has had a very strong retracement after the last overextended price surge. The price was supported at $10,300 to bounce back up, break upwards what now is S1 and it is aiming for R1. If it has strength enough to break R1, the outlook will be rather bullish, however, if it doesn’t do it, we can expect a larger retracement.
Pattern
After the price was supported in S2, several candles showed long lower wicks, indicating that the demand was stopping the price from further falls. Among these candles, the hopper spotted the pattern High-Wave Bullish, a bullish pattern represented by 1 candle with a small body, and a long lower wick.
Short term
Supports—> S1: 11,130 & S2: 10,500
Resistances—> R1: 12,000 & R2: 12,900
Medium/Long term
Supports—> S3: 9,400 & S4: 8,900
Resistances—> R3: 13,800 & R4: 14,200
Potential scenario
Bitcoin has had its most volatile week since February 2018. In less than a week, the BTC price rose from $10,500 to $13,830, fell from $13,830 to $10,300 and at the time of writing, the price is at $11,880. As shown in the chart, this 25% retracement has offered many profitable opportunities for altcoins. While the Bitcoin has decreased by 25%, altcoins pairs like LTC/BTC have increased by more than 10%.
TA comment
The Bitcoin price has had a very strong retracement after the last overextended price surge. The price was supported at $10,300 to bounce back up, break upwards what now is S1 and it is aiming for R1. If it has strength enough to break R1, the outlook will be rather bullish, however, if it doesn’t do it, we can expect a larger retracement.
Pattern
After the price was supported in S2, several candles showed long lower wicks, indicating that the demand was stopping the price from further falls. Among these candles, the hopper spotted the pattern High-Wave Bullish, a bullish pattern represented by 1 candle with a small body, and a long lower wick.
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