Alt market more Bullish than Bitcoin, Part 8
Previous analysis:
So the Healthy version of the correction played out, but not as i wanted it to happen. It's still above the mid-term support around 6250/6500, but rather had seen some more bullish conviction and that it would have stayed above the 7000ish.
This has improved a bit now, but it is key that we form a higher low from now one, so not breaking the green on the left.
On the right we can see the green support, which is likely to be the neckline of a double bottom . But it is becoming more clear that alts don't want to move up (yet). Bitcoin made a nice rally from 5280 to 5400 but the alts just did not move up, some even dropped slightly. So the only way that green support will hold is seeing Bitcoin making another big push up.
Well, Bitcoin made that push up and the double bottom target got reached perfectly, but still alts are very weak compared to Bitcoin. This might take a few more days before we can see this improve. Think we might see another test of support even, something like the blue line on the right.
When Bitcoin makes a (small) drop , than it goes sideways like we did a week ago and in the mean time seeing alts slowly grow again on the low time frame. Those are usually the moments that the market makes a push up. It's just not what i am seeing at this very moment, actually the opposite. So normally we should see Bitcoin drop , but even that is not happening now. So best advice here is as well, patience. Weekend is also closing in again and it feels that we will get similar or even better prices than this withing the next week or 2. But now it's just very hard to predict the next move, so waiting for a clearer path is the best play IMO . The path has become a bit clearer now, where i would like to see the blue line on the right play out. So seeing Bitcoin making another dip to 5700/5500 and then seeing the whole market slowly grow. So my ideal scenario, seeing a dip for Bitcoin, then seeing it move sideways for a few days, while alts start to grow a bit during that consolidation. If we see something like this happen, we might be able to see a very big rally coming week or 2 for the alts. But without an scenario that alts grow during a sideways Bitcoin, it will become very unlikely.
The 7800/8000 seems to be the key level between another rally and seeing the alt market stay low or drop even.
Please don't forget to like if you appreciate this :)
Previous analysis:
So the Healthy version of the correction played out, but not as i wanted it to happen. It's still above the mid-term support around 6250/6500, but rather had seen some more bullish conviction and that it would have stayed above the 7000ish.
This has improved a bit now, but it is key that we form a higher low from now one, so not breaking the green on the left.
On the right we can see the green support, which is likely to be the neckline of a double bottom . But it is becoming more clear that alts don't want to move up (yet). Bitcoin made a nice rally from 5280 to 5400 but the alts just did not move up, some even dropped slightly. So the only way that green support will hold is seeing Bitcoin making another big push up.
Well, Bitcoin made that push up and the double bottom target got reached perfectly, but still alts are very weak compared to Bitcoin. This might take a few more days before we can see this improve. Think we might see another test of support even, something like the blue line on the right.
When Bitcoin makes a (small) drop , than it goes sideways like we did a week ago and in the mean time seeing alts slowly grow again on the low time frame. Those are usually the moments that the market makes a push up. It's just not what i am seeing at this very moment, actually the opposite. So normally we should see Bitcoin drop , but even that is not happening now. So best advice here is as well, patience. Weekend is also closing in again and it feels that we will get similar or even better prices than this withing the next week or 2. But now it's just very hard to predict the next move, so waiting for a clearer path is the best play IMO . The path has become a bit clearer now, where i would like to see the blue line on the right play out. So seeing Bitcoin making another dip to 5700/5500 and then seeing the whole market slowly grow. So my ideal scenario, seeing a dip for Bitcoin, then seeing it move sideways for a few days, while alts start to grow a bit during that consolidation. If we see something like this happen, we might be able to see a very big rally coming week or 2 for the alts. But without an scenario that alts grow during a sideways Bitcoin, it will become very unlikely.
The 7800/8000 seems to be the key level between another rally and seeing the alt market stay low or drop even.
Please don't forget to like if you appreciate this :)
Previous analysis:
Related publications
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.