Alt market more Bullish than Bitcoin, Part 7
I know the title is a bit off now, but since it's still the same series i will keep using it for this one. Before the big rally a month ago the alt market led the way, at least indicating the direction the market wanted to go. Past weeks that sentiment has turned around with the alts being very weak compared to Bitcoin.
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.
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.
So because of this, it's more likely to see that green support break. At this point i have nothing easy to go on. If the green breaks it can simply even drop to the support line of the blue channel. Where we will have that long term support on the left as well, so that won't be an easy one to break. Unless Bitcoin dumps to 4900ish, think that black trend line might give some support as well, similar to 2 weeks ago.
I just posted a new Bitcoin analysis with a view scenario's. For the green support on the right to play out, it would mean Bitcoin has to stay above the 5300ish.
The ideal spot for the market to go up again is:
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 are the alts i usually look at to see what sentiment is. Here we can see xrp and eth also made a double bottom, but they are just very weak, also hanging at the neck/support line. So unless these start to bounce up a bit, a drop will remain more likely.
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.
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.
So because of this, it's more likely to see that green support break. At this point i have nothing easy to go on. If the green breaks it can simply even drop to the support line of the blue channel. Where we will have that long term support on the left as well, so that won't be an easy one to break. Unless Bitcoin dumps to 4900ish, think that black trend line might give some support as well, similar to 2 weeks ago.
I just posted a new Bitcoin analysis with a view scenario's. For the green support on the right to play out, it would mean Bitcoin has to stay above the 5300ish.
The ideal spot for the market to go up again is:
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 are the alts i usually look at to see what sentiment is. Here we can see xrp and eth also made a double bottom, but they are just very weak, also hanging at the neck/support line. So unless these start to bounce up a bit, a drop will remain more likely.
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.