Bitcoin, Altcoins, What next? by Findacoin
Can Bitcoin Break out of the 5800 resistance? As of now BTC is showing quite the bullish trend. But the question is, will it break up, or break down? We have key points of resistance as shown in the chart as BTC has touched them and retreated. If Bitcoin Breaks up from the resistance, we can see 6000-6600 nearly immediately, with this momentum its possible to test higher areas such as 7400-8000 shortly. If we break up, what will happen to alts? Alts will continue to bleed to give BTC fuel. It is best to let BTC make its move and then distribute money to alts after its found stability. What if we break down? If we break down, Bitcoin will most likely free fall to test the 4900-5100 support range. Any possible FUD at this area can break us down further to 4500. (As we know, fake news always comes out at critical times like this) In a worst case scenario if BTC breaks down, I do not see it breaking the 4200 support. What will happen to alts if we break down? Alts will continue to bleed as BTC loses value and takes down the crypto market cap. All time lows will most likely be hit on many coins. Once we see support for Bitcoin, whether it is 4900 or 4200 we will see larger positions being scooped up in the alt market and we will see action and gains then. If you're not currently in BTC, your safest option is to wait for the market to find its place and then enter alts when btc has rested at support, but not now. Some alts can be scalped but the risk level is high for loss.
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