A sigh of relief could be heard resonating through the blockchain as the market’s down only streak of 9 consecutive weeks ended as the weekly candle closed green on Sunday night. This begs the question: have we found our bottom or is this a relief rally before another leg down? Bitcoin dominance has surged to 47% from the January lows of 40% – showcasing the flight to safety in the market over the past several…
If you look closely at the latest “spooky” Bitcoin’s dip, you will find many bullish elements as well. As anticipated, the market was looking for a retest of the first support area
Gaps are not common in the crypto market. But, as Bitcoin gain mainstream adoption, these elements can play a relevant role in how its price moves.
Bitcoin price action is a perfect remake of what happened between Aug. and Oct. 2020. Then, $12,000 was the last resistance before reaching the previous all-time high.
Investors believe Solana, Cardano, etc will outpace the “old” Ethereum in the race of scalability of DeFi, bringing crypto to mainstream adoption.
An interesting chart to look at is ETH vs BTC. We see the last four years of the ETH vs BTC chart. We see that during crypto booms, ETH outperforms BTC .
Technical analysis is a handy tool for traders, but it is not an exact science. Chart patterns may appear different to each analyst based on their biases.
Altcoins have rebounded strongly since last week’s lows, with Bitcoin looking much weaker and uncertain about which direction to take.
While the price target for the current market cycle is still uncertain, it may be easier to foresee what will be the price floor of the next bear market.
If you missed out on buying Bitcoin at lower prices, Altcoins is the second chance. Profiting from Alts and selling to Btc will be a unique opportunity to accumulate before it rises.