Nothing has changed for 2 weeks, Bitcoin continues to consolidate within a tighter range between 9.5k and 10.6k. However, the market slowly shows a clearer structure of the next impulsive wave. Pathway to current ATH is clear. Sit tight and don’t miss your chance!
The origin of all trends:
Market structure has always been one of the strongest indicators out there. No matter how many indicators you use, structures and liquidity show market flow and order in both short and long run.
As the price bounced vigorously from 10k, 10.6k has acted as a psychological resistance as we saw heavy selling pressure around this mark. It is probable to see price keeps consolidating within this range for a few days or even a few weeks. As more participants have realised this zone, we will see heavy accumulation around 10k and heavy sell-off around 10.6k. Eventually the market reaches equilibrium and liquidity starts to dry out.
At the time of writing, we are going through a minor pullback from 10.8k. It is plausible that we have entered the broader third wave. If Bitcoin breaks psychological resistance, market momentum can push us to 12k and eventually to break-out bullish acceptance zone. However, market equilibrium is what we aim for. Let the market reveals itself and we will wait for the right opportunity for a fresh long-term position.
Is ATH probable this year?
Satoshi’s favourite has elevated from 3.1k to 14k within a 6 months so anything is possible. However, as the market ranges with drying-out liquidity, the chance of reaching ATH this year is fairly low. What we aim for is not reaching the moon but market equilibrium and how it plays out in the next few weeks.
The power of market leader:
Bitcoin has hovered its market dominance around 70%. Having said that, any major move in price action will ultimately lead to more Bitcoin dominance within the space. As opposed, if Bitcoin plunges, we will see dramatic sell-off across cryptocurrency market.
Honestly speaking, all cryptocurrency act in line with Bitcoin action. It is only a matter of which chart looks more nicely setup with convincing relative strength. Ethereum and Litecoin have shown impressive move during Bitcoin bullish move from 3.1k to 14k. On the other side, both coins have plunged 45% whilst only 20% for Bitcoin. As the market leader shows better relative strength as well as stability, it is not surprising that fresh money keeps accumulating Bitcoin, ultimately stacking up its dominance even more.
Alt-coins outlook:
Even though Bitcoin is still the main man, alt-coins have shown some serious setup. Ethereum, Litecoin, Ripple or Verge have gradually increased its relative strength although they are still flirting with critical support. We expect impulsive wave from these coins when Bitcoin picks up volume and breaks psychological resistance.
The origin of all trends:
Market structure has always been one of the strongest indicators out there. No matter how many indicators you use, structures and liquidity show market flow and order in both short and long run.
As the price bounced vigorously from 10k, 10.6k has acted as a psychological resistance as we saw heavy selling pressure around this mark. It is probable to see price keeps consolidating within this range for a few days or even a few weeks. As more participants have realised this zone, we will see heavy accumulation around 10k and heavy sell-off around 10.6k. Eventually the market reaches equilibrium and liquidity starts to dry out.
At the time of writing, we are going through a minor pullback from 10.8k. It is plausible that we have entered the broader third wave. If Bitcoin breaks psychological resistance, market momentum can push us to 12k and eventually to break-out bullish acceptance zone. However, market equilibrium is what we aim for. Let the market reveals itself and we will wait for the right opportunity for a fresh long-term position.
Is ATH probable this year?
Satoshi’s favourite has elevated from 3.1k to 14k within a 6 months so anything is possible. However, as the market ranges with drying-out liquidity, the chance of reaching ATH this year is fairly low. What we aim for is not reaching the moon but market equilibrium and how it plays out in the next few weeks.
The power of market leader:
Bitcoin has hovered its market dominance around 70%. Having said that, any major move in price action will ultimately lead to more Bitcoin dominance within the space. As opposed, if Bitcoin plunges, we will see dramatic sell-off across cryptocurrency market.
Honestly speaking, all cryptocurrency act in line with Bitcoin action. It is only a matter of which chart looks more nicely setup with convincing relative strength. Ethereum and Litecoin have shown impressive move during Bitcoin bullish move from 3.1k to 14k. On the other side, both coins have plunged 45% whilst only 20% for Bitcoin. As the market leader shows better relative strength as well as stability, it is not surprising that fresh money keeps accumulating Bitcoin, ultimately stacking up its dominance even more.
Alt-coins outlook:
Even though Bitcoin is still the main man, alt-coins have shown some serious setup. Ethereum, Litecoin, Ripple or Verge have gradually increased its relative strength although they are still flirting with critical support. We expect impulsive wave from these coins when Bitcoin picks up volume and breaks psychological resistance.
