Bitcoin Sideways Potential = Good for Alts?
Hello Guys! Hope you have a profitable week so far.
Now I am going to project what bitcoin will be doing.
Right now, BTC is in its 1 day timeframe resistance.
In 4H timeframe, it seems that Bitcoin is forming a range between 2 dotted lines. I expect BTC to be ranging/sideways here.
Bitcoin being ranging/sideways may be a good signal for altcoins. Some altcoins may be bullish or pumping soon. Bitcoin ranging means that those who made profit during last months/few weeks pumps are taking it out and potentially reinvesting it into altcoins, as soon as BTC doesn't break the low of this range. If BTC breaks, we may see correction to at least 24-25k area.
If BTC break the range high, then 30-32k is on the table
Bullish signal: BTC is still above 50 EMA and there is no lower low formed yet
Bearish signal: Bearish divergence on RSI and bearish engulfing formation on 1D Timeframe
Now I am going to project what bitcoin will be doing.
Right now, BTC is in its 1 day timeframe resistance.
In 4H timeframe, it seems that Bitcoin is forming a range between 2 dotted lines. I expect BTC to be ranging/sideways here.
Bitcoin being ranging/sideways may be a good signal for altcoins. Some altcoins may be bullish or pumping soon. Bitcoin ranging means that those who made profit during last months/few weeks pumps are taking it out and potentially reinvesting it into altcoins, as soon as BTC doesn't break the low of this range. If BTC breaks, we may see correction to at least 24-25k area.
If BTC break the range high, then 30-32k is on the table
Bullish signal: BTC is still above 50 EMA and there is no lower low formed yet
Bearish signal: Bearish divergence on RSI and bearish engulfing formation on 1D Timeframe