Bitcoin has been dominated recently by a huge influx of alt price increases while the price of BTC has steadied. However, it looks like a pushback is right around the corner in the next few days based on the current trends.
On the one hand, there is a horizontal parallel channel that has continued since the beginning of 2019 (blue dashed lines)!
On the other hand however, if support breaks, there is another parallel channel of roughly equal size that started in 2020 and solidified itself in 2021 (red dashed lines)!
It looks like both channels have a fairly solid chance of taking over, but since we are approaching their crossing, it looks like that bitcoin will take over in the short term.
This leaves me with two questions:
1. Will bitcoin take over in the in the relationship after the bounce for the next few months?
2. Will a short term bounce occur (and potentially continue) because BTC increases at a faster rate or due to a drop that takes every alt with it?
Please like if you agree and leave a comment with your thoughts/theories! It looks like we shall likely find out which way the trend heads over the next few days, but definitely something of which to be aware!
On the one hand, there is a horizontal parallel channel that has continued since the beginning of 2019 (blue dashed lines)!
On the other hand however, if support breaks, there is another parallel channel of roughly equal size that started in 2020 and solidified itself in 2021 (red dashed lines)!
It looks like both channels have a fairly solid chance of taking over, but since we are approaching their crossing, it looks like that bitcoin will take over in the short term.
This leaves me with two questions:
1. Will bitcoin take over in the in the relationship after the bounce for the next few months?
2. Will a short term bounce occur (and potentially continue) because BTC increases at a faster rate or due to a drop that takes every alt with it?
Please like if you agree and leave a comment with your thoughts/theories! It looks like we shall likely find out which way the trend heads over the next few days, but definitely something of which to be aware!