If it were that easy, there would be less fun! Buyers have been attempting to push the price above $20,000 for about ten days now.
Despite the clear wealth of supply of coins at these levels, this will be a very interesting test of the bull's resilience. Since March, the buy-side has proven to be more patient and stubborn, almost always in control of the price action.
Three lines can determine how the short-term course of the prices of the entire market will evolve.
The less dramatic scenario would be to see Bitcoin ranging for a while to allow Altcoins to have their glory day, waiting for King BTC to be back on stage.
Despite the clear wealth of supply of coins at these levels, this will be a very interesting test of the bull's resilience. Since March, the buy-side has proven to be more patient and stubborn, almost always in control of the price action.
Three lines can determine how the short-term course of the prices of the entire market will evolve.
- First, Bitcoin is finding hard to breach once and for all the all-time high level. Once it's cleared, the real FOMO will start. Until then uncertainty and strong shake-out are always behind the corner.
- Ethereum is facing a strong resistance. A break-out above could ignite momentum for all Altcoins. Since late November the price is building a clear cup&handle structure but the market likes to fool traders with strong moves in the opposite direction.
- The crucial third line to keep an eye on is the forming resistance that prevents an increase in Bitcoin's dominance. The ratio seems to be positively correlated to the Bitcoin's price, meaning that a mild drop of BTC would translate into Altcoins' overperformance. In case of stronger price moves, instead, the domince could increase quickly with not many near resistances.
The less dramatic scenario would be to see Bitcoin ranging for a while to allow Altcoins to have their glory day, waiting for King BTC to be back on stage.