Bitcoin is forming an rH&S, with the bottom being the corrective period. It is likely to come down and fill the regional volume gap, identified on the VPVR. One possible result is a period of filling that volume and failure to break up above this neckline. The other is that we see Bitcoin break that neckline and head up, but given how weak the previous topping was we are perhaps unlikely to see a new high set.
I am not the first to say it!, but both of these options would be very good for the altcoin market, I think, as it would provide a runway for them to run: altcoins are at their best when Bitcoin is both a) generally healthy and b) not doing much. That is the exact situation we are seeing, between a thorny top and an already-defended bottom.
I am not the first to say it!, but both of these options would be very good for the altcoin market, I think, as it would provide a runway for them to run: altcoins are at their best when Bitcoin is both a) generally healthy and b) not doing much. That is the exact situation we are seeing, between a thorny top and an already-defended bottom.