BTC sideways from here -- It's now the altcoins' turn to shine
BTC cools down and goes sideways from here while BTC dominance is declining. That means altcoins have room to rise further. The less volatile BTC is the better this is for altcoins.
On the chart we see that BTC has finally corrected and found temporary support around 43K. The price briefly fake-out of the range, but quickly recaptured it. Often we see that after a fake out, the price goes to the other side of the range. It is possible that after this, the price will find the lows again, but for now it is difficult to say. Een mogelijk scenario heb ik uitgetekend op de chart.
Check altcoins that have closed a strong weekly and monthly candle and then look for a good set-up on low timeframes!
Good luck to all and happy trading.
On the chart we see that BTC has finally corrected and found temporary support around 43K. The price briefly fake-out of the range, but quickly recaptured it. Often we see that after a fake out, the price goes to the other side of the range. It is possible that after this, the price will find the lows again, but for now it is difficult to say. Een mogelijk scenario heb ik uitgetekend op de chart.
Check altcoins that have closed a strong weekly and monthly candle and then look for a good set-up on low timeframes!
Good luck to all and happy trading.
Comment:
As I indicated in the previous analysis, I expect a sideways move for bitcoin. After faking out and taking out the stops at 43K, this time late shorts getting rekt as the price rises to 52K. Price then closed back in the range and dropped again. As BTC dominance is dropping, this is the best environment for alt coins to perform at its best.
