Bitcoin still Looking at an “Aggressively Bullish Trajectory” But Altcoins Got Another Bull Opportunity Coming

Must Read

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker...

Can XRP defend its price?

Could XRP defend its price action, and rise back to $0.30? Here is my view on how...

With a 110% increase in crypto wallet adoption rates in 2020 are we set for another Bitcoin boom?

2020 has been a massive year for crypto adoption. In July alone, over 3.5 million crypto wallet app downloads...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

Over the weekend, after four months Bitcoin breached $10,000 level but it couldn’t stay here for long and went down to $9,730.

The crypto market seems to be unsure of what to do at the moment as it failed to hold the $10,000 line. The market is “a bit fatigued from all the gains,” says Mati Greenspan, founder of Quantum Economics in his daily newsletter.

This 4.6% drop filled the CME gap that opened today which according to experts is a ‘buy the dip opportunity.’

“It’s too funny that everyone turns into panic mode, the moment that crypto retraces a bit. We’re up 50% since the low at $6,400. Altcoins even more. A retrace is healthy to generate fuel for the next move. It’s even an opportunity. It won’t go up in a straight line,” says trader Crypto Michaël.

Golden Cross Coming this Week

Bitcoin might have made a healthy pullback but Greenspan says “At this point we’re still looking at an aggressively bullish trajectory.”

Towards the end of January, Bitcoin had a double breakout. 200 Day Moving Average and downward facing channel both were pulverized on Jan. 29.

Now we are approaching a golden cross which Greenspan, former eToro analyst says is likely to happen this week. A technical pattern, the golden cross is a bullish signal that appears when an asset’s short-term moving average crosses above its long-term moving average.

This long term indicator indicates a bull market on the horizon but a major resistance is expected at $12,000.

But Bitcoin could Range in the Coming Weeks

This indicator tells us that a bull market is on the horizon but trader Crypto Michaël says the world’s leading cryptocurrency is expected to range in the coming weeks, a relative period of calm.

Fundstrat Global Advisors’ Rob Sluymer also sees BTC trading in a range of $10,000 to $11,000 in the second quarter.

“Nothing goes up in a straight line,” and that is why Bitcoin could take a breather. During this period, the digital asset “accumulates back again on a higher level before it continues to move towards the next resistance,” said Crypto Michaël.

As we saw, $10,000 couldn’t provide “substantial support” this time as the move seems to be “a bit overextended.”

However, “We still might be in for a slight corrective move on BTC to $9,400-9,600” but if we manage to hold support in $9,300 and $9,000 areas, we could see a continuation to the upside, targeting $11,000 and $12,000, he said.

“There’s no reason to be bearish at all, retracements are healthy and should provide a nice buy the dip opportunity,” added the trader.

Gains for Altcoins Until BTC FOMO Breakout

Bitcoin ranges however, is a bullish sign for altcoins which are already showing “significant strength” and outperforming Bitcoin.

With 269% gains in 2020, Bitcoin SV is leading the market gains followed by Lisk (242%), Bitcoin Diamond (231%), Dash (196%), Ethereum Classic (159%), Bitcoin Gold (146%), Zcash (144%), and Bitcoin Cash (116%).

This slowdown for bitcoin would give altcoins another opportunity to jump higher, says trader CryptoWolf while Crypto Michaël says “if altcoin market cap breaks the $103-113 billion resistance, I think we’re in for a ride towards $300 billion.”

However, altcoins will enjoy bulls up until Bitcoin gets the FOMO (fear of moving out) breakout before the reward halving in May 2020 to $17,500, said Crypto Michaël.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...

BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

DATE: 07/08/2020 In a recent study carried out by the UK Gambling Commission reveals that the gambling industry has...

The Kuailian Ecosystem, Bringing Blockchain Technology To The World

10 years have passed since the birth of Bitcoin and the first use of Blockchain, a technology that has not stopped evolving,...