Today we’re seeing positive altcoins. Some even show good rallies, around +10%, but most of them have fallen behind Bitcoin, which is already up +6.80% today, hitting the $87K region, but still hasn’t managed to reach it.
Last week, we saw altcoins outperforming #BTC by a lot. Many of them are already up more than 100% from the bottom, so it’s natural that they’re showing a slower pace now.
In any case, we can see the strength of altcoins versus BTC getting stuck below resistance around 0.1469.
A rejection in that orange band of the chart is the most natural move, and something I already expected. However, it’s very likely we’ll find some support in that blue band, and then we’ll go back to attack the orange band again.
As soon as we manage to break above the orange band, that’s when we’ll be able to see the real altcoin party starting.
With Bitcoin above $86K and consolidating in this area, there will be no doubt that altcoins will need to run toward their ATHs. Of course, many won’t reach them, because some projects stayed stuck and didn’t bring any major news, while new projects have emerged and captured a large share of those earlier investors.
Keep an eye on the OTHERS/BTC chart. It will be extremely important from here.
Break the orange band and send all the altcoins!
Last week, we saw altcoins outperforming #BTC by a lot. Many of them are already up more than 100% from the bottom, so it’s natural that they’re showing a slower pace now.
In any case, we can see the strength of altcoins versus BTC getting stuck below resistance around 0.1469.
A rejection in that orange band of the chart is the most natural move, and something I already expected. However, it’s very likely we’ll find some support in that blue band, and then we’ll go back to attack the orange band again.
As soon as we manage to break above the orange band, that’s when we’ll be able to see the real altcoin party starting.
With Bitcoin above $86K and consolidating in this area, there will be no doubt that altcoins will need to run toward their ATHs. Of course, many won’t reach them, because some projects stayed stuck and didn’t bring any major news, while new projects have emerged and captured a large share of those earlier investors.
Keep an eye on the OTHERS/BTC chart. It will be extremely important from here.
Break the orange band and send all the altcoins!
