Bitcoin Price Consolidation Has Moved Traders To These 4 Altcoins
DOGE, LTC, LINK and APE are showing signs of buying even though Bitcoin's next directional move remains uncertain.
Price analysis
Bitcoin (BTC) has been trading in a tight range since Thanksgiving Nov. 24 as traders are uncertain about the next directional move. Usually, in a bear market, analysts tend to go ultra-bearish and project targets that tend to scare off investors.
Bitcoin's failure to initiate a strong rally has resulted in several bearish targets, which extend to as low as $6,000 on the downside.
While anything is possible in a bear market, traders with a long-term view might try to accumulate fundamentally strong coins in multiple tranches. Because a bottom will only be confirmed in hindsight and trying to time it is usually an exercise in futility.
Daily View Crypto Market Data . Source: Coin360In a bear market, not all coins bottom at the same time. Therefore, while keeping an eye on the broader cryptocurrency market, traders should follow their coins of choice closely.
Cryptocurrencies that take the market out of the bear market generally tend to do well when the next bull market begins. Let's look at the charts of cryptocurrencies trying to start a short-term rise.
BTC/USDTBitcoin has consolidated between $15,588 and $17,622 in recent days. The Relative Strength Index (RSI) has formed a bullish divergence, suggesting selling pressure may be easing.
BTC/USDT daily chart. Source: TradingViewThe relief rally may face strong resistance in the area between the 20-day exponential moving average ($17,065) and $17,622. If the price declines from the overhead zone, the BTC/USDT pair could...
DOGE, LTC, LINK and APE are showing signs of buying even though Bitcoin's next directional move remains uncertain.
Price analysis
Bitcoin (BTC) has been trading in a tight range since Thanksgiving Nov. 24 as traders are uncertain about the next directional move. Usually, in a bear market, analysts tend to go ultra-bearish and project targets that tend to scare off investors.
Bitcoin's failure to initiate a strong rally has resulted in several bearish targets, which extend to as low as $6,000 on the downside.
While anything is possible in a bear market, traders with a long-term view might try to accumulate fundamentally strong coins in multiple tranches. Because a bottom will only be confirmed in hindsight and trying to time it is usually an exercise in futility.
Daily View Crypto Market Data . Source: Coin360In a bear market, not all coins bottom at the same time. Therefore, while keeping an eye on the broader cryptocurrency market, traders should follow their coins of choice closely.
Cryptocurrencies that take the market out of the bear market generally tend to do well when the next bull market begins. Let's look at the charts of cryptocurrencies trying to start a short-term rise.
BTC/USDTBitcoin has consolidated between $15,588 and $17,622 in recent days. The Relative Strength Index (RSI) has formed a bullish divergence, suggesting selling pressure may be easing.
BTC/USDT daily chart. Source: TradingViewThe relief rally may face strong resistance in the area between the 20-day exponential moving average ($17,065) and $17,622. If the price declines from the overhead zone, the BTC/USDT pair could...
What's Your Reaction?
