Bitcoin ran up to the upper boundary of the channel last week before dropping about 10% straight away to the lower end yesterday morning.
Intraday, the channel was broken, but we saw a nice recovery towards the end of the session.
What do we expect from here? As long as the channel holds (currently 9.6K on closing), we are still in this nice, steady uptrend and should expect new cycle highs over the course of the next weeks. If we break the channel, I expect some deeper retracement. 9.1K – 9.2K is a strong support, but a healthier correction could run down into the 8K – 8.4K zone.
What felt like a heavy correction over the last days (-18% from Saturday top to Sunday low) looks rather minor on the daily chart.
The bull run on ETH$ is even more impressive as the one in bitcoin and it doesn’t seem to stop soon.
What we have seen is increased intraday volatility over the last days, so the upmove is not as uniform as it was until the weekend.
On the 4h chart, the 240 – 250 zone is an important support before the 220 area. But again, as seen on the daily chart, there is no obvious reason to expect an immediate end of the uptrend, as long as we hold the mentioned levels.
One of the main outperformers over the last weeks was LINK, showing an impressive 50% performance versus bitcoin in just 2 weeks’ time. And again, similar to ETH, this move shows no signs of getting tired.
I take the FTX MID index as a general template for the current crypto market mood, as it covers 24 mid-cap altcoins. When charting this index versus bitcoin, we see that altcoins have found a nice bottom during the second half of last year and have started to show an impulsive outperformance since the beginning of the year, when bitcoin turned positive again.Weiterlesen