Last weeks high: $120,241.80
Last weeks low: $114,776.00
Midpoint: $117,508.90
As we approach the end of the month BTC continues to trade sideways during a cooling off period as altcoins finally take the stage. Last week Bitcoin saw a relatively flat net inflow via ETFs of $72m, ETH on the other hand posted the second largest net inflow week ever at $1.85B! The concentration has certainly shifted...
This IMO is still a very bullish structure for BTC, very shallow pullbacks being bought up/absorbed by still happy to purchase at these levels. As long as this continues altcoins have a strong base to continue growing on, if BTC breaks structure and price accepts below ~$110,000 then the altcoin rally will be over for now I believe.
This week some major altcoins are set to reach HTF resistance areas, ETH has already tagged $4,000 which looks to be a battleground level of major importance.
TOTAL2 which is the combined market cap of all altcoins is currently ~8% from the highs, keeping this in mind for where altcoins may run out of steam...
Good luck this week everybody!
Last weeks low: $114,776.00
Midpoint: $117,508.90
As we approach the end of the month BTC continues to trade sideways during a cooling off period as altcoins finally take the stage. Last week Bitcoin saw a relatively flat net inflow via ETFs of $72m, ETH on the other hand posted the second largest net inflow week ever at $1.85B! The concentration has certainly shifted...
This IMO is still a very bullish structure for BTC, very shallow pullbacks being bought up/absorbed by still happy to purchase at these levels. As long as this continues altcoins have a strong base to continue growing on, if BTC breaks structure and price accepts below ~$110,000 then the altcoin rally will be over for now I believe.
This week some major altcoins are set to reach HTF resistance areas, ETH has already tagged $4,000 which looks to be a battleground level of major importance.
TOTAL2 which is the combined market cap of all altcoins is currently ~8% from the highs, keeping this in mind for where altcoins may run out of steam...
Good luck this week everybody!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.