To infinity and beyond (BTC breaks the 100K barrier)
Bitcoin reaches the long-awaited figure of $100,000 and we could think that it is a good time to buy altcoins which can start to behave better than Bitcoin because the last hour of Bitcoin and the last hour of the cryptocurrency market in general to determine if it is time to buy altcoins or not.
Well right now bitcoin is at 94,000, a little above, we have been very close to 998,000, in fact we have stayed at approximately 99,700. And obviously depending on the exchange and Well, honestly, not because we are already at 97,000 but because of the path we have been taking during these last few weeks. Can we expect that 100,000 will be closer than farther? I think it is an obvious reason and it is obvious, right? And this can generate the doubt of
Hey, will all those people who wanted to sell bitcoin at 100,000 start selling bitcoin at 100,000?
And with that The time will come to buy altcoins And we will enter already in a real alt season Well, what has happened in previous bear markets if we come here we can see that the normal thing is to form a kind of double top here we are comparing others against bitcoin oders is from the top 10 down against bitcoin if this chart goes up Well the top 10 down behaves better than bitcoin so alt season. And if this chart falls bitcoin behaves better than from the top 10 down so there is no season that is worth it.
So to speak, it behaves like any bullish or bearish market. In bullish markets, it forms its impulses, its pullbacks, and so on. In bearish markets, it behaves by forming a change in trend, its impulses, pullbacks, continuations, and forming those increasing lows, as in this case, before forming a large turn. Currently, the trend is clearly bearish, because we continue making decreasing highs and lows and because we are clearly below the Bull Market Support Band, so we could not expect anything else. During the next few weeks, at least, it will continue to fall. In addition, the structure is quite similar, we could say, to what has occurred in previous markets, where the price has been forming highs and lows.
Posted Using InLeo Alpha