Bitcoin is eyeing the dizzy heights of $6,000 after continuing to consolidate at the $4,000 range, while alts continue to enjoy double digit-spikes. This combination suggests that bullish sentiment continues to infuse the space and the days of panic selling on a drop are maybe, just maybe, behind us. BTC has now been in a $700 range since mid-December 2018 after its drop from the $6,000 range. Yet, the difference in sentiment to the months preceding this drop, where it experienced even tighter ranging, is palpable – we didn’t see anything like the kind of alt pumps we’re seeing now, illustrating the fact that we seem to have moved a stage on in the market’s recovery.
This ascending channel worked like magic. If the channel holds, MA120 will be turning upwards, first time since Dec 2017 pic.twitter.com/jNiSDvt3Pt
— ๑ PANDA ๑ (@PandaofBinance) March 27, 2019
It helps to note that the below is an inverse chart.
Don’t worry guys, I’m not trying to long 6k before it breaks down. pic.twitter.com/h20wUzN4tQ
— The Crypto Dog? (@TheCryptoDog) March 27, 2019
Alts Continue to Perform
Alts experienced a predicted pullback over the past forty-eight hours but have reacted strongly, with almost all erasing their losses in the past few hours, and some doing even better. As we suggested on Monday, big cap coins are decent bets for short term gains and so it has proved, with ADA and EOS both enjoying double-digit gains in the past twenty-four hours. This swift bounceback suggests that the mini alt season is set to continue, aided by the fact that the 24hr volume and overall market cap have ended the latest round of price action slightly up on where they were before the early week’s drop, further reinforcing the idea that we are set for a period of upward trajectory.
2 more weeks of Winter.
— WildWestTrades (@WildWestTrades) March 27, 2019
Not Out of the Woods Yet
Of course, it isn’t time to sell the house and the kids and plow everything into Bitcoin just yet. There are still plenty of calls for a savage drop to the mid-low $3000s, and it is hard to shake the memories of late 2018 when the ‘meme triangle’ was all over Twitter and predictions of a rocket ship back up to $6,000 were being thrown around with eminent seriousness. Caution should still be the watchword, but throwing some money at some un-pumped alts, money you can afford to lose of course, might not be a bad idea right now.
What do you think? Is Bitcoin sitting pretty for a move up, or do you think there’s more red to come? Let us know in the comments below.