Bitcoin has done as expected and pushed past $8,000, with alts joining it on the ride upwards. With this resistance now cleared, the high $8,000s looks likely, with Bitcoin still being carried by the halving narrative.
Bitcoin Tears Past $8,000
Bitcoin’s stellar performance has seen it edge towards $8,400, with the $8,600 region being the last area of resistance before a potential jump to the low $9,000s:
We can therefore foresee a stall at the $8,600 region, with a pullback likely in advance of another move. This would represent very close adherence to the Wykoff pattern Bitcoin looked to be painting from early on its its upward correction after the 50% crash last month:
Once we cross $9,000 we should start to be wary not just of a pullback on Bitcoin but of the topping out of the temporary run as the halving date approaches. Typically Bitcoin stops running up ahead of this event, so having stops in place is critical.
Alts Enjoy the Party Too
Alts have been enjoying the party too, with many enjoying runups equal to Bitcoin, or in some cases ahead of it. Following XLM, XRP has performed well as predicted last week, moving 13% in 24 hours.
Unsurprisingly, not many alts are outperforming Bitcoin at the moment, but once it cools down we could see a nice window of alt action. The ETH charts below show us that alts, led by ETH, are ready to run as soon as Bitcoin ends its run, providing it sits around its topping out point for a short while and doesn’t experience a large drop:
All eyes remain on Bitcoin for the time being for obvious reasons, but plays like ETH, EOS, BAND could look very good once Bitcoin has had its day in the sun.
