Bitcoin is still battling the key $7,800 level, from which it has been rejected twice within a week. We will likely see more liquidity grabs as it tries to break through this level, with three such events dropping Bitcoin back to $7,640 in the past 24 hours:
Source: Crypto Day Traders
Once it flips $7,800 we can expect a sharp move up over $8,000, which will take us back to the levels we were at before Bitcoin’s 50% crash in March, and should set us on the way to the $9,000 region as the halving approaches.
Ethereum Still Looks Bullish
Ethereum continues to look bullish alongside Bitcoin, potentially even more so with a break of the January 2018 trendline approaching:
Source: Crypto Day Traders
This movement lends itself to the theory that Ethereum could actually be a better performer in this halving run up than Bitcoin itself, suggesting that a mixed portfolio could offer the best of both worlds, as usual.
Alts Waiting Patiently
In line with Ethereum’s bullishness, alts in general are looking like they could be getting set for some upside following the reclaiming of a second support level:
Source: Crypto Day Traders
XLM and ADA have performed well against their Bitcoin pairings since they were identified last week, with more upside likely to come. Bitcoin dominance continues to trend down, meaning that liquidity is going into alts slowly but surely.
We can expect this to drop however should Bitcoin enjoy a strong rally going into the halving. Should this happen, alts will get crushed as Bitcoin rallies and will get crushed again once it pulls back. Once this cycle plays out we should be set for some great alt plays though, offering up opportunities to stack more Bitcoin in time for what we hope will be the next big market cycle.
