Bitcoin looks perfectly positioned to continue its upward trajectory in the coming weeks, with some alts seemingly ready to make bigger gains as they look to reverse years of negative price action. With the halving only 98 days away, it seems that the narrative of positive price action surrounding the event is proving useful for both Bitcoin and alts, with LTC and XRP already showing some nice early gains.
Bitcoin Looking to Grind Higher
Bitcoin remains in its month-long bullish range, although minor gains from bears and bulls have recently been wiped out in equal measure. BTC seems locked at $9,400, having sat around this area for the past week. Bears tried to dump it on Saturday but it bounced back from $9,140 on, while an attempted breakout to $10,000 saw the effort halt at $9,600 before a rejection.
Opinions on the next move vary in the market, with many looking from a purely technical standpoint and feeling that the next move is downwards following the failure to break further up in past seven days:
Still under HTF resistance. Favoring retrace to at least broaden MTF trading range towards mid/high 8k’s and test local uptrend structure, especially after run at top of trading range. If it rejects here, it’ll be that aforementioned LH
Mex+finex charts. pic.twitter.com/FWdAsCFxIy
— justfive (@crymeaCOIN) February 3, 2020
Others however were more waiting for more data before making their minds up:
Tldr:
– Above $9,450-9,500 -> Aiming for $10,050 – 10,150,
– As long as below, would favor a retrace with $8,800 – 9,000 as a first area of interest,
– OI @ 1 yard (as Arthur would say),
– Careful with altcoins positions, personnaly placing stinky bids.— Pierre ?️ (@pierre_crypt0) February 2, 2020
Some weren’t quite sure what to believe:
OI telling me to short
resistances on alts telling me to short
universe telling me to shortme opens long like retard because no one on twitter is short
— Lame Crypto Dude (@LameCryptodude) February 2, 2020
Given the mood of the market, with the halving approaching and six months’ worth of downtrend (by and large) broken just weeks ago, it is our opinion that BTC will continue grinding upwards towards $10,000, with an explosive move possible once the resistance is cleared up to that point.
Alts Looking More Bullish…Maybe
One thing everyone seems to be getting behind is the theory that alts could, finally, be about to have their day. This sentiment has been growing in recent weeks and has been evidenced by nice recent moves by the likes of XRP and LTC. The basis for this is a breaking out of the ETH/BTC chart, with many seeing Ethereum’s performance as a beacon for all other alts:
Whelp, according to the weekly chart the $ETH / $BTC trading pair has finally crept over 2 year trendline resistance and is now riding it down as support.. Imo, its now inevitable that it’ll at some point shove off support and finally start making some bigger moves higher! ??? pic.twitter.com/odkzRzeSRp
— Paddy Stash (@paddystash) January 31, 2020
This breakout, which has led to big cap alts either keeping up with, or in some cases even exceeding, Bitcoin’s performance. This in turn has led to a more bullish outlook by many in the space:
I’m in a complete state of disbelief regarding the altcoins market right now.
Most of the altcoins I’ve been watching just had incredible weekly closes, and most are exiting weeks to months of accumulation ranges.
I’ve been conditionned by the bear market quite strongly.
— Pierre ?️ (@pierre_crypt0) February 3, 2020
Keeping you updated on market cap and dominance charts: Altcoin market cap looking super strong, taking out the next former high now. Total market cap with more closes above resistance and great reactions testing it. $BTC/Alt dominance charts are almost there (you know where) pic.twitter.com/oBZPPGWAJn
— Stillman (@Stillman_Crypto) February 2, 2020
With many false dawns having come and gone since the heady days of 2017, we must be careful not to give into every twitch of the alt coin market but, with the reversal of an extended downtrend combined with the halving narrative, dare we say it…this time it’s different?
