Bitcoin hit $9,450 yesterday, which would usually signal a downturn to follow. However, with the halving narrative still in play, is there a chance of a repeat performance to take Bitcoin beyond this and push it past $10,000?
Important Weekend in Store for Bitcoin
Bitcoin has reacted to hitting $9,450 in unsurprising fashion, pulling back $1,000, allowing a new range to form between $8,600 and $9,100:
Source: Crypto Day Traders
We now have two options open to us. If Bitcoin can rise and hold above $8,940 then we have the potential for another assault on the $9,450 high, whereas on the other hand a drop to the $8,550-$8,650 region then the possibility of a further retracement becomes likely.
Bitcoin has now filled a CME gap at $9,000 thanks to the massive push up which happened with enough volume and speed to suggest that we may have another push left. However, the fact that Bitcoin tried to attain this higher level and failed, combined with the fact that we have already seen a pretty high peak all things considered, suggests that down is the more likely direction.
Alts Still Waiting for Their Moment
For alt health we can look towards Ethereum’s chart against Bitcoin:
Source: Crypto Day Traders
Bitcoin’s runup has naturally crushed Ethereum and most other alts in their Bitcoin pairings, which Ethereum has followed up with another rejection of the ₿0.026 area. For it to have any hope of continuation it needs to remain above ₿0.022, where it has a good chance of pushing through the resistance that has been in place since January 2017.
Alts will have to wait until Bitcoin has settled down after its run, which may not happen until after the weekend, although some plays like BAND are killing it against their Bitcoin pairing. Hopefully next week will see us presented with some alt options to make the most of the liquidity that went into Bitcoin this week.
