- The crypto market looks primed for a strong upswing
- Bitcoin is sitting right beneath crucial resistance
- The alt coin market cap has formed a cup and handle pattern
The crypto markets are looking primed for a strong uptrend following Bitcoin’s rally to $48,000 and the double digit gains made by alts. In this piece we take a look at Bitcoin’s situation and more importantly the alt coin market cap chart to see just how bullish things are looking going into Q4.
Bitcoin Hovering Underneath Resistance
Taking the Bitcoin chart first, we can see that the push to $48,000 over the weekend has held up remarkably well:
Having broken $44,000 convincingly, Bitcoin’s next target will be to do what it didn’t manage to do in early September and overturn the next level of resistance at $48,000. This would leave Bitcoin poised to tackle April’s highs of $65,000 in further signs that 2021 could turn out to be a repeat of 2013:
While it isn’t crucial that Bitcoin passes $48,000 soon, failure to do so in the coming days could see a fall back to $44,000. This wouldn’t be terrible news, providing $44,000 holds, otherwise we would have to evaluate the bullish scenario.
Alts Looking Even Better
If Bitcoin is showing potential, alt coins are about to graduate from the school for bullish charts. The strength shown on Bitcoin’s bounce in the last few days shows us that there is still plenty of juice in the alt coin tank, and when we take a look at the bigger picture we can see that there could be exciting times ahead:
As we can see, the alt coin market cap from 2017 was eclipsed in January, and the retest following the April and May downturn didn’t even reach that prior high before rebounding close to its $1.5 trillion peak. This shows us that there is incredible strength and resilience in the alt coin market, and just one look at the above chart shows that a repeat of 2017 is very much on the cards, albeit played out over a longer term timeframe.
On a lower time frame we can see that a textbook cup and handle formation is playing out on the alt coin market cap, which again reinforces the idea that the only way up up from now on:
Let’s hope you need them!