Bitcoin continues to defy those who feel a correction is imminent as it closed the month by jumping above the $5,230 resistance level and turning it into support. This end-of-month push confirmed that the news that only 74% of each Tether token is backed by fiat has been largely brushed aside by traders. The market is still in a period of uncertainty however, with opinion still divided as to the next move and a clear direction is hard to identify, which is mirrored in the sentiment within the community.
I noticed some head & shoulder charts for $BTC pop up, but I don’t just see it.
Looking at the macro perspective, I just see a bull flag. pic.twitter.com/3SV5A3o5aB
— The Crypto Dog? (@TheCryptoDog) May 1, 2019
I am still bearish and this level seems like a really good short entry. I don’t want to see the price above $5490 as that would mean that both the origin of this recent dump and over and under pattern failed to hold the price. Targeting the block $4770 and the 1D breaker. pic.twitter.com/ZlYYBLSMzw
— Livercoin (@livercoin) April 30, 2019
$Tether fueled short squeeze in bound. Then dump.
— WildWestTrades (@WildWestTrades) May 1, 2019
Alts responded positively to BTC’s push, with almost all in the green and RVN, BCH, WAVES, and MATIC posting double digit gains. Bolt, a project that seems to have paid off almost every crypto Twitter influencer under the sun given the amount of exposure the project has received over the past two weeks, ended four days of uptrend with a 20% flash crash after it was announced that the token is migrating to the Binance Chain, which was one of the very few projects to see red as April turned to May.
May Could Mean Spring for Alts
Despite BTC’s indecisiveness, hopes are high that alts could profit from its relatively stable month since its $1,000 surge at the start of April. Almost all alts are still some 85-95% down from their ATH, with the selloffs largely ending some months ago. Many are therefore clearly in their accumulation phase and have been for some time, meaning that quality projects that have stayed active throughout the bear market could be well worth looking at around now, providing BTC can stay around its current levels. This is where research and fundamental analysis is key – two charts can look the same, but what’s going on within the projects can be vastly different. To put it bluntly, some may be sleeping while others may be dead. If you’re looking at getting back into alts, check out their social media and their github for indications of activity levels and ask questions within community channels. Picking the right alts at this point in the market cycle could reap fantastic rewards in the coming weeks, so make sure you’re confident in your investment before you but your money into it.
